BITCOINS

Boon or Bane??? Mohammadali Surti14017GHPIBM

CIM

What is Bitcoin?

What is BitcoinBitcoin is an digital currency introduced in 2008 by pseudonymous developer "Satoshi Nakamoto". That can be exchanged for goods and services

Digital: Bitcoins cannot be printed or physically made. They must be generated through computerized methods.

Decentralized: Bitcoins are not regulated by any government or banking institution.

Revolutionary: Transactions allow for anonymity and are almost instantaneous.

Global: Bitcoins are borderless currency and can be used anywhere.

Bitcoin WalletBitcoins are stored in your digital wallet. when you transfer Bitcoins an electronic signature is added. After a few minutes the transaction is verified stored in the network

What are its characteristics?

• It's decentralized

• It's easy to set up

• It's anonymous

• It's completely transparent

• Transaction fees are miniscule

• It’s non-repudiable

How to get Bitcoins

Bitcoin can get from digital world only, and it’s have 3 ways for get it

You can create Bitcoins through Bitcoins Mining, a process that involves running software on a computer to solve complex mathematical equations to generate a portion of the currency. if one of the equations is solved, then the payout is a Bitcoin.

You can get Bitcoins from selling something in online markets.

You can buy Bitcoins outright at various Bitcoin exchange markets.

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Advantages

• The absence of transaction fees to credit card companies

• Anonymity guarantees that no one knows what users are buying

• Bitcoins are not subject to governmental manipulation( immune to inflation and deflation as no one has control over the supply).

• Users don't need to rely on or trust anyone to store or transfer their assets

Dis-Advantages

• Sociological threat which Bitcoin poses is the risk of an increased crime rate and spread of illegal activity.

• Bitcoin could readily serve as an easily accessible global network for drug dealing, gambling, bribery, insider trading, and money laundering.

• The second threat which Bitcoin poses is a drastic decrease in social development investment as they are immune to taxes and nearly all social services and benefits provided for by governments could potentially be eradicated as the government will run out of cash.

Continued….

• The third threat which Bitcoin poses is that it could directly lead to a serious destabilization of national economies.

How long does it take to mine a single BitcoinMining Bitcoins take much time because it's a complex process, and how much time it takes depends on the specifications of yours computer's processing units

Bitcoin Supply

Currently 25 bitcoins are created every 10 minutes, This rate halves every four years until all coins are created in the year 2140

Total Bitcoins in circulationNo. of Bitcoins till date’’

Bitcoin consumption power

Bit Miners are used consumption power around 150,000 US$ per day to create bitcoins.

Conclusion

Someone’s pro is someone’s con!

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