How to Buy Bitcoins (1)

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(No Transcript)
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What is digital currency ???

• Digital currency or digital money is an
  Internet-based medium of exchange distinct from
  physical (such as banknotes and coins) that
  exhibits properties similar to physical
  currencies, but allows
• instantaneous transactions and borderless
  transfer-of-ownership.
• Both virtual currencies and cryptocurrencies are
  types of digital currencies, but the converse is
  incorrect.

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What is cryptocurrency ???

• A cryptocurrency (or crypto currency) is a medium
  of exchange using cryptography to secure the
  transactions and to control the creation of
  additional units of the currency.
• Cryptocurrencies are a subset of alternative
  currencies, or specifically of digital
  currencies.
• There were more than 710 cryptocurrencies
  available for trade in online markets as of 11
  July 2016, but only 9 of them had market
  capitalizations over 10 million.

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List of cryptocurrencies -

• Bitcoin - BTC
• Ethereum ETH
• Ripple - XRP
• Steem - STEEM
• Litecoin - LTC
• Ethereum Classic ETC
• Dash - DASH
• NEM - XEM
• and many more

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Now, we will discuss about one of the
cryptocurrency-
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Queries about bitcoin

• How did it get started?
• How is the currency created?
• Why does it have value?
• Who controls the value?
• Who Accepts Bitcoin?
• How Would I buy some Bitcoins?
• Why would I want some Bitcoins?
• Problems with Bitcoin currency.

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How Did It Start ?

• In 2009 A technical paper was posted on the
  internet by Satoshi Nakamoto titled Bitcoin A
  Peer-to- Peer Electronic Cash System

form of

• It described a system of cryptocurrency that was
  not backed by any government or any
• existing currency.
• Interestingly, there is no such person. Its a
  pseudonym.

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Where Do Bitcoins Come From ?

• Bitcoin is based on solving an encryption formula
  which requires extreme amounts of
• computing power.
• Each time you solve a portion of the formula you
  earn a Bit Coin.
• Websites like Deepbit.net help you set up the
  mining formula.
• Companies began to sell hardware called gate
  array miners to enhance the processing speed.
• Only 21 million Bit Coins will ever exist
• Nearly all Bitcoins have been mined and are now
  in circulation.

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What is the Vision of Bitcoins ?

• Bitcoins are intended to be digital currency.
• Buyers and sellers will use them and eliminate
  all the middlemen such as credit cards, ATM
  machines, etc.

• Bitcoins will be safer than carrying a plastic
  card.
• Bitcoins will be an international currency with
  no exchange transaction

fees.
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What is the Value of a Bitcoin ?

• Bitcoins are like diamonds or gold no intrinsic
  value.
• As more people want to buy Bitcoins, sellers will
  charge more.
• Its a free market and as wild as you can
  imagine.
• No rules, regulations or oversight.
• Speculators who think Bitcoins will be
  successful, buy as many as they can and hold
  them price appreciation.
• If 21 million Bitcoins are in circulation and
  current price is 500, then total
• market value is 10 Billion.

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Who Sells Bitcoins ?

• Larger Buyers go to Exchanges
• An Exchange is a website with significant
  software and funding
• There are at least 25 Bitcoin Online trader in
  the India alone
• We can buy and sell the bitcoins using our bank
  account
• We can get the list from localbitcoins.com

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