Bitcoin "The Virtual Currency"

3. On MAY 2014 the price of 1 bitcoin stood at $420
(US DOLLARS), a long way from trading below $4 just two
years ago.

5. According to recent
Bloomberg poll, only
42% of Americans
correctly identified
Bitcoin as VIRTUAL
CURRENCY.
6% thought it was
an iPhone app.

6.  The original Bitcoin software was developed by Satoshi
Nakamoto -a Japanese programmer.
 It was founded by Bitcoin core developers in 2008 and
introduced as open source in 2009.

7. Bitcoin is crypto-currency; a new and unique
financial vehicle, unlike anything the world has
ever seen.

10. BitCoin is a
PEER-TO-PEER VIRTUAL CURRENCY.
This means that in order of transaction to occur, no middle
man or central authority is needed.

11. You can send any amount
of bitcoins to anyone living
anywhere in the world,
completely eliminating the
need of traditional third
parties like banks or
money transmitters. The
crypto-currency also
allows the bypassing of
capitol and AML
restrictions.

12. In order to SEND or RECEIVE bitcoins,
All you need to have is a bitcoin address and internet access.
You only need to be online long enough for the transaction
process. Similarly, to the traditional bank accounts you can
receive your bitcoins to your bitcoin address even if you are
offline.

13. How to get a BITCOIN ADDRESS?
You can get a Bitcoin address either by downloading the
BitCoin client or getting an online wallet. There are two
BitCoin clients:

14. Where are your BitCoins stored?
After you install one of the two clients, you can find
your bitcoins in a file called wallet.dat
If you use Windows, this file will be located in
application data.

15. BitCoins are also stored in
ONLINE WALLETS.
These are specialized online
websites that offer BitCoin
wallet services. However, due to
these sites being a frequent
target of hackers, keeping
bitcoins in online wallets is not
recommended when you can
easily store them offline on your
computer.

16. BTC exchanges are somewhat safer place for you
bitcoins, compared to online wallets because they
keep the coins in “cold storage”.
Usually over 90% of bitcoins deposited on exchanges
are kept offline. Only 5-10% are kept online for
immediate redemption purposes.

17. Block Chain
Transaction-
Private Keys
Processing -
Mining

18. • Once you have installed a Bitcoin wallet on your
computer or mobile phone, it will generate your first
Bitcoin address and you can create more whenever you
need one.
• You can disclose your addresses to your friends so that
they can pay you or vice versa.
• In fact, this is pretty similar to how email works, except
that Bitcoin addresses should only be used once.

19. • The block chain is a shared public ledger on which the
entire Bitcoin network relies.
• All confirmed transactions are included in the block
chain.
• The integrity and the chronological order of the block
chain are enforced with cryptography.

20. • A transaction is a transfer of value between Bitcoin
wallets that gets included in the block chain.
• Bitcoin wallets keep a secret piece of data called
a private key, which is used to sign transactions,
providing a mathematical proof that they have come
from the owner of the wallet.
• All transactions are broadcast between users and
usually begin to be confirmed by the network in the
following 10 minutes, through a process called mining.

21. • Mining is a distributed consensus system that is used
to confirm waiting transactions by including them in the
block chain.
• No individuals can control what is included in the block
chain or replace parts of the block chain to roll back
their own spends.

22. Global accessibility
Tips and Donations
Cost Efficiency
Control against fraud
Decentralization
Transparency

23. Micropayments
Crowdfunding
Dispute mediation
Automated Solutions

25. https://bitcoin.org/en/how-it-works
https://bitcoin.org/en/getting-started
https://bitcoin.org/en/innovation
https://en.bitcoin.it/wiki/Main_Page
http://www.coindesk.com/information/how-do-bitcoin-
transactions-work/
http://en.wikipedia.org/wiki/Bitcoin