Download - Bitcoin: Am I trustworthy?
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Bitcoin: Am I trustworthy?
Sharma Dahal, Prabhakar
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Contents
• Introduction
•Working
•Benifits
• Issues
•Conclusion
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Introduction
• Electronic form of money
• Trademark on the ecommerce
• No involvement of third party
• Easy, secure and fast method
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Working Transcation Transcation Transcation
Owners 1’s Public Key
Owners 3’s Public Key
Owners 2’s Public Key
Hash Hash Hash
Owners 0’s Signature
Owners 2’s Signature
Owners 1’s Signature
Owners 1’s Private
Owners 2’s Private Key
Owners 3’s Private Key
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Benifits
• No more credit or debit cards
• Cryptographically secured
• Clients privacy is preserved
• Mediators are no more necessary
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Issues
• Case 1:
• If server break down
• No standard authentication
• Trustworthiness of parties involved
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Issues
• Case 2:
• If wallet is lost
• No method to gain it back
• Private keys stolen
• Fake clients
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Issues
• Case 3:
• Verification of the owner
• Reuse of same old coin
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Issues
• Case 4:
• Tax and VAT collection
• Standard method to value
• Electronic to Printed cash
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Issues
• Case 5:
• Illegal trade
• Money laundering
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Conclusion
• Bitcoin can be used for trade.
• Standard law and objective should be defined
• Government should be involved.
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Questions and Discussion?
Thankyou..