Bitcoin

A presentation by Pratham Yadav

What is Bitcoin
?
Bitcoin (₿) is a decentralized
digital currency without a
central bank or single
administrator that can be sent
from user to user on the peer-
to-peer bitcoin network
without the need for
intermediaries.
 Why was Bitcoin started?
Satoshi Nakamoto wanted to create a “trust-less” cash system.
Satoshi explicitly stated that the reason for creating this digital cash
system is to remove the third party intermediaries that are
traditionally required to conduct digital monetary transfers

Following are the reasons why Satoshi wanted to create this ecosystem

➔ The existing regulating bodies have too much control over current
financial ecosystem
➔ Growing distrust on financial institutions

➔ Staggering cost charged by banks

How does Bitcoin work ?
 Uses of Bitcoin

➔ As an alternate currency
Many businesses in Europe have now started accepting bitcoin as a payment option
also a dominant e-wallet company in the US PayPal has entered the cryptocurrency
market, announcing that its customers will be able to buy and sell Bitcoin and other
virtual currencies using their PayPal accounts. Those virtual coins could then be used
to buy things from the 26 million sellers which accept PayPal

➔ Trading
A cryptocurrency exchange, or a digital currency exchange, is a business that
allows customers to trade cryptocurrencies or digital currencies for other
assets, such as conventional fiat money or other digital currencies.
➔ Investment
over the last few years, a trend of investing money in bitcoin had gained some
momentum people now similarly invest in bitcoin as gold and this is why bitcoin
is now termed as digital gold

$19,783 $34,452

17 DEC 2017
3 JAN 2021

DEC 2018
2010

Less than $0.1 $3,300

Advantages
➔ User Autonomy
Gives the users more control over their
money, they don't have to deal with banks
or government.

➔ No boundaries
Users can send any amount from
anywhere in the world at anytime.

➔ Transparency
All transactions are recorded in a blockchain
which is a public ledger

➔ Discretion
Users don't need to give their personal
information, this gives them complete
anonymity
Disadvantages
➔ Highly Volatile
Value of bitcoin is fluctuating at faster
rate than any other currency.

➔ No physical form
Since bitcoin is an electronic currency it
has no physical value to it.

➔ Still very new

Cryptocurrency is still a very new
ecosystem and various business do not
accept it as a payment option.
As an asset class, you're not producing anything
and so you shouldn't expect it to go up. It's kind
of a pure 'greater fool theory' type of investment
~ Bill Gates

“If you buy something like bitcoin or some

cryptocurrency, you don’t have anything that is
producing anything,”
~ Warren Buffet

“I’m neither here nor there on Bitcoin,” said Musk in terms of his
general thoughts on the financial technology.

Musk was then asked to share how he felt after he read Satoshi
Nakamoto’s Bitcoin white paper for the first time, to which the Tesla
CEO responded, “I thought it was pretty clever.”
 Conclusion
Finally, I would like to conclude by saying that
Bitcoin has a huge potential and a very
promising future but just like everything it
comes with its share of risks and
disadvantages although it has proved a lot of
successful entrepreneurs and business
experts wrong many respected personalities
in the finance world have criticized Bitcoin
but despite that, it continued to grow
 Source

➔ www.bitcoin.org
➔ youtube/Dhruv Rathee
➔ youtube/Evan Carmichael
➔ Investopedia.com
➔ Google Images
THANKYOU