A small description on Cryptocurrency and Bitcoin

2. Crypto-currency
&
Bitcoins
By
VamsiKrishnaDronamraju
3rd cse,Vignan’s University

3. Contents:
• Introduction
• Crypto-currency
• Bitcoins & its history
• Bitcoins value in different countries
• Pros
• Cons
• Conclusion

5. Crypto currency
• A crypto currency is a digital asset
designed to work as medium of exchange
using cryptography
• It is decentralized Economy
• It is purely Virtual currency
• Bit coin is First Virtual currency came
under crypto currency

6. Bitcoin & its History
• Bitcoin is a worldwide cryptocurrency and
digital payment system.
• It is first decentralized digital currency
• It was invented by an unknown programmer, or
a group of programmers, under the
name Satoshi Nakamoto and released as open
source software in 2009

7. About Bitcoin
• 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 a blockchain.
• They can be exchanged for other
currencies, products, and services.

8. About Bitcoin
• As of February 2015, over 100,000 merchants
and vendors accepted bitcoin as payment.
• Bitcoin can also be held as an investment.
• According to research produced by Cambridge
University in 2017, there are 2.9 to 5.8 million
unique users using a cryptocurrency wallet, most
of them using bitcoin.

9. About Bitcoin
• Firms that accepted payments in bitcoin as of
December 2014 included PayPal,
Microsoft, Dell, and Newegg.
• Owners of bitcoin addresses are not explicitly
identified, but all transactions on the blockchain
are public.
• Paying a transaction fee is optional in Bitcoin.

10. Payment Service Providers
• Merchants accepting bitcoin ordinarily use the
services of bitcoin payment service providers
such as BitPay or Coinbase.
• When a customer pays in bitcoin, the payment
service provider accepts the bitcoin on behalf of
the merchant, converts it to the local currency,
and sends the obtained amount to merchant's
bank account, charging a fee for the service

11. Bitcoin value in Different Currencies

12. Pros of Bitcoin
• Anonymous and private
• Payment Freedom
• Low/Minimal Fees
• Fewer risks for merchants
• Faster payments
• You can create your own money

13. Cons of Bitcoin
• Degree of Acceptance
• Volatility
• Ongoing Development
• Possible government Interference
• Deflationary
• Lack of resource
• Money Laundering/Black market

14. Conclusion
• Bitcoin and the blockchain address globalism
with mobile applications and exchange
platforms that facilitate financial and economic
activities worldwide.
• Bitcoin and the blockchain address democracy
by reshaping the functions of governments,
organizations, and corporations with
commercial influence.