Bitcoin is a decentralized digital currency and peer-to-peer payment system that was invented in 2008 by the anonymous person or group known as Satoshi Nakamoto. It uses cryptography to secure and verify transactions as well as to control the creation of new bitcoins. Transactions are recorded on a public ledger called the blockchain. Miners use specialized hardware and verify transactions in exchange for bitcoin rewards and transaction fees. While it provides advantages like low fees and accessibility worldwide, bitcoin also faces challenges like volatility, limited acceptance, and ongoing development.

1. BITCOIN : the digital
currency
- Yamini Shakya
14CA87

2.  Peer-to-peer online payement system
 Decentralized
 cryptocurrency
 Invented by Satoshi Nakamoto in 2008
 Open source software
WHAT IS BITCOIN?

3. ADVANTAGES
EASY
It is a simple two step
method-scan and pay
SECURITY
Bitcoin transactions are
secured by military grade
cryptography. Nobody can
make payements on your
behalf
FAST INTERNATIONAL
PAYMENTS
You can pay your neighbour
in the same way as you can
pay your family in some
other country.
ZERO OR LOW FEE
Low processing fee.
WORKS EVERYWHERE
Just like sending an email,
you just need to have the
same software or same
service provider.

4. HOW TO ACQUIRE
BITCOINS?
 As payment for goods or services.
 Purchase bitcoins at a Bitcoin exchange
 Exchange bitcoins with someone near you.
 Earn bitcoins through competitive mining

5. How do bitcoins work?

7. BITCOIN TRANSACTION
 The Bitcoin network is sharing a public ledger
called the "block chain".
 This ledger contains every transaction ever
processed, allowing a user's computer to verify
the validity of each transaction.
 In addition, anyone can process transactions
using the computing power of specialized
hardware and earn a reward in bitcoins for this
service. This is often called "mining".

8. BITCOIN TRANSACTION
Bitcoin wallet address

9. BITCOIN MINING
How is bitcoin generated?

10. REVIEW
 What is a Block chain?
 It can be used to explore any transaction made between any bitcoin addresses, at any point on the
network.
 Whenever a new block of transactions is created, it is added to the blockchain.
 Miners do the work required to verify, record transactions in the block chain.
 For processing the transaction miners earn rewards.

11. PROOF OF WORK
 When a block of transactions is created, miners put it through a process. They take the information in
the block, and apply a mathematical formula to it, turning it into a hash.(SHA -256)
93ef6f358fbb998c60802496863052290d4c63735b7fe5bdaac821de96a53a9a
 The bitcoin network has to make it more difficult, otherwise everyone would be hashing hundreds of
transaction blocks each second, and all of the bitcoins would be mined in minutes.
 Difficulty factor: It demands that a block’s hash has to look a certain way; it must have a certain number
of zeroes at the start.
 Transaction data cant be changed, but they must change the data they’re using to create a different
hash. They do this using another, random piece of data called a ‘nonce’.
 If the hash doesn’t fit the required format, the nonce is changed, and the whole thing is hashed again.
 Successful in creating hash, broadcast on the network and earn 25 bitcoins.

12. How can we be sure that the
blockchain stays intact, and is never
tampered with?

13. BITCOIN MINING
HARDWARE
 CPU’s
 GPU’s
 FPGA’s –( Field Programmable Gate Array)
 ASIC ( Application Specific Integrated Circuit)

14. BITCOIN MINING
SOFTWARE
 Solo miners
 Pool miners

15. BITCOIN PRICE CHART
CURRENT RATE 1 BTC = $254.29

16. BITCOIN NETWORK

17. BITCOIN MILLIONAIRES

18. DISADVANTAGES

19. DISADVANTAGES
DEGREE OF
ACCEPTANCE
People are still unaware
about bitcoins.
However, many busineeses
have started accepting
bitcoins but that still
constitute very less
percentage.
VOLATILITY
The total value of bitcoins in
circulation and businesses
involve are still small. So
relatively small events and
business activities
significantly affect the price.
.
ONGOING
DEVELOPMENT
Bitcoin software is still in
beta with many of its
features in active
development. New
features, tools and
services are being
developed.

20. CONCLUSION
Bitcoin is the future..!

21. “
THANKS..!!
Any Questions?