Understanding Bitcoin: A Deep Dive into the Cryptocurrency World
Delve into the world of Bitcoin, a type of cryptocurrency launched in 2009 and shrouded in mystery surrounding its creator, Satoshi Nakamoto. Learn how Bitcoin works through blockchain technology, how it is mined, and why it holds value. Explore the attributes that make Bitcoin a valuable currency and the complexities of obtaining and using it in the digital world.
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Presentation Transcript
Presented by Rahaf Baqarish
IS A TYPE OF CRYPTOCURRENCY (VIRTUAL/DIGITAL currency) WHAT IS BITCOIN ? LAUNCHED IN 2009 (largest Cryptocurrency by market capatalization) The physical Bitcoins are novelty: worthless without the private codes printed inside You can use it to buy products and services (not all shops accept it)
No one knows who invented Bitcoin But SATOSHI NAKAMOTO IS THE NAME GIVIN TO THE GROUP OF PEOPLE WHO RELEASED THE ORIGINAL BITCOIN WHITE PAPER IN 2008 Since then many people has claimed to be him But till tis day his identity remains obscured WHO IS SATOSHI NAKAMOTO?
How does Bitcoin work? Stored in a digital wallet app on smartphones or computer You can send Bitcoins or part of one to your digital wallet and you can send it to others Blockchain: is a public list where all transactions are listed That makes it possible to trace the history of all done transactions
HOW DO PEOPLE get Bitcoins?
In order for the system to work/ your computer should process transactions for everybody The computers are made to work out difficult sums How are Bitcoins created? Mining, it's when you setup powerful computers just to try and get bitcoins Sums are becoming more and more difficult to stop too many bitcoins being granted If you start mining NOW it could be years before you get a single Bitcoin You could end up spending more money that the Bitcoin would be worth
Simply because people believe that they are Why are BITCOINS valuable? People are willing to exchange them for real goods, services and even Cash There are things other than money which we consider valuable like gold and diamond Successful currencies have six key attributes scarcity, divisibility, utility, transportability, durability, and counterfeitability. The cryptocurrency bitcoin has value because it holds up very well when it comes to these six characteristics, although its biggest issue is its status as a store of value.
A bitcoin was worth 8,790.51 U.S. dollars as of March 4, 2020. All the bitcoins in the world were worth roughly $160.4 billion. How much BITCOINS are worth? Bitcoin accounted for just 0.4% of the world's money. Bitcoin was worth only about 1.6% as much as the world's gold supply. All cryptocurrencies combined accounted for less than 0.7% of the world's money.
Why do Why do people people want want Bitcoins? Bitcoins? (1) (1) By the fact that Bitcoins are not controlled by the government or banks You can spend your Bitcoins fairly anonymously Even though all transactions are recorded / nobody would know which account number is yours
Why do people want Bitcoins? (2) The world richest man Elen Musk said : he was a big fan of Bitcoin His support to online currencies caused major uprise in their values due to his wealth and influence this endorsement led to the value of Bitcoin to rise significantly
Thank you
