This presentation provide the brief knowledge of Bitcoin. Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency.

1. By NAWAZ SHARIF

2. What is Bitcoin ?
A Worldwide Digital Currency that is
decentralized and not controlled by any
government or institution.
Bitcoin is sent using the Internet
directly from person to person with no
bank or any other intermediates
Bitcoin is a Fast, Safe and Anonymous
way to send money
No Fees, No Chargebacks and No
Borders

3. How it works
Every ”account” consists of the public key (=
bitcoin address) and the private key.
Anyone who knows your public key, can send
you bitcoins.
To spend bitcoins, you have to know the private
key.
The transaction is broadcasted to the bitcoin
network.
The miners confirm the transactions.

4. How does transaction is made?
 Anyone can purchase Bitcoin from a Bitcoin exchange using dozens of
different currencies and payment methods to buy and sell it.
(localbitcoins.com)
 Bitcoin is sent from person to person similar to how paypal works with an
email. All you need is a BTC address to send to and it will arrive instantly
 Bitcoin relies on miners who verify all transactions that are sent.

5. Is Bitcoin Safe?
 Yes, Bitcoin is designed with privacy and security in mind with all
transactions happening anonymously so there is no personal information
exchanged.
 Every transaction must be verified by the Bitcoin mining network before
being validated
 Bitcoin uses 2 keys…
 1 Private Key (only available to owner of wallet)
 1 Public Key (used by miners to verify the public ledger)

6. How to get Bitcoins
Bitcoin can get from digital world only, and it’s have 3 ways for get it
You can create Bitcoins through Bitcoins Mining, a process that involves running software on a computer
to solve complex mathematical equations to generate a portion of the currency. if one of the equations
is solved, then the payout is a Bitcoin.
You can get Bitcoins from selling something in online
markets.
You can buy Bitcoins outright at various Bitcoin exchange
markets.
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7. What is Bitcoin Mining?
 Everyone who uses Bitcoin becomes part of the bank of Bitcoin
 Miners use special software to solve math problems that verify all transactions
and they are rewarded with newly issued Bitcoin in exchange for using their
computing power
 As more miners come online, the network gets more secure and the math gets
harder
 Bitcoin would not work without miners

8. Bitcoin Wallet
Bitcoins are stored in your digital wallet. when you transfer Bitcoins an electronic signature
is added. After a few minutes the transaction is verified stored in the network

9. Bitcoin Supply
Currently 25 bitcoins are created every 10 minutes, This rate halves every four years
until all coins are created in the year 2140

10. How long does it take to mine a single Bitcoin
Mining Bitcoins take much time because it's a complex process, and how much time
it takes depends on the specifications of yours computer's processing units

11. Bitcoin consumption power
Bit Miners are used consumption power around 150,000 US$ per day to create
bitcoins.

12. What Are Mining Pools?
It’s nearly impossible for individuals to mine because the math
is getting so hard to solve that it takes massive computing
power to work
The Solution… Mining Pools! People can share in the profits by
pooling together their resources and splitting up the Bitcoin
that is mined
There are no limits or restrictions on how big a pool can get or
how one is set up.

13. • No unpredictable inflation by ”printing more money” by political
decision.
• Transactions travel instantly
• Send money in seconds to anyone with internet access – with zero
transaction costs.
• Highly anonymous, in certain conditions
• Every transaction is public, though!
• Easy to use
• You can choose the tool (usability / security)
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Merits

14. Demerits
• Bitcoin is rather new and its still in
marginal use -> high volatility.
• BTC money supply: 500,000,000 €
• EUR money supply: 5,000,000,000,000 €
• It’s currency for the internet – take down
the internet, and you cannot use bitcoins.
• Perhaps not suitable for any country’s
official currency.
• Lose your private key -> lose your bitcoins.
• No means to cancel the transaction!
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15. http://easywallet.org
http://blockchain.info/
https://www.bitaddress.org/
http://www.reddit.com/r/Bitcoin
http://bitcoin.it/
https://blockchain.info/tx/8b555a4399797c784033863d
da38abef7b8adcaf6748e9519dcb175fb1d04ee0
Reference

16. ThankYou