2. INTRODUCTION
• Bit coin was developed by a Software developer,Unknown programmer and
mysterious person called “SATOSHI NAKAMOTO”.
• Till now no one knows about “Satoshi Nakamoto”.
• Bitcoin was an electronic payment system based on mathematical proof can
be solved by various programming algorithms and it was first ever
cryptocurrency.
• It was released as open-source software released in year 2009.
• This system is peer-to-peer and transactions take place between the users
without an intermediary.
• According to the research produced by Cambridge University in 2017,there
are about 2.9 to 5.8 million unique users using cryptocurrency wallet ,most of
them using bitcoin.
This Photo by Unknown Author is licensed under CC BY-ND
3. DENOMINATIONS OF BITCOIN
UNITS ABBREVIATION DECIMAL(BTC)
milliBitcoin mBTC 0.001
microBitcoin uBTC 0.0000001
Satoshi 0.00000001
5. BITCOIN V/S MONEY
BITCOIN
• It is a digital currency
• It is generated by code
• There is no regulation authority
• It has intrinsic value like Gold
MONEY
• It is a physical currency
• It is generated by various banks
which has unique powers in a
country.
• There is regulation authority
over this
• It has Extrinsic value
7. Bit coin was based on the algorithm “SHA-256”
It was designed by “Santoshi Nakamato”.
By using this we can generate upto 21 million bitcoins.
We can’t generate more than 21 million bitcoins due to the unique feature of the
algorithm.
Till the date 17millions bitcoins are in existence,This number changes about every
10minutes ,each new block adds 12.5 bitcoins into circulation
Total number of bitcoins 21million
How many are left to be behind? 3,406,287.5
How many bitcoins are lost? 3-4 million
How many bitcoins are mined every
day?
1800
How many bitcoins have been mined
already?
17,593,712.5
How many bitcoin blocks are there
today?
567,497
10. WEBSITES WHERE WE CAN BUY BITCOINS IN
INDIA
UNICOIN
BUYUCOIN
ZEBPAY
COINSECURE
LOCALBITCOINS
WE CAN BUY BITCOINS FROM THESE WEBSITES BY PAYING
MONEY THROUGH DEBIT OR CREDIT CARDS
13. ANONYMITY
• Though each bitcoin transaction is recorded in a public log,names of
buyers and sellers are never revealed-only their wallet IDS.
• While that keeps bitcoin users transactions private,it also lets them
buy or sell them anything without easily tracing it back them.
• That’s why it has become the currency of choice for people online
buying of drugs.
14. FACTORS AFFECTING PRICE OF BITCOIN
• the supply of bitcoin and market demand for it
• the number of competing cryptocurrencies
• the exchanges it is traded on
• regulations governing its sale
• its internal governance.
15. ADVANTAGES AND DISADVANTAGES OF
BITCOIN
ADVANTAGES
• Freedom in Payment
• Control and Security
• Information is Transparent
• Very Low Fees
• Fewer Risks for Merchants
• It is easier way to carry out
international business
DISADVANTAGES
• Lack of Awareness & Understanding
• Risk and Volatility
• Highly volatile currency
• It serves as a medium of illegal
business
• If you lost your private key you may
lose all your bitcoins
• It can be used for money laundering
17. CONCLUSION
• There you have it folks. With this, you now have both sides of the coin. Bitcoin, as
you can see, is not perfect. It does have many advantages that physical currencies
do not provide its users; however, it also has its disadvantages. This is mostly due
to the fact that Bitcoin is still a relatively young and new currency. People are just
beginning to become more aware of it. In order for Bitcoin to succeed, more
people need to understand what it is and not let their preconceived notions
distort the concept of digital currencies.
• There are always pros and cons to any situation in life. To be able to make a good
decision, you need to weigh the good and bad thoroughly before finalizing your
choice. Do the same for Bitcoin. Understand what it is, and decide what you want
to do with it. We, at Coinreport give you the facts; you are the ones who make
your decision.
