Download - Bitcoin Final Year Seminar
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Bitcoin!
SHANTANU SINGH
1200112202
DEPARTMENT OF CSE, INTEGRAL UNIVERSITY
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What is Bitcoin?
►Decentralized Digital Currency
►Like virtual cash or gold
► Transferred person-to-person
►No bank or government prerequisites
or control
►BTC ,
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History of Bitcoin
First mentioned in a 2008 paper published under the name Satoshi
Nakamoto.
The price of bitcoins has fluctuated wildly since its inception.
In 2011, the value of one bitcoin rapidly rose from about US$0.30 to
US$32 before returning to US$2
During the 2012-2013 Cypriot Financial Crisis, the bitcoin price began to
rise, reaching a peak of US$266 on 10 April 2013
In the end of 2013, the cost of one bitcoin rose to the all-round peak of
US$1135, but fell to the price of US$693 three days later.
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Satoshi Nakamoto’s Research
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Some Facts
Limited to 21 million bitcoins
X amount released every ~10 minutes
Until 2140
Divisible to .00000001 (USD = .01)
Very difficult & expensive to hack
Controlled by the consensus of market participants
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Why Does Bitcoin Have Values?
Limited / Scarce (like gold)
Decentralized (no government)
Peer-to-Peer (like torrents)
Can be anonymous
Transparent (open source)
Trusted (vetted for over 5 years)
Easy to buy and sell
Extremely low transaction fee
Irreversible (no chargebacks)
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How Does Bitcoin Work?
Two parts of a Bitcoin “account”
1. Public Key – account number / address
(27-34 alphanumeric characters)
2. Private Key – password to access bitcoins in the account
Public Key Example –
1GTX5ynExvZbPYVRQKMvDufUAeypft4tAx
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How Do You Get Bitcoins?
Three ways to acquire Bitcoins:
1. Buy (from a person or exchange)
2. Barter (sell product or service)
3. Mine (run software to buy bitcoins)
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How Can You Profit With Bitcoin?
Mine, then sell (becoming increasingly more difficult)
Invest or trade
Buy & Hold = very risky
Short-term trading
Offer discounts in products / services for payment in BTC
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Bitcoin Speculation
Bitcoin has increased in value over 10,000% in a short period of time
Many price crashes of 50% or more
Price has recovered after each crash
The “big question”
“Will Bitcoin become widely accepted as a form of payment and a store of value?”
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June 2011 Bubble
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April 2013 Bubble
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November 2013 Bubble
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Bitcoin Speculation Tip
Don’t chase emotional buying
Do the opposite of the herd
Consider the risk and your goals
Is day trading really riskier than the “buy and hope”
mentality?
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Bitcoin Wallet
Stores your Bitcoin
Four type of Wallets:
1. Software on local hard drive
2. Mobile
3. Hosted Online
4. Paper
bitcoin.org/en/choose-your-wallet
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Copay: HD-Multisignature Wallet
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Hardware Wallets
► Ledger Nano is a hardware wallet built upon a
ST23YT66 banking smartcard platform.
► Trezor is able to sign transactions while connected
to an online device.
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Advantages / Disadvantages
Advantages
Payment Freedom
Very low fees
Fewer risks for merchants
Security and control
Transparent and Neutral
Disadvantages
Degree of Acceptance
Volatility
Ongoing Development
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Thank You for your patient listening!!
1GTX5ynExvZbPYVRQKMvDufUAeypft4tAx
Donate
Bitcoins
Here!
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