Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

1. BITCOINS

2. WHAT IS BITCOINS ?
Bitcoin is a consensus network that enables a new
payment system and a completely digital money.
It is the first decentralized peer-to-peer payment
network that is powered by its users with no central
authority or middlemen.
From a user perspective, Bitcoin is pretty much like
cash for the Internet. Bitcoin can also be seen as the
most prominent triple entry bookkeeping system in
existence.

3. BITCOIN HISTORY
The first Bitcoin specification and proof of
concept was published in 2009 by Satoshi
Nakamoto.
Bitcoin is the first implementation of a concept
called "crypto-currency", which was first
described in 1998 by Wei Dai

4. HOW BITCOIN WORKS ?
As a new user , we have to install digital wallet in the
mobile or computer.
You can open three type of wallet : software wallet
, mobile wallet or web wallet .
Each address has its own Bit coins balance, so all you
need to do is acquire a number of Bit coins that will be
held at one of the addresses in your wallet.
You can purchase bit coins in number of way : like
buying from bitcoin currency exchange etc .

5. HOW BITCOINS WORK ?
Then make sure you create a new address for
each transaction as a means of ensuring privacy
and enhancing security.
Once you have created a Bitcoin address and
have acquired Bitcoins, you can use them for an
online transaction with a company that accepts
Bitcoins as a payment mode.

6. ADVANTAGES OF BITCOINS
Low Collapse Risk
Low Inflation Risk
Easy and Fast Payment
Secure (Cryptography)
Low or no Transaction fee
Easy to Carry
Untraceable

7. DISADVANTAGE OF BITCOINS
Payment are Irreversible
Not widely Accepted
Untraceable
Simple to use
Experimental currency
Cannot buy everything
Volatile
Losing your wallet

8. WHERE TO BUY BITCOINS ?
BITCOIN currency Exchange (MT.
Gox,Bitcon – 24 , Camp BX)
BUY it from some at Localbitcoin.com or
bitcointalk.org

9. BITCOINS RATES
1BTC = 1127 USD
1BTC = 821.9 EURO
1BTC = 1233 AUS DOLLAR
1BTC = 7322 SEK
1BTC = Rs 72297
(Note these rates keeps on fluctuating )

10. MY OBSERVATIONS
As per my observation I don’t recommend
people to put a huge amount of money in it but I
will suggest them to just get familiar with this new
system .
The another thing concerns me is the santoshi
anonymity .So I don’t completely trust the system
as well .
In bitcoins , you are of your own . So , I suggest
people to do considerable amount of study and
expect advice’s and then only invest any amount on
it.