Acknowlwdgent

I shivam singh of mba (fc) would like

to thank my subject teacher mrs smita
mam to give me opportunity to make
this project and motivating me
I would also like to thank my parent
and friends to support me while
making this project
What is Bitcoin?

Bitcoin is defined as virtual coin which stores

its money on its own without any central
authority. It is basically a form of
decentralized cryptocurrency or so-
called digital currency who has no single
administrator. Bitcoin was invented by
Satoshi Nakamoto in 2009.
Bitcoin is derived from the term Bit and coin
meaning shorter coin. The Transactions take
place after getting verified by network nodes.
The transactions are recorded in the form of
the blockchain. As there is no intermediary, so
the transactions take place directly between
clients.
Starting in 2009 with $1 price Bitcoin has
risen to 16461.17 US Dollar today in 2017.
After Bitcoin, many cryptocurrencies came
into existence but are named as Altcoin. Some
of the Altcoins are unicoin, etherenum,
Litecoin, Monero, Zcash etc.
How can I store Bitcoin?

Storing bitcoin is also one of the Major Issues.

It is stored in Bitcoin wallets. We all know
Bitcoin is not an object, It is just a form of
paper which own its unique key. The key is
specific to its location as well helps in
protecting the wallet.
There are two ways to store Bitcoin. One is on
the local computer or local storage and
secondly is Cloud storage. If a person is
willing to store the currency offline, he can
store it on local storage whereas if the person
is willing to access his money from anywhere,
he can go for cloud storage.
Storing on Local storage is just storing on a
piece of paper which has public and private
keys printed on it. These keys are used to
access the bitcoin. It is important not to forget
where you placed your keys.
How Bitcoin work?

After Installing the Bitcoin wallet, Bitcoin

address will be generated for you. This
address is later used to pay and accept
transactions. They act similar to physical
money. Anyone can purchase goods and
services online by trading from one wallet to
other. The blockchain stores all the
transactions and blockchain wallets calculate
the balance after new transactions take place.
Within 10 minutes of each transaction, mining
is done and the transactions are broadcasted.
What is ‘Bitcoin Mining’?

Bitcoin Mining is the process through which

bitcoins are released and the transactions are
verified. After verification, the transactions
are added to the blockchain. Anyone from the
remote location can access the Internet and
can participate in the Mining process.The
process involves compiling recent
transactions into the block and then solving
difficult puzzles. The person who first solves
the puzzle will be rewarded and allowed to
place next block on the chain.
As there is no central authority to issue
currency, so mining is considered a smart way
to issue currency.
The Anonymity of user:
Bitcoins don’t allow user anonymity. Details
of individuals are asked while they buy
bitcoin. Details include PAN number, email
address, government-issued ID cards etc. All
the transactions that take place are recorded
in blockchains even if the identity of buyer
and seller is not revealed.
There are some ways to buy bitcoins by going
anonymous too:
1. Local Bitcoins dealing
You can find a local person who lives near you
and is willing to sell bitcoins. Use local
bitcoins option to find someone relevant and
then use an anonymous email address for the
verification. The verification Id process is
considered optional in this case.
2. The Bitcoin ATM option :
You can use Bitcoin ATM available near you
and buy Bitcoins by just depositing cash. They
shall ask to enter bitcoin address but you can
specify that it is not available. Hence, they will
generate a new address and you are good to
go. Later, whenever you need to send the
Bitcoins to anyone, you can generate a private
key from your paper wallet.
3. Prepaid card option:
The prepaid cards one get from supermarkets
and other stores can also be used to buy
Bitcoins anonymously.
Bitcoins are not considered safe due to
anonymous transactions. The anonymity of
users is promoting drug deals and other illicit
activities.
How can I buy and sell Bitcoin?

There are many different platforms which

allow individuals to buy Bitcoins. Some of the
widely used platforms
are Coinbase.com, Bittrex.com, Localbitcoins.
com, Cex.io, Kraken.com, Bisq.io, GDAX.com,
Coinmama.com etc. To buy it you have to
Click on Navigate settings after opening any of
these platforms and then click on
Credit/Debit Card”. Enter your Information
there and confirm it. Now you can go to
“buy/sell” option and select the number of
coins you want to buy and sell.
You can also buy your Bitcoin with cash from
exchanges that deal with cash acceptance for
bitcoin or also using debit/credit card
transfers.
Will Bitcoin succeed for years?

We can’t predict future but can make a rough

Idea by looking into countries who have
accepted bitcoin transactions.
It is now accepted in United States, Canada,
Japan, Israel, Singapore, France, Netherlands,
Italy, Switzerland, UK, Cyprus, and Belguim.
India has not started accepting any digital
currency, But looking at the frequent rise and
acceptance by most developed countries, we
can say Bitcoin will go long.
India’s ruling party accused of $12B Bitcoin scam by
opposition

A lot of crypto currency news has been coming out

of India lately, and not for good.
The country’s largest political party, the Indian
National Congress (INC), accused the ruling
Bharatiya Janta Party (BJP) of orchestrating a
Bitcoin $BTC▲0.92% scam worth anything
between $726 million and $12.78 billion today,
Hindustan Times reports.
The said accusations are laid against BJP’s
division in the state of Gujarat. INC
spokesperson Shaktisinh Gohil alleged that the
state leadership of BJP was involved in converting
illicit money to the crypto currency

by so-called ‘hawala’ transactions — a method of

transferring money without any funds actually
moving.
Gohil said that a complaint with the local police
has been filed, but it’s refraining from taking action
due to political pressure. “We demand an impartial
Supreme Court-monitored judicial investigation in
this maze of ‘Mega Bitcoin Scam’ so that the truth
comes out,” he told local reporters.
INC claims that this “mega Bitcoin scam” is related
to one ‘Shailesh Bhatt,’ who has been involved
in two Bitcoin scams before. Bhatt filed a
complaint with local police in April, claiming that
local police

and goons extorted 200 BTC from him. It was later

discovered that he himself swindled the funds from
someone else.
Gujarat law enforcement authorities found the
involvement of a Gujarat BJP legislator in another
Bitcoin scam. The legislator is on the run, and INC
has now accused him of being involved in this
scam as well. The INC alleges that he has
threatened to expose all BJP leaders involved in
the scam if he is arrested.
The party further alleged that the infamous
demonetisation of Indian Rupee last year was
meant to be a facade to allow BJP to find ways
to legitimize its ill-gained money — and a lot of it
was done through cryptocurrency. It also
questioned why India’s Prime Minister Narendra
Modi (and the leader of BJP) hasn’t bothered to
investigate this scam coming from his party.
Crypto currency scams are on a rise in India. A
host of popular Bollywood stars and a
businessman were arrested in June in a $300
million Bitcoin scam. Police personnel in India
have also scams involving virtual currencies.
It is worth noting that political parties in India are
known to make tongue-in-cheek allegations

Against each other. INC’s accusations can’t be

taken seriously until valid proof comes to light.
Indeed, it would be surprising if the ruling party is
involved in a Bitcoin scam of this magnitude, when
it is so bent on killing crypt currency businesses in
the country.
BIBLIOGRPHY

Taken matter from

1. Google

2. book of strategic management by

thompson