Share Published on Jun 13, 2014 Engineering Technology Economy & Finance 2 Comments Statistics Notes Show More Views Actions 0 Embeds 0 1.Presented By: Wajid Ali Hamdani (232) Department Of Computer Science and Engineering 2.CONTENTS:  Abstract  Overview  History  Security  References 3.Abstract:  Bitcoin is a peer-to-peer payment system introduced as open- source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. The bitcoin system has no central repository and no single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a crypto currency or digital currency. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger.

Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.Overview:  The most important part of the bitcoin system is a public ledger that records financial transactions in bitcoins. Recording transactions is accomplished without the intermediation of any single, central authority. Instead, multiple intermediaries exist in the form of computer servers running bitcoin software.By connecting over the Internet, these servers form a network that anyone can join.Transactions of the form payer X wants to send Y bitcoins to payee Z, are broadcast to this network using readily available software applications.

Bitcoin servers can validate these transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other servers.History:  Bitcoin was first mentioned in a 2008 research paper published under the name Satoshi Nakamoto. Some mainstream websites began accepting bitcoins 2013.WordPress started in November 2012 followed by OKCupid in April 2013, Atomic Mall in November 2013, that same month.litecoin wallet code In October 2013, Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins.ryan johnson bitcoinDuring November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt.bitcoin mlm scamGox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume.bitcoin miner nvidia

 The first bitcoin ATM was installed in October 2013 in Vancouver, British Columbia, Canada.Security:  There are two main ways the block chain ledger can be corrupted to steal bitcoins: by fraudulently adding to or modifying it.The bitcoin system protects the blockchain against both using a combination of digital signatures and cryptographic hashes. The Addition Attack and Digital Signatures:  Payers and payees are identified in the blockchain by their public cryptographic keys: most bitcoin transfers are from one public key to a different public key.bitcoin securities law The Modification Attack And Mining:  The other principal way to steal bitcoins would be to modify blockchain ledger entries.bitcoin nz taxEve could buy something from Alice, like a sofa, by adding a signed entry to the blockchain ledger equivalent to Eve pays Alice 100 bitcoins.

Later, after receiving the sofa, Eve could modify that blockchain ledger entry to read instead: Eve pays Alice 1 bitcoin, or even delete the entry.Digital signatures cannot prevent this attack: Eve can simply sign her entry again after modifying it.References:  Ron Dorit; Adi Shamir (2012)."Quantitative Analysis of the Full Bitcoin Transaction Graph".Retrieved 18 October 2012. "Cracking the Bitcoin: Digging Into a $131M USD Virtual Currency".Archived from the original on 20 January 2013.Retrieved 30 September 2012. Jon Matonis (17 September 2013)."Bitcoin gaining market-based legitimacy as XBT".Retrieved 14 December 2013. "Bitcoin: A Peer-to-Peer Electronic Cash System".Retrieved 28 April 2014. "Regulation of Bitcoin in Selected Jurisdictions".The Law Library of Congress, Global Legal Research Center.Retrieved 9 April 2014. Bustillos, Maria (2 April 2013).Retrieved 22 December 2013."(Standards vary, but there seems to be a consensus forming around Bitcoin, capitalized, for the system, the software, and the network it runs on, and bitcoin, lowercase, for the currency itself.)" 9.

Main navigation | Main content College of Science and Engineering CSE Home CSE Directory Give to CSE Student Dashboard Software Engineering Center3D Characters for PPT 3D Transitions for PPT Backgrounds for PowerPoint Background Music for PPT Background Videos for PPT Charts for PowerPoint Diagrams for PowerPoint Photos for PowerPoint PowerPoint Templates Quiz Creator for PowerPoint Speakers for PowerPoint Templates for PowerPoint What is Bitcoin?- PowerPoint PPT Presentation About This Presentation Title:What is Bitcoin?Description: With the Bitcoin price so volatile everyone is curious.Bitcoin is extremely complicated and no one definition fully encapsulates it.By analogy it is like being able to send a gold coin via email.It is a consensus network that enables a new payment system and a completely digital money. – PowerPoint PPT presentation Number of Views: Slides: Provided by: leena1 Category:Other Tags: less Transcript and Presenter's Notes