BITCOIN-an BITCOIN-an innovative innovative payment networkpayment network

Shailaja Sampat (131046)Rajvi Trivedi (131039)Manthan Shah (131025)

What is BITCOIN ?What is BITCOIN ? Bitcoin is a payment gateway with

digital wallet. Bitcoin Foundation standardizes,

protects and promotes the Bitcoin cryptographic currency worldwide.

Bitcoin is an open source software. This source can be reviewed by anyone.

Bitcoin is decentralized electronic cash system.

Payment gateway : e-commerce service provider

Cryptography : Process of analyzing protocols necessary for information security.

About BITCOINAbout BITCOIN The original Bitcoin

software was developed by Satoshi Nakamoto-a Japanese programmer.

It was founded by Bitcoin core developers in 2008.

Bitcoin is first decentralized digital currency .

It is useful for transaction of money in any country because it provides money transfer system in Dollars, Euros, Yens, Rupees etc.

How to use BITCOIN ?How to use BITCOIN ?

We can use this software by downloading “BITCOIN Miner” application on our mobile phone or computer.

We can use bitcoins got form application stored in your digital wallet.

We can purchase video games , gifts ,books and can transfer money to anyone.

Governance of BITCOINGovernance of BITCOIN Bitcoin's governance structure is splitted

by class. The Board is currently structured with five seats.

Two seats by Individual member class. Two seats by Corporate member class. One seat by Founding member class. Governance committee members are

selected by general elections. Board seats are held for a two-year term.

Objectives of BITCOINObjectives of BITCOIN There are three

main objectives :1.Instant peer-to-

peertransactions

2.Worldwide payments

3.Zero or lowprocessing fees

Missions of BitcoinMissions of BitcoinInform users to protect them from

common mistakes.Give an accurate description of Bitcoin

properties, potential uses and limitations.Display transparent alerts and events

regarding the Bitcoin network.Invite talented people to develop Bitcoin

at many levels.Provide visibility to Bitcoin ecosystem.Improve Bitcoin worldwide accessibility.Aim to advance standards and securityTo remain strong advocates of the

liberating power of decentralized money

Workflow of BitcoinWorkflow of Bitcoin The block chain contains shared

public transaction log. Transactions are verified that spending bitcoins are actually owned by the spender.

A transaction is a transfer of amount between Bitcoin addresses that gets included in block chain. It contains a secret “private key” as a proof of addressee.

Transactions are broadcast between users and confirmed by the network is called mining.

Benefits of Bitcoin Benefits of Bitcoin Payment without going to bankFree acceptanceNo fee No charge-backsSimple form for transactionDigital signature , verificationTransactions can be received at any time,

regardless of whether your computer is turned on or off.

The first neutral global currency

Disadvantages of BitcoinDisadvantages of BitcoinVolatile pricePayments are

irreversibleNon anonymous

system (All transactions are stored publicly and permanently on the network, so anyone can see transactions of any Bitcoin address.)

Less secure transactions

Taxes are applicableNo central authority

ReferencesReferenceshttps://www.google.co.in/search?

hl=en&site=imghp&tbm=isch&source=hp&biw=1366&bih=633&q=bitcoin&oq=bitcoin&gs_l=img.3..0.2749.7911.0.8438.30.15.0.4.4.4.122.1033.8j6.14.0....0...1ac.1.26.img..16.14.653.vQUPLzT4DI8

https://bitcoinfoundation.org/about/governancehttps://bitcoinfoundation.org/about/http://en.wikipedia.org/wiki/Bitcoinhttps://bitcoinfoundation.org/https://www.mtgox.com/https://en.bitcoin.it/wiki/Main_Page

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