Bitcoin: Creation, Circulation, Usage, Problems & Advantages - Currency of Internet скачать в хорошем качестве

Bitcoin: Creation, Circulation, Usage, Problems & Advantages - Currency of Internet

Expect atleast one question in your exam from this lecture! Dr. Manishika Jain explains tCreation, Circulation, Usage, Problems & Advantages of Bitcoins - Cryptocurrency "If you can't explain it simply, you don't understand it well enough." - Albert Einstein Why Use Bitcoin? Peer to peer Account cant be closed On digital wallet Simple as email Secured by Miners (rewarded for maintaining ledger) Changing finance Minimize transaction fee Cannot be frozen & blocked Cryptocurrency - Anonymous Crypto = Hidden Key Signature Bitcoin/Altcoins – 1st decentralized cryptocurrency in 2009 Why Use Bitcoin? @4:014 Cryptocurrency – Anonymous @6:49 Double Spending Problem @8:15 Open Ledger @10:27 Distributed Open Ledger @11:47 Miners @12:53 Block Chain @17:37 Block Chain – Public Distributed Ledger @21:30 Bitcoin Circulation @22:48 History of Cryptocurrency @23:04 Algorithms @24:11 SHA-2 @24:14 Scrypt @24:33 Bitcoin (BTC, XBT) @24:48 Satoshi @25:58 Why Bitcoin Fluctuates @27:33 Who Accepts? @29:37 Global Scenario @30:04 Bitcoin in India @31:18 Bitcoin Thefts @32:52 Mt. Gox @33:09 Bitfinex @ 33:49 #Bitcoin #Ledger #Centralized #Anonymous #Decentralized #Transaction #Frozen #Rewarded #Einstein #Manishika #Examrace Double Spending Problem Open Ledger Chain of transactions Open & public Decide valid/not valid Centralized place Block Chain New group of accepted transactions 6 times every hour – blocks made Nonce: Arbitrary number may only be used once Block Chain – Public Distributed Ledger Its not bitcoin but backend of bitcoin Ledger is open and public Ledger exists in many nodes - decentralized Removes dependency on 3rd party No trusted entity Faster/Immediately Cheaper For new block – 12.5 BTC Every hour 12.5×6=75 BTC After 2.1 lakh block (4 years), amount of BTC is halved – ultimately zero BTC – only transaction fee Bitcoin Circulation 21 million bitcoins in 100 years About over 13 million bitcoins in circulation by 2014 8 million bitcoins will be mined in next 95 years History of Cryptocurrency 1998: We-Dai – b-money – distributed electronic cash system BitGold by Nick Szabo 2009: Bitcoin - used SHA-256, a cryptographic hash function, as its proof-of-work scheme 2011: Namecoin 2011: Litecoin - used scrypt as its hash function Peercoin: proof-of-work/proof-of-stake hybrid 2014: Treasury Algorithms SHA-2 (Secure Hash Algorithm 2) by NSA - cryptographic hash functions Scrypt: Password-based key derivation function – make it difficult to do hardware attacks Bitcoin (BTC, XBT or ) Key and Signature Signatures are unique By Satoshi Nakamoto 31 May 2017: 1 bitcoin = $2257.96 or Rs. 143126.45 Mathematically limited to 21 million bitcoins Satoshi Satoshi / Austrian – one hundred million of BTC (smallest unit) Japanese character シ ("shi") - proposed Katakana symbol サ ("sa") - proposed Circled shi (㋛) Hiragana shi (し) Why Bitcoin Fluctuates? Rate in 2010 ($0.08) USA (buy – uptick) Zambia (sell – downtick) 30 minutes later Decrease in Bitcoin rate by: Merchants accepting Bitcoin Miners “cashing out” to pay bills with fiat Redemption of transmission bitcoin Conversion of bitcoin salaries to fiat (increase in unused bitcoin) Who Accepts? More than 1 lakh retailers Wallet applications Apple Dell Newegg e-Bay Dish Network Global Scenario Japan – Bitcoin made legal (law passed) Australia – removed double tax on bitcoin users Bangladesh – Illegal – 12 years in jail Kyrgyzstan – Illegal (no prohibition from buying and selling) Ecuador – banned (creating its own virtual currency) Bolivia – Banned Vietnam – prohibits credit institutions from dealing in cryptocurrency Bitcoin in India BTCXIndia: 1st bitcoin exchange in India with KYC and AML guidelines Unocoin Zebpay – 5 lakh app downloads & 2,500 users per day are added Fiat is needed to purchase Bitcoin to enter market in India – entry by donations, services or mining Still researching on bitcoin to make it legal Market acceptance, customer trust, investment security, money laundering, hawala Bitcoin Thefts Mt. Gox –mtgox.com, short for "Magic: The Gathering Online eXchange’ in 2006. World’s leading bitcoin exchange in 2013-14 - 850,000 bitcoins were stolen which amounted to $450 million & finally bankruptcy declared Bitfinex - $72 million stolen in Hong Kong based exchange - customers would forfeit 36% of their holdings and be given "BFX tokens" instead that could be redeemed by the exchange or converted to shares in its parent company iFinex. Join our fully evaluated UPSC Geography optional test series at - https://www.doorsteptutor.com/Exams/I..., Post evaluation get personalized feedback & improvement call for each test. Ready-made fully solved questions for GS at https://www.doorsteptutor.com/Exams/I... Don't miss preparing for IAS CSAT Paper II - http://www.examrace.com/IAS/IAS-Flexi... #examrace #upsc #ugcnet