TOPIC:- BITCOIN


TOPIC – BITCOIN

Index
•       Bitcoin name Origin
•        What is Bitcoin?
•        What is Cryptocurrency?
•        List of  Cryptocurrency
•        History of Bitcoin
•        Why was Bitcoin made?
•        Growth of Bitcoin
•       How it works?
•        Generate Bitcoin
•        Advantages
•        Disadvantages
•        Is Bitcoin legal in India?
•        GST on bitcoin in India?
•        Conclusion

Bitcoin  name Origin
A bit (short for binary digit) is the smallest unit of data in a computer. A bit has a single binary value, either (0 or 1). 0 Means false and 1 means true. So, the digital currency generate through  computer are called  Bitcoin .

What is Bitcoin?
Ø  Bitcoin currency  are  not controlled by any government or institution.
Ø   It also refers to as a virtual currency/ cryptocurrency.
Ø   Bitcoin is ‘ Digital Asset ’ or  ‘Decentralized Digital Currency ’.

What is Cryptocurrency?
A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

List of Cryptocurrency
ü  Bitcoin  (BTC)
ü  Ethereum (ETH)
ü  Ripple (XRP)
ü  Steam (STEEM)
ü  Litecoin (LTC)
ü  Nem (XEM)

History Of Bitcoin
Ø  Created in 2009 by unknown person   ‘Satoshi Nakamoto’ .
Ø   2010, First bitcoin transaction.
Ø   The Bitcoin system works without a central repository or single administrator.
Ø   There are only 21 millions bitcoins exists.

Why was bitcoin made?
The  biggest  reason  why  this  was  made, is  the  ‘ Financial crises of  2008 ’ ;
a.       Relaxation in lending regulations.
b.      Because is there’s a failure on the part of the bank or the government the entire economy fails.
c.       But if there’s decentralised system like bitcoin, then due to an individual or an organizational error the entire financial won’t crash.
d.      The founders of Bitcoin have said that the motive behind starting bitcoin is to create a decentralised system away from the banks and the government which won’t be under their control.

Growth Rate of Bitcoin
YEAR      BITCOIN               PRICE IN RUPEES
2010       1 BTC                     3.59
2011       1 BTC                     44.92
2012       1 BTC                     328.28
2013       1 BTC                     933.64
2014       1 BTC                     51,495.51
2015       1 BTC                     18,524.80
2016       1 BTC                     52,923.00
2017       1 BTC                     2,77,834.50
2018       1 BTC                     4,83,504.00 (1march, 2018)

How it works
v  Bitcoin is based  on moblie app or computer program.
v  A bitcoin wallet allows users with the app to send or receive bitcoins.
v  There is no Bitcoin Technology owner. Users around the world control the software.
v  Bitcoin networks shares a public ledger called    “ Block chain ”.
v  Mining introduces new Bitcoins to the system.

Generate Bitcoin
There are two method to generate   bitcoins :
Ø  Bitcoin mining 
Ø  Purchase

What is Bitcoin Mining
Ø  Bitcoin Mining is the process to generate new bitcoins through a large no. of computer and a special program.
Ø  Lots of computers solve mathematical puzzles of the formula to earn a “New Bitcoins”.
Ø  It require special hardware like Application Specific Integrated Circuit (ASIC)  and more advanced processing units like Graphic Processing Units (GPU).

Purchase
Ø  You can purchase Bitcoins with a credit card www.coinbase.com and www.coindesk.com are the most popular exchanges.
Ø   In India, you can purchase Bitcoins from Zebpay exchange. Zebpay has Android and iPhone app which lets you link your bank account for quick transfers.
Ø   You can buy Bitcoins by making a payment to Zebpay's bank account. You can also withdraw the money to your bank account.

Advantages of Bitcoin
v  Fast Transfers
v   No frozen accounts
v   Free to start
v   Payment freedom
v   Complete control of user (no interference of central authority)
v   Bitcoin is sent using the internet directly from person to person with no bank.

Disadvantages of Bitcoin
v  Lack of awarness & understanding.
v  If you lose your bitcoin wallet id, you lose all bitcoins.
v   Bitcoin prices are very volatile and increases/decreases at a very high pace.
v   No customer-care service.
v   Bitcoins are not widely accepted.

List of companies who accepts Bitcoins as payment in India
Zebpay and Unocoin has partnered with various companies in India :
ü   Fashiondiva
ü   Indsoft
ü   eTravel smart
ü   Expedia
ü   PayPal

Is Bitcoin legal in India?
  1. During the budget 2018, our finance minister, ‘ Mr. Arun Jaitley ’ has said that  bitcoin  won’t  be a legal tender, that means  you can’t be using it to pay at any shop or any restaurant.
  2.  Trading  bitcoin is  100%  legal in our country, it’s legal to even exchange it. It’s just that it can’t be used  as  the  payment system.
GST on Bitcoin in India?
Yes RBI decided, The days when cryptocurrencies like bitcoins and exchange platforms like Zebpay and Unocoin  would be on GST’s radar.

Conclusion
Bitcoin can be helpful to a lot of peoples. It is less time consuming. It also helps in record of all the transactions done. You should have to invest in bitcoins because there should be a belief to invest in bitcoins that it can make an alternative  financial system  &  an alternative  world wide currency but invest only what you can afford to lose. So people also think that bitcoin will be the future of the currencies and it can either replace the existing currency or exist alongside with them. My believe is that whether bitcoins stays or not in the future but out of these one cryptocurrency will definitely be there, Block chain is going to stay.


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