Section B Group 15 Bitcoins
BITCOIN
Submitted By:
Group No. 15
Section: B
Anuj Verma
P35116
Kumar Nishant
P35144
Padmesh PP
P35162
Pradipta Mondal
P35164
Prashant K. Chelumala
P35166
1. INTRODUCTION
With the inception of Internet, e-commerce business boomed with the need of epayment system. Still, there is no widely accepted method for transfer of payments- most of the transfers of payments were happening through payment gateways of Banks. These kinds of payment system are trust-based model where transfer payments are carried by a third party
i.e. Banks. Since these financial institutions cannot avoid mediating disputes like cost, confidentiality, control, compliance etc, complete non-reversible transactions are not possible-mediating methods also associate transaction fee and limiting small transactions.
Also, payments are not anonymous. So payment provider can track all the transactions made by its user.
In November 2008, Satoshi Nakamoto of Japan introduced the idea of Bitcoin by posting a paper online titled as “Bitcoin: A Peer-to-Peer Electronic Cash System”.
The core concept of Bitcoin is decentralized electronic payment system. It is free of geographical boundaries, local currencies and central bank‟s regulations. Bitcoin is termed as a cryptocurrency (or crypto currency) which uses cryptography to secure the transactions and to control the creation of new units.[ Bitcoin was launched in 2009 by someone or some group, since then Bitcoin gaining popularity. Today major e-commerce companies started accepting payments in Bitcoins such as Amazon etc. This P2P payment mode does not need a third party to verify the payments –thus the transactions are fast and reliable.
2. OBJECTIVES
In this project we will try to analyze these objectives of Bitcoin technology around the globe
Merits of Bitcoin
Trends and Fluctuations in Bitcoin pricing from its inception till date
Drawbacks of Bitcoin: What are loopholes in the Bitcoin system (various incidents happened in past).
Submitted By:
Group No. 15
Section: B
Anuj Verma
P35116
Kumar Nishant
P35144
Padmesh PP
P35162
Pradipta Mondal
P35164
Prashant K. Chelumala
P35166
1. INTRODUCTION
With the inception of Internet, e-commerce business boomed with the need of epayment system. Still, there is no widely accepted method for transfer of payments- most of the transfers of payments were happening through payment gateways of Banks. These kinds of payment system are trust-based model where transfer payments are carried by a third party
i.e. Banks. Since these financial institutions cannot avoid mediating disputes like cost, confidentiality, control, compliance etc, complete non-reversible transactions are not possible-mediating methods also associate transaction fee and limiting small transactions.
Also, payments are not anonymous. So payment provider can track all the transactions made by its user.
In November 2008, Satoshi Nakamoto of Japan introduced the idea of Bitcoin by posting a paper online titled as “Bitcoin: A Peer-to-Peer Electronic Cash System”.
The core concept of Bitcoin is decentralized electronic payment system. It is free of geographical boundaries, local currencies and central bank‟s regulations. Bitcoin is termed as a cryptocurrency (or crypto currency) which uses cryptography to secure the transactions and to control the creation of new units.[ Bitcoin was launched in 2009 by someone or some group, since then Bitcoin gaining popularity. Today major e-commerce companies started accepting payments in Bitcoins such as Amazon etc. This P2P payment mode does not need a third party to verify the payments –thus the transactions are fast and reliable.
2. OBJECTIVES
In this project we will try to analyze these objectives of Bitcoin technology around the globe
Merits of Bitcoin
Trends and Fluctuations in Bitcoin pricing from its inception till date
Drawbacks of Bitcoin: What are loopholes in the Bitcoin system (various incidents happened in past).
References: 1. Practical Aspects of the Bitcoin System (Artus Krohn-Grimberghe, University of Paderborn, Germany Christoph Sorge, University of Paderborn, Germany) 2. Economic Aspects of Bitcoin and other Decentralized Public-Ledger Currency Platforms (David S. Evans) 3. Bitcoin in Brief: What, Why, and How By Ben Isgur 4. An Analysis of Anonymity in Bitcoin Using P2P Network Tran (Philip Koshy, Diana Koshy, and Patrick McDaniel) 5. http://en.wikipedia.org/wiki/Legality_of_Bitcoin_by_country