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In this Edureka live session, you will understand fundamental concepts of Bitcoin and Blockchain with a demo on Bitcoin transaction. This session helps you to learn following topics:
01:00 Agenda
01:35 What is Bitcoin?
03:56 Bitcoin Transaction
06:40 What is Blockchain?
07:35 Features of Blockchain
13:33 Demo: Bitcoin Transaction
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About Course
About the Blockchain training course
Edurekaโs best Blockchain Training provides you with an in-depth knowledge of the technology underlying various platforms such as Bitcoin, Ethereum, Hyperledger and MultiChain. As a beginner, you will be learning the importance of consensus in transactions, how transactions are stored on Blockchain, history of Bitcoin and how to use Bitcoin. In this Blockchain training you will be then taught about the Ethereum platform and how to develop custom smart contracts using Solidity and Remix IDE and deploy them on the test Blockchain network using Truffle, TestRPC and Web3.js. You will learn how to setup a private Blockchain using Multichain platform and cover the practical use cases of Blockchain in various industries.
What are the pre-requisites for this Blockchain Course?
Development experience with an Object-oriented language is required. Also, basic knowledge of networking and Linux would be advantageous. Experience with JavaScript, git will be beneficial. However, you will be provided with fundamentals of the following self-paced Blockchain developer certification courses as complimentary:
Linux Fundamentals
Node.js Fundamentals
JavaScript Training
Hello everyone this is Neil from edura and welcome to this session on understanding Bitcoin and blockchain now unless you’ve been living under a rock I’m quite sure you must have heard about the ongoing bus about Bitcoins and blockchain even people who haven’t heard about cryptocurrency before today are
Quite interested to know about Bitcoins well this concept is definitely genuine because the value of Bitcoin has had an astonishing growth of over 700% in just the last year now moving on with respect to today’s session we’ll Begin by first understanding what is bitcoin as well as how does a Bitcoin transaction take
Place then we’ll talk about the core technology that helps us perform Bitcoin transaction which is the blockchain technology once you’ve understood this we’ll talk about the various features of blockchain which makes it a revolutionary techn techology which can be used across different domains apart from the banking or transaction domain
Finally at the last part of the session we’ll also be looking at a Bitcoin transaction demo wherein I’ll help you understand how you can buy Bitcoins through the Zay application as well as perform your first transaction now this is a fundamental session so it would be
For a short duration so I hope you guys are quite excited with respect to today’s session moving on to the first topic of today’s session that is what is Bitcoin now Bitcoin was the first cryptocurrency introduced by Satoshi Nakamoto in 2009 now the idea originally came from a white paper published by Satoshi
Nakamoto with the name Bitcoin a peer-to-peer electronic cash system now this is the paper as such this talks about how a cryptocurrency can be used and how it can revolutionalize the present system now this came at a time when the current Financial system that was back in 2008 was facing the fin
Financial crisis so this became a key idea as to avoid how this financial crisis can be avoided in future and can change the current existing system as a whole now apart from using apart from being the first cryptocurrency it is also a digital currency that is it exists electronically as such now there
May be concerns if our money exist on the digital platform So to avoid any misuse we use various cryptographic as well as mathematical algorithms which ensure that the creation as well as management of Bitcoins are completely secure as well as non- manipulate Now using these techniques we
Can ensure that no person can create fake Bitcoins now we’ve all seen the issue of fake currency notes in our system so these techniques ensure that no fake fake Bitcoins are introduced as part of the system now one thing that you need to be aware of is that while
Introducing the Bitcoin system it was said that the Bitcoin limit that is there can only be 21 million Bitcoins globally now don’t worry because there can be only 20 million Bitcoins because you can own the smallest Bitcoin which is 100 millionth of a Bitcoin known as a
Satoshi and still be part of the Bitcoin system now you may be wondering it’s a digital currency where is it going to be stored similar to how you store your money in your PTM or your PayPal wallet this can also be stored in a Bitcoin wallet now this wallet can either be
Present on your phone it could be present on your system it could be present online or even on a hardware device as such for your convenience accordingly now the system or The Ledger wherein all the transactions that are added with respect to the Bitcoin is known as the blockchain system this is
An electronically distributed Ledger system that is distributed across the globe now before we go into the blockchain system and talk more about it let’s first try to understand how a Bitcoin transaction takes place to give you a better understanding of how a Bitcoin transaction takes place let’s
Take an example here here we have seven people Thomas Lily James Matthew Mary Adam and John they’re all part of a peer-to pure Network where each of them are connected to each other now here Thomas wants to send 500 Bitcoins to Matthew so what he needs to do is that
It needs this transaction that is needs to be initiated so he would send a signal that I want to send Matthew 500 Bitcoins so what happens is special nodes or miners as such these are people who verify all these transactions they get the signal that Thomas wants to send
500 Bitcoins to Matthew so they immediately begin validating this transaction they begin to check if Thomas has sufficient balance and is it Matthew that he wants to send this they want to check if this is not a false transaction as such now if this transaction is a valid transaction it
Needs to be stored somewhere and that place is known as a block a block basically is collection of different transactions that are verified as such now at the same time you have a competition between John and Adam as to who will create the first block with Thomas’s transaction once either of them
Have verified this transaction they’re going to suggest to everyone else as part of the network that this is a valid transaction and the amount can get deducted from Thomas’s account and can be sent to Matthew’s account now you may be wondering why would John actually spend time as well as Adam waste their
Resource in verifying these transactions that’s where the blockchain system or the Bitcoin system surprises you for a block that is going to be created by either John or Adam or any minor the system in itself gives them a reward of 12.5 Bitcoins now this is an incentive
Which the system gives the minor for creating the new block quite surprising right definitely now what you need to understand is that for all the effort that these people put this is basically how the system pays back but you also need to to be aware that this is exactly
How a new Bitcoin gets created so in case if you’re wondering how Bitcoins are getting created this is the only way unless and until a minor completes a block the new Bitcoins would not get created as of now of the 21 million Bitcoins we’ve created close to 16 16.5 million Bitcoins as a
Whole now I hope with this explanation you’ve got a simple understanding of how a Bitcoin transaction actually takes place now before we move to blockchain system I’m quite sure you al already have an understanding of what the blockchain system is because in the blockchain in the Bitcoin transaction example that we
Had taken we had talked about a peer-to-peer Network where this transaction was taking place that’s exactly what blockchain is it’s a technology which revolutionalized the Bitcoin system it became a platform where people could trade as well as buy and sell Bitcoins as per their requirements now as we had mentioned
Earlier a Blog basically contains all the transactions that have been verified and validated in that time span now once you’ve completed this block you begin the process on the next block and you keep going on so forth all these blocks are connected to each other and so farth comes the name
Blockchain now the blockchain technology is not something that is restricted only to transaction management or the banking domain as such now how you’re storing transaction details you can use it to store any other kind of details as for your requirement and this is one of the
Key factors which has led to the growth of blockchain Technology being used across different domains I hope youve understood how effective blockchain technology is moving forward let’s talk about the various features of blockchain why does it stand out with respect to all the other Technologies in the market
Now if any technology is coming into the picture the first thing that we are concerned about is the security blockchain technology uses an s 256 encryption algorithm now here what happens is you’re using a hash algorithm so what you need to understand is that once you’ve given an input you generate
A hash output but from the output you cannot regenerate the input that is it’s a unidirectional process so even if you have the output you cannot determine what the input is and this encryption algorithm is so complex that even if you make a slight change with respect to the
Input the output completely change so let’s take an example let’s say I’m going to encrypt I love blockchain through the hash algorithm it’s going to give me a corresponding hash value same input I’m just going to add an exclamation mark and pass it through the encryption algorithm but the output that
Gets generated is totally different if I look at both the outputs I would not be able to identify that it’s the same input just with an addition of an exclamation mark so I hope this gives you a simple understanding of how the hashing hashing algorithm works then comes the distributed public Ledger now
As I had mentioned earlier all the transactions that you would be performing using Bitcoins is going to be stored on the blockchain system so there in you have a ledger but this Ledger is not a centralized Ledger like how you have in Banks this Ledger is completely distributed and anyone who becomes part
Of this blockchain network can get access to the bit Bitcoin transaction details as well as The blockchain Ledger as whole so everyone who becomes a part of it gets their own unique copy of their block blockchain Ledger but you don’t need to be consider you you don’t
Need to be concerned because this Ledger is available to anyone the details with respect to the transaction that are present in this Ledger are completely secure they are encrypted as well as they are passed through the hash encryption now one thing you need to notice is that the user details are not
Specified as part of this only the transaction ID is present in the leder so this in turn also provides the anonymity to the user as well as you’re not completely aware who holds how much Bitcoin and this makes the system completely decentralized as well as open although it gives you a complete open
Idea of how much is being used in the system it is really helpful to come across with respect to the other domains that are present now we also talked about the third point where in the Bitcoin the blockchain system that is it rewards you for the inent rewards you
For creating the new block that is the incentives that you get now 12.5 Bitcoins is the present create as such this would keep varying as such now don’t think just because you can create a block you get this reward because it’s not as simple as you think there are two
Parts to this you need to verify the valid you need to verify all the transactions that are present as well as you need to identify a mathematical value now I’m not going to talk about the mathematical value here we’ll be talking about that ahead okay so what
You need to do is that you need to create a block in a fixed time frame because the present time frame is 10 minutes for creating a block so unless and until you can you cannot create the Block in that time you cannot get the reward at the same time you’re Computing
With all the miners who are present across the globe so it basically is a Race Against Time the final key point which makes the blockchain feature quite popular is the proof of work remember the mathematical solution I was talking to you about this basically is what a minor needs to compute apart from
Verifying and validating all the transactions that he has he needs to identify this mathod mathematical solution you may be thinking okay it’s a mathematical solution I can run it on my computer and find out it’s not that easy there’s always a fixed value that is set
For every block that is going to be created let’s say you’re going to create the next block which is 500th block as part of the blockchain system so there’s going to be a specific value that you need to identify with respect to the specific block but what you need to do
Is that you need to guess this mathematical value it’s just a hit and run method given the present scenario you need to at least try somewhere between 20 quadrillion to 30 quadrillion values that’s a huge number at the same time you need to remember that it’s a Race
Against Time so you need to verify all the transactions you need to compute this mathematical solution and all this should happen in 10 minutes time frame and this is exactly why the incentives are also given out to the miners because they do all this work within this fixed time
Frame and once you’ve come computed this mathematical solution then no one can tell that this reward that is given to you is unjust because you’ve put in your resource you have put in your time to compute the Block You’ve put in time to verify all the transactions and the
System is rewarding for all your work so this proof of work in itself is a very valid signal sending across to everyone that I have done this work I have validated all the transactions that were given to me as well as I have created the next block moving forward we’ll talk
About how a Bitcoin coin transaction can take place and how you can purchase a Bitcoin now so this is the application that we will be using so this is the application known as Z pay that we will be using for buying Bitcoins as well as selling Bitcoins and trading as such now I’ll
Just give you a simple overview as to how you can perform transactions using the Zay application now once you’ve installed the application from the Google Play Store you just need to click on the option and verify yourself there are three things that you need to provide to them first is the details
With respect to your pan card you need to provide them a copy of your pan card as well as fill in this form then you need to provide them details with respect to your bank so in case if you’re selling any Bitcoins the money needs to be transferred to your bank
Account so that details needs to be provided here apart from that you need to provide them with your address details once you’ve done with this they would go ahead with their verification process and this would take somewhere between a day to 3 days as such finally once you’ve got a confirmation from the
Z PTM then you can begin to purchase Bitcoin and sell them as well now here as you can see I have already some money as well as some Bitcoins in my wallet so first thing what you need to do is that you need to load some money into your
Zepay wallet so for that just click on deposit option okay here you need to specify the amount and then you can transfer the amount either using rtgs nft imps or through net banking now I would recommend that you go through net banking because this is faster in comparison to the other
Means now as you can see here I’ve already loaded some money into my account okay I already have close to 0.026 Bitcoins and I’ll show you how you can purchase Bitcoins as well now if you click on the buy option here you can see the present rate offered by zipay for
Buying Bitcoins and this is constantly changing rate so let’s say I’m going to use to all my amount that’s 2513 rupees okay so below that you can see how many Bitcoins I’m going to get now the minimum amount that you need to spend while buying Bitcoins through z pay is
1,000 rupees and the maximum at present is 7.5 lakhs beyond that you can contact the zip pay team and they’ll be able to assist you now once you specified the amount click on buy and the transaction is about to get initiated before that you need to set your security pin so let
Me confirm this and the purchase has begun now this transaction is almost immediately because Z in itself holds certain amount of Bitcoins and they release it to you immediately and as you can see I’ve also got a message notification telling me that Bitcoins have been added to my
Account so here you can see the present amount I have close to 0.1 Bitcoin present in my account which is also equivalent to 3,394 rupees as such at any given point if you feel that you want to sell your Bitcoins as such just click on the sell
Option and you can sell any amount of Bitcoins you want let’s say you want to sell all of it just click on sell all and all the Bitcoins are going to get sold now let me show you how you can perform a transaction using Bitcoin so this is a
Example of a Bitcoin wallet here my Bitcoin is present in my Bitcoin Zay wallet as such so from this wallet I’m going to send it to a different wallet as such okay so click on the send option here and it’s going to ask you whether you have the Bitcoin address or do you
Want to scan it now if you click on the b i b icon present in the bottom then you have option to either manually enter their address or you can scan a QR code now most Bitcoin wallets today come with a QR code so you can directly scan it in
My case I already have my address so I’m going to paste it here so I’ll just set it a name as Bitcoin demo and I’ll save it so here you can see it it is asking me how much do I want to send so let’s say
I want to send it all so I click on send all it shows me how many Bitcoins are going to be sent but if you see just below that there’s an option known as Bitcoin Network fees so if you click on that you can see the fees with
Respect to the amount that you’re sending now although the Bitcoin and blockchain Technologies were initially introduced with the idea of no transaction fee Fe but certain wallets do add a specific transaction fees to increase the priority of your transaction now here once I click on send the transaction is going to get
Initiated so I’ve also got a mail notification that zepe has sent my Bitcoins to my Bitcoin wallet now let me show you what my Bitcoin now uh while I’m waiting for this let me just also show you another feature of the blockchain wallet let’s say you’ve sent a transaction or you’ve received an
Amount from someone and you want to verify or you want to check the status of it okay so seems like I’ve already received my Bitcoins okay so let’s say for any transactions if you want to check the status okay so once you click on the transaction you get the details
So here you can see the transaction has been confirmed this was a transaction that I had performed earlier today okay so to see more status with respect to your transaction just click on this option and you’re redirected to blockchain.info here you can see the details of the transaction that I have
Mentioned this is the address that that is my blockchain wallet address and this is sent to my Bitcoin wallet address okay so this is a different account that I’m sending it to so you can see the details with respect to this and this can be viewed for any transactions this
Is open to anyone who’s part of the blockchain so any transaction that you want to verify or validate can be seen on the blockchain.info website as such okay so here you can see apart from getting transformation uh confirmation It also says spending three confirmations this basically is to
Ensure that this trans transaction as such is not a false transaction so there’s a certain delay with respect to this although the amount is credited into my account I cannot use it right now now okay so with that we come to an end of today’s demo session I hope you at
Least have understood how you can purchase Bitcoins and how you can perform a transaction now zipe is not the only means for you to buy Bitcoins there are multiple ways so I would recommend that you explore them all out so with this we come to a conclusion of
Today’s session hope you had a great learning experience thank you
