Marketing Company for Startup - MakeUBIG

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Things you should know about Bitcoin
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Introduction About Bitcoin -

• Bitcoin is a worldwide cryptocurrency and Digital
  Payment System introduced on 3rd Jan 2009
  invented by an unknown programmer but it was
  proposed by Satoshi Nakamota.
• Bitcoin is the first Decentralised
  DigitalCurrency, since it is not regulated by any
  Bank or Government. It works without a central
  repository.

On 1 August 2017 bitcoin split into two
derivative digital currencies, the classic
bitcoin(BTC) and Bitcoin Cash(BCH).
Classic Bitcoin Bitcoin Cash

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Unregulated
Characteristics of Bitcoin -
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-gt Used to buy things Electronically - Many
Merchants and vendors accept Bitcoin as a mode
of payment. Hence, Bitcoin is widely used as a
mode of payment. It is like conventional Dollars,
Euro traded Digitally. -gt Decentralised - The
Bitcoin network does not have any centralised
authority to govern and regulate. -gt Not
controlled by single Network - Bitcoin is not
controlled by single network. It is distributed
among several networks. Computing power of
bitcoin is distributed among different
networks. -gt Bitcoin Protocol - There are 21
million bitcoins created by miners that can be
mined in total. So, Controlled supply principle
is followed. -gt Can be Divided into parts
- Bitcoin can be divided into smaller parts. The
smallest amount i.e one hundred millionth is
known as Satoshi. -gt Non-repudiable - A Bitcoin
transaction can't be revoked. Bitcoin transmitted
can't be returned back, unless recipient returns
back to you.
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Who can you send Bitcoins to? 1. To anyone who
has a bitcoin address. 2. One person could have
multiple addresses. 3. Receivers can get to spent
them within minute. 4. Once given away, there is
no way getting back unless receiver's
consent. Where do you get Bitcoins? 1. Bitcoins
are available in bitcoin exchanges. 2. You can
become a bitcoin miner by investing in software
and hardware. 3. Unocoin is a Bengaluru-based
company that allows users to buy, sell, store or
use bitcoins. 4. There are more than 500
merchants who accept bitcoins for payment in
India.
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Value of Bitcoin - 1. One bitcoin is worth
roughly about 3,896(2,49,727 INR) at present. 2.
Bitcoin is a deflationary currency and if demand
rises value of Bitcoin will rise. Bitcoin
Investment in India - 1. Bitcoin have been
banned in several countries because it becomes an
easy channel for money laundering and financial
terrorism. 2. Government of India has set up a
committee on April 12, 2017 to look into ways of
regulating the fast-growing segment to suggest
measures for dealing with virtual currencies
including issues relating to consumer protection
and money laundering. 3. Since December 2013, the
RBI has also cautioned users, holders and traders
of virtual currencies about the potential
financial, operational, legal and security
related risks that they are exposing themselves
to.
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