bitcoin overview

7/27/2019 BitCoin Overview

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Bitcoins


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What are bitcoins?

Bitcoins are a type of virtual currency brought to

life by the Internet and the willingness of lot ofpeople looking to embrace new forms of

monetary exchange

Introduced as open source software software in

2009 by Satoshi Nakamoto

It is a cryptocurrency


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What are bitcoins?

Completely decentralized form of money

Bitcoins can be used for all sorts of real

transactions

By skipping the middle man in the

transaction you pay far less in the associated

fees


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Commercial use of bitcoin, illicit or otherwise, is currently

small compared to its use by speculators, which has fueled

price volatility


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How does it work?


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Advantages

Payment freedomAll necessary information is public and

transparent

Fewer risks for merchants

No transaction cost involved

Its super liquidThe ultimate in portability


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Criticism

Degree of acceptanceVolatility

No regulation

Money laundering

Cyber security risks

Example: Theft and unauthorized miningLegal issues and status


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Global News

12 Jan 2009:The first Bitcoin transaction occurs, as Nakamoto to

send some bitcoins to Finney

13 Jun 2010:A Bitcoin user claims that hackers stole 25,000

bitcoins from him, worth around $500,000 at the time. Those

bitcoins would be worth around $20 million today. The incident raises

awareness of the security risks associated with holding bitcoins.

7 Jan2013: Bit Pay, a startup that helps merchants accept

bitcoins, raises $510,000 It is one of the first Bitcoin startups to raise

significant investment capital. It will raise another $2 million in May.


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Contd..

29 Nov. 2013: Bitcoin's price hits an all-time high of $1,242.

12 Dec. 2013: The Bitcoin startup Coinbase raises $25 million the

largest sum to date.

17 Dec 2013:

Europe's First Permanent Bitcoin ATM Installed inHelsinki.

18 Dec 2013:Digital cryptocurrency has lost almost 50% of its value

overnight after BTC China said it could no longer accept deposits in

the Chinese currency.

20 Dec 2013: Overstock.com will become the first major U.S. retailer

to accept Bitcoin


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Contd..

1 Jan 2014: RBI, recently issued a warning to the general public

against the use of virtual currencies (VCs) including Bitcoins

5 Jan 2014: Bitcoins use by tea trade brought to notice of Ministry

board

6 Jan 2014:

The value of Bitcoin has topped $1,000 (610) again after social

gaming firm Zynga said it would start accepting the virtual currency

as a payment option

Chinese giant Alibaba bans Bitcoins

Taiwanese, Indian, German regulators issue warning against use of

Bitcoin

Jan 8 2014: Yahoo Malware Turned European Computers Into Bitcoin

Slaves


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Food for Thought

It (Bitcoin currency) has to have intrinsic value. You have to reallystretch your imagination to infer what the intrinsic value of BitCoin is, I

havent been able to do it. Maybe somebody else can.

- Alan Greenspan, the former Chairman of the United States Federal

Reserve


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bitcoin overview

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