Seminar ppt on bitcoinSeminar Report On Bitcoin
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Full Name Comment goes here. Are you sure you want to Yes No. Badsha Badulu. Narsimha Reddy. Elias Jose. WordPress Shortcode. Full Name Comment goes here. Are you sure you want to Yes No. Show More. No Downloads. Views Total views. Actions Shares. No notes for slide. Introduction to bitcoin 1. Introduction to Bitcoin Robert McNally 2. What Is Money? Money Is:A Medium of Exchange 4. Money Is:A Unit of Account 7. Money Is:A Store of Value What Is Cryptocurrency?
Cryptocurrency Is: A Bearer Instrument Cryptocurrency Is: A Bearer Instrument What Makes Bitcoin Different? At that time, start-up could be enabled by a single high-end gaming system.
Now, however, larger mining organizations might spend tens of thousands on one high-performance, specialized computer. In the malware world, one of the more prevalent current threats is mining botnet infections, in which user systems mine for Bitcoin without the owners' knowledge and funds are channelled to the botnet master.
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. All confirmed transactions are included in the block chain.
This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.
The signature also prevents the transaction from being altered by anybody once it has been issued. 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. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network.
These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain.
This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends. To get started using Bitcoin, whether you want to set it up on your phone or online, you'll need to download the client and visit the main Bitcoin page to set up your account on the computer.
The client is suitable for Mac, Windows, and Linux. Set up your wallet: Like regular money, you've got to have a place to keep your digital money. Wallets are basically programs that sort and track your digital currency via your account settings. There are a variety of options available, depending on your intentions for using Bitcoin. Software wallets don't run on a third-party service after download.
These wallets are operated from your computer, where you'll have to run a local blockchain to keep your transactions anonymous. This is the wallet for which the Bitcoin was originally conceived.
All you need to do is set up an account and log in. They are, however, potentially somewhat less secure than hardware wallets, though each of these is also compatible with most Mobile phone providers.
There are several options available to grow your wallet and acquire more Bitcoin to spend. While the system is somewhat unpredictable and still experimental, they seem to be appreciating in value, making Bitcoins a unique opportunity. You can earn Bitcoin in several ways. You'll simply complete a transaction at most marketplaces, in which your currency in converted into Bitcoin. You can also convert cash into Bitcoin using a similar process. While you used to be able to do this on your home desktop, it's not much of a practical possibility anymore.
You'll spend moreon electricity keeping the computer running than you will turning a profit. You can find them at trading sites.
In addition, if you sell goods or services, consider offering Bitcoin as a method for accepting payment. Secure your wallet: Now that you've actually got some coins in your purse, you want to make sure they're protected. Unfortunately, older Bitcoin clients won't encrypt the wallet. The good news is you can secure your wallet to ensure that this won't happen.
There are a variety of Bitcoin services designed for vendors to facilitate transactions and work alongside businesses to make Bitcoin use simple and safe. Some have small transaction fees associated with them, while others are free. Understand the Bitcoin rate and accommodate for it: Lots of Bitcoin providers will automatically translate Bitcoin into your local currency for you, though for others this will be a necessary step, extending the length of some transactions.
You need to be able to translate the price into the sliding scale of the Bitcoin quickly and effectively at your place of business. Given the unpredictable fluctuations of the value of the Bitcoin, and the length of time sometimes up to 10 minutes for a single payment to be confirmed, transactions in person can be a dodgy proposition at times.
Advertise your business as a Bitcoin merchant: Given that people all over have the same interest in participating in Bitcoin exchanges, it's a great idea to advertise your business as being Bitcoin friendly. Work it into any advertising materials and register with Bitcoin databases online to attract customers.
It's also experimental and volatile. It's important to know that Bitcoin payments are irreversible. So, if you get scammed by someone trying to exploit Double Payment loopholes, it'll be impossible to get your money back.
Try to work a series of safeguard protocols into every Bitcoin transaction. How are they received? Confirm all payments: Bitcoin transactions--even "instant" ones--are delayed by a few seconds, and can take up to 10 minutes to process completely. During that transaction period, it would be easy for a merchant to give a customer the "ok" during a window in which the transaction could still be reversed.
Bitcoin itself recommends that merchants complete up to 6 separate confirmations or more on larger transactions to reduce the possibility of taking a hit.
No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money. Users mayinclude fees with transactions to receive priorityprocessing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants' bank accounts daily.
As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance.
Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high.
The net results are lower fees, larger markets, and fewer administrative costs. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft.
Bitcoin users can also protect their money with backup and encryption. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures.
Never before has the world seen a start-up currency, so it is truly difficult and exciting to imagine how it will play out. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone.
Most Bitcoin businesses are new and still offer no insurance. In general, Bitcoin is still in the process of maturing. Economists agree that to qualify as money, something must be a store of value, amedium of exchange, and a unit of account. Bitcoin conforms to only one of these three criteria. It is used as a medium of exchange. About 1, brick and mortarbusinesses were willing to accept payment in bitcoins as of November in addition to more than 35, online merchants.
The bitcoin market currently suffers fromvolatility, limiting the ability of bitcoins to act as a stable store of value, and it is not commonly used as a unit of account.