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    Bitcoin 171205180455

    Uploaded by

    CESAR AUGUSTO MORA GOMEZ
    Bitcoin is a digital currency that uses peer-to-peer technology to allow for transactions without an intermediary. It was created in 2009 by an unknown person under the name Satoshi Nakamoto. Transactions are recorded on a public ledger called the blockchain and new bitcoins are introduced through mining, where users validate transactions by solving complex math problems. While no single entity controls bitcoin, its decentralized nature means it provides a quick and secure way to transfer money internationally without centralized control. Its future role remains uncertain but it could evolve into a long-term digital currency or commodity.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Bitcoin 171205180455

    Uploaded by

    CESAR AUGUSTO MORA GOMEZ
    20 views10 pages
    Bitcoin is a digital currency that uses peer-to-peer technology to allow for transactions without an intermediary. It was created in 2009 by an unknown person under the name Satoshi Nakamoto. Transactions are recorded on a public ledger called the blockchain and new bitcoins are introduced through mining, where users validate transactions by solving complex math problems. While no single entity controls bitcoin, its decentralized nature means it provides a quick and secure way to transfer money internationally without centralized control. Its future role remains uncertain but it could evolve into a long-term digital currency or commodity.

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    bitcoin-171205180455

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    Bitcoin is a digital currency that uses peer-to-peer technology to allow for transactions without an intermediary. It was created in 2009 by an unknown person under the name Satoshi Nakamoto. Transactions are recorded on a public ledger called the blockchain and new bitcoins are introduced through mining, where users validate transactions by solving complex math problems. While no single entity controls bitcoin, its decentralized nature means it provides a quick and secure way to transfer money internationally without centralized control. Its future role remains uncertain but it could evolve into a long-term digital currency or commodity.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    20 views10 pages

    Bitcoin 171205180455

    Uploaded by

    CESAR AUGUSTO MORA GOMEZ
    Bitcoin is a digital currency that uses peer-to-peer technology to allow for transactions without an intermediary. It was created in 2009 by an unknown person under the name Satoshi Nakamoto. Transactions are recorded on a public ledger called the blockchain and new bitcoins are introduced through mining, where users validate transactions by solving complex math problems. While no single entity controls bitcoin, its decentralized nature means it provides a quick and secure way to transfer money internationally without centralized control. Its future role remains uncertain but it could evolve into a long-term digital currency or commodity.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    BITCOI

    ANKAN BISWAS
    UNIVERSITY INSTITUTE OF TECHNOLOGY

    BE/EE/4TH YEAR

    ROLL NO- L2015-6076


    • INTRODUCTION
    • WHY BIT COIN
    • HOW DOES BITCOIN WORKS
    • TRANSFERS
    • MINING
    • OWNING BITCOIN
    • WHO CONTROL THE BITCOIN
    NETWORK
    • FUTURE OF BITCOIN
    ON

    Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no
    central authority or banks; there are no physical Bitcoin, only balances associated with public and privet key.
    The first Bitcoin specification and proof of concept was published in 2009 by Satoshi Nakamoto.
    HOW DOES BITCOIN
    WORKS

    From a user perspective, Bitcoin is nothing


    more than a mobile app or computer program
    that provides a personal Bitcoin wallet and
    enables a user to send and receive bitcoins.
    Behind the scenes, the Bitcoin network is
    sharing a massive public ledger called the
    "block chain".
    This ledger contains every transaction ever
    processed which enables a user's
    computer to verify the validity of each
    transaction
    TRANSFERS
    PEOPLE CAN SEND BITCOINS TO EACH OTHER USING MOBILE APPS OR THEIR COMPUTERS. IT’S SIMILAR TO SENDING
    CASH DIGITALLY.BITCOIN TRANSACTIONS ARE SENT FROM AND TO ELECTRONIC BITCOIN WALLETS, AND ARE DIGITALLY
    SIGNED FOR SECURITY. EVERYONE ON THE NETWORK KNOWS ABOUT A TRANSACTION, AND THE HISTORY OF A
    TRANSACTION CAN BE TRACED BACK TO THE POINT WHERE THE BITCOINS WERE PRODUCED.
    MINING
    Bitcoin mining is the process by which transactions are verified and added to
    the public ledger, known as the block chain, and also the means through
    which new bitcoin are released. Anyone with access to the internet and
    suitable hardware can participate in mining. The mining process involves
    compiling recent transactions into blocks and trying to solve a
    computationally difficult puzzle. The participant who first solves the puzzle
    gets to place the next block on the block chain and claim the rewards. The
    rewards, which incentivize mining, are both the transaction fees associated
    with the transactions compiled in the block as well as newly released bitcoin.
    BITCOINS
    Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user ’s
    computer.
    The wallet is a kind of virtual bank account that allows users to send or receive
    bitcoins, pay for goods or save their money.
    Unlike bank accounts, bitcoin wallets are not insured by the FEDERAL DEPOSIT
    INSURANCE CORPORATION.
    WHO CONTROLS THE BITCOIN
    NETWORK?

    Nobody owns the bitcoin network much like no one


    owns the technology behind email or the internet.
    Bitcoin transactions are verified by bitcoin miners
    which has an entire industry and bitcoin cloud
    mining options. While developers are improving the
    software they cannot
    Force a change in the bitcoin protocol because all users
    Are free to choose what software and version they use.
    FUTURE OF BITCOIN

    So what’s next for bitcoin? As outlined previously, it has


    many advantages and for this reason it will remain
    relevant as a currency.

    This is centralized system in bitcoin that’s why this is


    more secure and can’t hack able. It is quickest way to
    transfer money one country to another country with in
    very short time(10 min).

    Is bitcoin simply a 21st century version of gold, only


    without the storage issues? Or is it just a short-lived
    popular fad that may soon evolve into something quite
    different? Only time will tell. The only certainty is that
    its price will remain very volatile in the future.
    Thank
    you

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