bitcoin - digital currency
DESCRIPTION
Bitcoin - Digital curreny Content: What is Bitcoin? How Bitcoin transaction works? Use of Bitcoins in real world Its characteristics & valuation Overall acceptance scenario Bitcoin ATMTRANSCRIPT
BITCOIN CURRENCY
Charmi Popat (03)SVKM’s NMIMS SPP SPTm (School
of Pharmacy & Technology Management)
CONTENT
What is Bitcoin?
Its characteristics & valuation
Overall acceptance scenario
How Bitcoin transaction works?
Use of Bitcoins in real world
Bitcoin ATM
04/12/2023 SVKM’s NMIMS SPP SPTM 2
What is Bitcoin?
04/12/2023 SVKM’s NMIMS SPP SPTM 3
Digital currency
Peer-to-peer payment network
Japanese programmer:
Satoshi Nakamoto
(2009)
How Bitcoin transaction works?
04/12/2023 SVKM’s NMIMS SPP SPTM 4
Online BuyerOnline
Merchant
Validate
Flow of Bitcoin & cash
Receivers
Private Key
Its characteristics
04/12/2023 SVKM’s NMIMS SPP SPTM 5
Open-source software program
“crypto-currency”
“Mining”
Portable
Authenticity Verification
Finite (21 million bitcoins and the last expected to be “mined” in 2140)
Currency Valuation
• Supply and demand• 1 BTC = $847.24 (As of Jan.31st. 2014)
04/12/2023 SVKM’s NMIMS SPP SPTM 6
Advantages & Disadvantages
04/12/2023 SVKM’s NMIMS SPP SPTM 7
- Decentralized- Payment freedom- Very low fees- Difficult to Counterfeit
- online security- Volatile- a lack of regulation
Use of Bitcoins in real world
• 20 business (such as apartments, law firms, and popular online services such as WordPress)
• August 2013, US$ 1.5 billion• Bitcoin gambling sites
04/12/2023 SVKM’s NMIMS SPP SPTM 8
Physical goods
• Bitcoinshop.us
• BitcoinStore.com
Travel
• Bitcoin.Travel
Online auctions
• Silkroadvb5piz3r.onion
Greeting cards
• Amazon.com gift cards
Use of Bitcoins in real world
• US - • “surrogate currency”• seized bitcoins from
purchasing a controlled substance
04/12/2023 SVKM’s NMIMS SPP SPTM 11
Money laundering
Bitcoin ATM
• World’s 1st Bitcoin ATM- Vancouver, Canada at Wave coffee house
• Maker - Robocoin • It’s a Cash-Only Machine• Works on - Biometric Identification
System• It can dispense hard cash in exchange for
Bitcoins• Transaction recorded in – Public Ledger• Create on the spot new a/c – 4min (Scan
your palm, Government identification card & Face recognition)
04/12/2023 SVKM’s NMIMS SPP SPTM 12