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Bit Coin

This document provides an overview of bitcoin and blockchain technology. It defines key terms like blockchain, bitcoin wallets, public and private keys. It explains how bitcoin works using blockchain technology and is mined through mining software. Advantages include avoiding double spending and having no central authority, while disadvantages include use for illegal activities and volatility. Applications include investment in bitcoin companies and some retailers accepting bitcoin. The conclusion states that bitcoin removes financial dependencies and could become a global currency if value stability and broader acceptance increase.

Uploaded by

Priti Kumari
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140 views16 pages

Bit Coin

This document provides an overview of bitcoin and blockchain technology. It defines key terms like blockchain, bitcoin wallets, public and private keys. It explains how bitcoin works using blockchain technology and is mined through mining software. Advantages include avoiding double spending and having no central authority, while disadvantages include use for illegal activities and volatility. Applications include investment in bitcoin companies and some retailers accepting bitcoin. The conclusion states that bitcoin removes financial dependencies and could become a global currency if value stability and broader acceptance increase.

Uploaded by

Priti Kumari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 16

1

BITCOIN
A CRYPTOCURRENCY

Presented by:
Priti Kumari
CSE-25/15
2

CONTENT
• Introduction
• Terms Used
• Working
• Technology Used
• Blockchain
• Bitcoin mining
• Advantage and Disadvantage
• Application
• Security
• Conclusion
• References
3

INTRODUCTION
• Digital cryptocurrency.
• Peer to peer payment network.
• Open source software based system.
• Decentralized.
• irreversible
• Introduced by Satoshi Nakamoto in 2009.
• Launched in India in 2012 by Mihin Gupta.
• Supply is limited t5o 21 millions of bitcoin.
• it is denoted by BTC.
• Smallest Unit is satoshi.
4

Terms Used
• Bitcoin wallet –
online wallet, offline wallet, paper wallet
• Blockchain –
distributed ledger
• Peer to peer network
• Bitcoin mining
• Keys
• Private keys
• Public keys
5

Public key and Private key


Two parts of bitcoin wallet.
Public key - 14GabW85FUMQy62CMWLCToQLo81w7iXL2x
Private key - E9873D79C6D87DC0F9F4453213303DA61F20
6

Working
7

Technology Used Data


Blockchain technology
It has three parts:
• Data inside the block
Unique id
• Unique identity of the block of current
block
• Uniqye identity of previous block
Unique id of
previous block

1 2 3
8

Blockchain continued

H62Y
9

Technology Used continued


Bitcoin mining
it serves two purposes:
• Confirms the transaction valid.
• Creates new bitcoin.

Some of the mining software:


• CGMine
• BitMinter
• BTCMiner
10

Bitcoin hardware mining tool


11

Mining of bitcoin and adding transaction to


blockchain
12

Advantage
Double spending problem.
Payment freedom.
Low inflation risk.
Not dependent on any government.

Disadvantage
Transaction for illegal activities.
Money laundring.
Extreme volatile.
Ongoing development and acceptance.
13

Application and facts

• Felicitated the blockchain technology.


• Investment in bitcoin based companies like Paypal.
• 1 BTC = Rs. 8.6 lakh
• Bitcoin accepted-
countries like United States, Australia, Canada
companies like overstock.com, Microsoft, expedia.com
• Bitcoin not accepted –
China, Russia, Vietnam
• RBI warns against use of cryptocurrency.
14

conclusion
• Removes financial dependencies in currency exchange.

• It’s value should be stabilize.

• Can be a global currency.

• Most widely accepted cryptocurrency.

• Blockchain technology will find more avenues.


15

References
• https://www.news18.com/news/tech/what-is-blockchain-the-technology-
behind-bitcoin-explained-1716049.html
• https://www.bitcoin/DUP_847_BitcoinFactFictionFuture
• https://blockgeeks.com/guides/what-is-blockchain-technology/
• https://www.bitcoinmining.com/
• https://www.coindesk.com/information/how-does-blockchain-
technology-work/
• https://www.bitcoin.org/en/how-it-works
• https://bitcoin.org/en/faq#how-are-bitcoins-created
• https://en.bitcoin.it/wiki/Technical_background_of_version_1_Bitcoin_
addresses
16

THANK YOU!!

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