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Bitcoin crypto currency

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Bitcoin crypto currency

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Bitcoin is a crypto-currency. This ppt will briefly explain what is Bitcoin, it's features,how it is managed, how to earn and use it.

Bitcoin is a crypto-currency. This ppt will briefly explain what is Bitcoin, it's features,how it is managed, how to earn and use it.

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Bitcoin crypto currency

  1. 1. Bitcoin Jithil Jishad MT || MCA || NIT Raipur || jithilmt@gmail.com
  2. 2. What is Bitcoin?  It is a crypto-currency.  Some other crypto-currencies are litecoin, peercoin, namecoin, etc.  They are no different than the currency in your wallet !  But you cannot print a crypto-currency. You have to mine it!  Mining means solving mathematical problems.
  3. 3. What is Bitcoin?  Every time a solution is found, a reward is given in the form of a bitcoin.  Problem difficulty and reward amount varies with the network.  Minable bitcoins halve every 4 year.  Only 21 million bitcoins can be mined, of which 12 million have been mined.
  4. 4. Features of Bitcoin?  Unlike normal currencies, it can be divided up to 8 decimal place. That is, 0.00000001 bitcoin is the least division possible.  Stored in virtual wallets which can send and receive bitcoins.  Wallets can store details of every single transactions.  All transactions are stored and verified by all members of the network.
  5. 5. Bitcoin Explained  Bitcoin is a digital ledger that contains names and balances.  Money can be exchanged by changing the file.  On transaction, the balance in the participant's account increase or decrease.  There is no gold or money backing these numbers.  It works on the faith that other people will also trust the system.
  6. 6. Bitcoin Explained  Who maintains the ledger?  One goal of bitcoin is to avoid centralized control. So every participant maintains their own copy of ledger.  To send money, request every one with account number, amount and receiver’s account number.  Bitcoin requires a digital signature based on MATH to prove you own the account.  A new account comes with a private key linked to it.  Bitcoin wallets hold the keys and creates signatures, unique for each transaction.
  7. 7. How to Use Bitcoin?  STEP-1: Get some bitcoins with any of these methods:  Buy Bitcoin online from traders like Coinbase and Xapo or via bitcoin exchanges  Buy bitcoin from a live person offline. Find them through https://localbitcoins.com/  Earn bitcoin  Mine bitcoin
  8. 8. How to Use Bitcoin?  STEP-2: Set up your first Bitcoin wallet.  A “wallet” is basically the Bitcoin equivalent of a bank account.  A software wallet is one that you install on your own computer or mobile device.  A web wallet or hosted wallet is one that is hosted by a third party.
  9. 9. How to Use Bitcoin?  STEP-2: Set up your first Bitcoin wallet.  Mobile Wallets  Web wallets  Hardware wallets  Paper wallets  Advanced wallets Interface of CoinBase ------->
  10. 10. How to Use Bitcoin?  STEP-3: Create a public Bitcoin address  Use the wallet you created in the previous step to create a public address for you.  A public bitcoin address will be a long string of seemingly random letters and digits.  Eg: 16BPS8xb5k36MeNLWmfZ1zpjCqbDhgyaHg.
  11. 11. How to Use Bitcoin?  STEP-4: Send bitcoin to the public address you created above using the "withdraw" or "send" function in the place you bought your bitcoin  You may need to wait 10-20 minutes for a confirmation  If you did everything correctly you should now see the small amount of bitcoin you sent in your personal wallet. Congratulations!
  12. 12. How to Use Bitcoin?  STEP-5: Use your bitcoin to  Invest  Shop  Donate or give away

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