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1 Bitcoin

Bitcoin is a decentralized digital currency created by an unknown individual or group under the pseudonym Satoshi Nakamoto, first introduced in 2008. It operates on an open-source network, allowing secure transactions through a public ledger called the blockchain, and can be bought or sold via various methods including exchanges and ATMs. Bitcoin wallets, which can be web-based, software, hardware, or paper, are used to store and manage bitcoins, each requiring a unique private key for security.

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105 views18 pages

1 Bitcoin

Bitcoin is a decentralized digital currency created by an unknown individual or group under the pseudonym Satoshi Nakamoto, first introduced in 2008. It operates on an open-source network, allowing secure transactions through a public ledger called the blockchain, and can be bought or sold via various methods including exchanges and ATMs. Bitcoin wallets, which can be web-based, software, hardware, or paper, are used to store and manage bitcoins, each requiring a unique private key for security.

Uploaded by

rajasankari
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© © All Rights Reserved
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SPSS

( Statistical Package for the Social Sciences )


Introduction
➢ Bitcoin is digital money used for secure and instant transfer for online
payments
➢ It is not controlled or issued by any bank or government - instead it is an open
network which is managed by its users (open source). The bitcoin network is
made up of thousands of computers run by individuals all over the world
➢ Invented by an unidentified programmer, or group of programmers, under the
name of Satoshi Nakamoto
➢ Bitcoin was invented by Satoshi Nakamoto, who published the invention on
31 October 2008 in a research paper called "Bitcoin: A Peer-to-Peer
Electronic Cash System”
Introduction contd.
➢ It was implemented as open source code and released in January 2009
➢ Bitcoin is often described as the first decentralized digital currency and
Cryptocurrency
➢ Cryptocurrency is a digital currency in which encryption techniques are used
to regulate the generation of units of currency and verify the transfer of funds
➢ Bitcoin is the world's most widely used alternative currency with a total market
cap of approximately $10 billion
➢ BTC: An abbreviation for the bitcoin currency
What is Bitcoin Address and how is it sent
➢ A string of alphanumeric characters and numbers between 27 to 34
➢ Eg. 31uEbMgunupShBVTewXjtqbBv5MndwfXhb
➢ A bitcoin address can be shared publicly, like sending a message to an email
address. Every Bitcoin address has a unique private key attached
➢ Private Key: sequence of letters and numbers, but unlike your bitcoin
address, this is kept secret
➢ If someone else is able to obtain your key, they also have control of your
bitcoins
➢ Public Key: A string of letters and numbers that is derived from a private key.
A public key allows one to receive bitcoins
➢ To send bitcoins, you need two things: a bitcoin address and a private key
How does Bitcoin work
➢ Behind the scenes, the Bitcoin network is sharing a massive public ledger
called the "blockchain"
➢ This ledger contains every transaction ever processed which enables a user's
computer to verify the validity of each transaction
➢ The authenticity of each transaction is protected by digital signatures
corresponding to the sending addresses therefore allowing all users to have
full control over sending bitcoins
How to buy and sell bitcoins
➢ We can buy bitcoin with a credit card, debit card or with a bank account from
bitcoin exchanges Eg. Coinbase
■ Create a Bitcoin wallet
■ Locate Your Bitcoin Address
■ Buy/sell Bitcoins
Bitcoin Wallets
➢ Bitcoin wallet is a program allows you to receive bitcoins, store them and
send to others
➢ In other words it's a collection of bitcoin private keys
■ Web or hosted wallets
■ Software wallets
■ Hardware wallets
■ Paper wallets
Bitcoin Wallets (Web or hosted wallets)

➢ Web or hosted wallet is that you can access them from anywhere
➢ You can send and receive bitcoins via email and buy and sell bitcoins directly
with link your bank account from coinbase
➢ Coinbase is one of the world's largest bitcoin exchanges
➢ Coinbase charges a low 1% fee and you receive your bitcoins as soon as the
transfer from your bank account clears
Sending coins with Coinbase
Bitcoin Wallets (Software wallets)
➢ Software wallet (Eg. Electrum) - downloaded as applications to a mobile
phone, PC or tablet.
➢ Electrum is a software wallet that enables you to set up a strong level of
security very quickly.
➢ During the simple installation process, you are given a twelve word phrase
that will allow you to recover all of your bitcoins in the event that your
computer fails.
➢ Your wallet is also encrypted by default which helps protect your coins against
hackers.
➢ Electrum is available for Windows, OSX and Linux
Sending coins with Electrum for Windows
Bitcoin Wallets (Hardware wallets)
➢ Hardware wallet - physical devices designed to secure bitcoins
➢ Hardware wallets are currently very limited in number
Bitcoin Wallets (Paper wallets)
➢ Paper wallets - private keys printed from an offline computer that has never
been connected to the internet
Bitcoin Wallets (Paper wallets)
➢ Bitcoin ATMs will generate a bitcoin address for you and create an image
containing two QR codes: one is the public address that you can use to
receive bitcoins; the other is the private key, which you can use to spend
bitcoins stored at that address
➢ Benefit of a paper wallet is that the private keys are not stored digitally
anywhere, and are therefore not subject to standard cyber-attacks or
hardware failures
➢ Store the paper wallet in a sealed plastic bag to protect against water or damp
➢ Furthermore, if you lose a paper wallet, you’ll never be able to access the
bitcoins sent to its address
How to buy bitcoins with Bitcoin ATM
➢ Satoshi 1 is a one-way ATM model from Genesis Coin Inc.
➢ you can only buy bitcoins from this machine for cash
➢ Satoshi 2 is a very similar looking unit, but it has dispenser slot and allows
both buy and sell bitcoin transactions
What Can You Buy with Bitcoin?
➢ Microsoft added bitcoin as a payment option for a variety of digital content
across its online platforms in December 2014. Currently US-based customers
can now use bitcoin to add money to their accounts, which can then be used
to purchase content like apps, games and videos for Windows Phone and
Xbox platforms
➢ Dell announced that it is accepting bitcoin through a partnership with
Coinbase. As an introductory offer, people buying with bitcoin will get a price
reduction of 10% on high-end Alienware PCs.
What is Bitcoin?
https://www.youtube.com/watch?v=Gc2en3nHxA4
Thank You!
Saravanan

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