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BITCOIN

WHAT IS BITCOIN
• Bitcoin is a cryptocurrency, a form of
electronic cash system.
• It is descentralized digital currency without a
central bank or single administrator that can
be sent from user to user on peer to peer
bitcoin network without the need for
intermediaries.
BITCOIN
• The domain name “bitcoin.org” was registered on
18 august 2008.
• On 31 october 2008, a link to a paper was
authorized by satoshi nakamoto.
• It is a peer to peer electronic cash system was
posted to cryptographic mailing system.
• Usng a bitcoin is an illegal in india.
• Zebpay is one of the application created by india
development team. It was purely licenced by
government but using a bitcoin is illegal.
BITCOIN
• Only 21 millions of bitcoins were created,
these is not a fixed we create in a mean while
of transaction.
• The unit of 1 bitcoin=10 crores of satoshis.
• Non of the bank regulate bitcoin.
• It is not a physical we cannot touch currencies
because it is in digital.
WHAT IS BITCOIN MINING
• Bitcoin mining is the processing of transaction
in the digital currency system.
• The records of curwent bitcoin transaction is
known as blocks, are added to the records of
past transaction called blockchain.
• Bitcoin Mining is used to create bitcoins.
• For every user send transaction bitcoins
doenst go to receiver it create a block to solve.
BITCOIN MINING
• These blocks must be solved in the
mathematical problems.
• Each block contains a hash of previous block.
• Sha-256(secure hash algorithm) is the
algorithm of hash function in each block.
• Once block is solved bitcoin transaction is
received.
• First block was created by satoshi which get
upto 50 bitcoins.
BITCOIN PRICE ON DEMAND
Everyone in the world who own bitcoin can
list certain amount for sale on some exchange
determines the current market price for
buying bitcoin at that exchange.
everyone in the world can also say that
they will buy a certain amount at a certain
price on some exchange. The highest buyer in
each exchange determines the current market
price for selling bitcoin at that exchange.
BITCOIN PRICES
1. mar 2010 - $0.003
2. may 2010 – LESS THAN $0.01
3. July 2010 -$0.008-$0.08
4. Oct 2010 -$0.125
5. Feb 2011-april 2011 -$1.00
6. July 8 2011 - $31.00
7. Dec 2011 - $2.00
8. Dec 2012 -$13.00
9. April 11 2013 - $266
10. May 2013 -$130
11. June 2013 -$100
12. Nov 2013 - $350-$1,242
BITCOIN PRICES
1. Dec 2013 - $600-$100
2. Mar 2014 - $450-$700
3. Apr 2014 - $350-$530
4. October 2016 - $600-$780
5. Aug 14 2017 - $4,400
6. 13 oct 2017 -$5,600
7. 5 feb 2018 - $6,200
8. 31 oct 2018 - $6,300
9. 23 feb 2019 - $3,930
BITCOIN PRIVACY
1. Bitcoin funds are tied to real world entities
but ratherrather bitcoin address.
2. Owner of bitcoin addresses are not explicitly
identified, but all transactions are on block
chain are public .
3. Transaction get coins from multiple inputs.