Bitcoin is an innovative
payment network and a
new kind of money.
PRESENTED BY: AKHILESH KR. CHAWLA (113)
AUSTIN THOMAS (130)
JACOB VARGHESE (135)
Bitcoin Introductory Video
History of Bitcoin
Bitcoin is the first cryptocurrency.
Creator of Bitcoin -pseudonym Satoshi Nakamoto.
He designed the original Bitcoin protocol in 2008
and launched the network in 2009.
New Bitcoin Exchange Unocoin
Launches in India
Unocoin launched at the well-attended Global
Bitcoin Conference, India’s first, in Bangalore
on 15th Dec., 2013.
It is currently running on a ‘trial basis’ and
new verified users are limited to buying/selling
10 BTC per day.
It is focused on large number of IT
professionals and businesses located in India.
In India, a person needs user identification to
deal in bitcoins(photocopy of PAN card to get
an account).
Benefits of Bitcoin for Individuals
Mobile payments made easy.
Security and control over your
money.
Works everywhere, anytime.
Fast international payments.
Zero or low fees.
Protect your identity.
Benefits of Bitcoin for Businesses
The lowest fees out there.
Protection against fraud.
Fast international payments.
No PCI compliance required.
Get some free visibility.
Multi-signature.
Accounting transparency.
Some things you need to know about
Bitcoin
Securing your wallet.
Bitcoin price is volatile.
Bitcoin payments are irreversible.
Bitcoin is not anonymous.
Instant transactions are less secure.
Bitcoin is still experimental.
Don't forget government taxes.
Innovation in payment systems
Control against fraud.
Global accessibility.
Cost efficiency.
Tips and donations.
Crowd funding.
Micro payments.
Dispute mediation.
Multi-signature accounts.
Trust and integrity.
Resilience and decentralization.
Flexible transparency.
Automated solutions.
UK university starts accepting bitcoin
as fees Source -Times of India Date- 22 Jan,2014
LONDON: A university in the UK has
become the first public varsity in the world
to allow students to pay their tuition fees
with the digital currency bitcoin.
University of Cumbria is the first public
university to do so.
Bitcoin has become the world's most
expensive currency and its per unit value
soared past $1,200 level in November
2013.
First bitcoin ATM
Source -ET(18 Feb, 2014)
First US bitcoin ATMs to open soon in
Seattle, Austin.
The ATMs will allow people to swap bitcoin
for cash, or deposit cash to buy more
bitcoin by transferring funds to or from a
virtual wallet on their smartphones.
A bitcoin is currently worth about $636.
Last September, a bitcoin was worth
around $150. By late December the value
was near the $1,000 mark.
Bitcoin Mining
Bitcoin mining is the process of making
computer hardware do mathematical
calculations for the Bitcoin network to confirm
transactions and increase security. As a reward
for their services, Bitcoin miners can collect
transaction fees for the transactions they
confirm, along with newly created bitcoins.
Mining is a specialized and competitive market
where the rewards are divided up according to
how much calculation is done. Not all Bitcoin
users do Bitcoin mining, and it is not an easy
way to make money.
Hash Rate
The hash rate is the measuring unit of the processing
power of the Bitcoin network. The Bitcoin network must
make intensive mathematical operations for security
purposes. When the network reached a hash rate of 10
Th/s, it meant it could make 10 trillion calculations per
second.
Wallet
A Bitcoin wallet is loosely the equivalent of a physical
wallet on the Bitcoin network. The wallet actually
contains your private key(s) which allow you to spend
the bitcoins allocated to it in the block chain. Each
Bitcoin wallet can show you the total balance of all
bitcoins it controls and lets you pay a specific amount to
a specific person, just like a real wallet. This is different
to credit cards where you are charged by the merchant.
Thank You
