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Intro to crypto currency sept2018

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The Types of Cryptocurrency
The Types of Cryptocurrency
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Intro to crypto currency sept2018

  1. 1. Digital Money An Introduction 9/2/2018 © Whitehall World Wide, Ltd. 1
  2. 2. Why do we use Currency/Money?  Medium of Exchange: Accepted by all (in the past - - - gold, silver, salt, furs, beads, shells)  Store of Value: Allows purchasing power to be saved  Measure of Value: Express Worth of an item. 9/2/2018 © Whitehall World Wide, Ltd. 2
  3. 3. What is Digital Money? also known as Cryptocurrency  Digital Money uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular type of money / cryptocurrency.  Cryptocurrencies are limited entries in a accounting ledger that no one can add activity to unless specific conditions are fulfilled.  Blockchain is almost exclusively the technology used to keep the internet based ledger of activity stored. This allows all to track, move, store and protect the money.  Therefore a cryptocurrency is a digital or virtual currency designed to work as money. 9/2/2018 © Whitehall World Wide, Ltd. 3
  4. 4. Blockchain Simplified 9/2/2018 © Whitehall World Wide, Ltd. 4 Tom has $10 Tom pays Paul $10 Paul pays Joe $10 Each transaction is stored separately and is called a block Each block is kept in sequence to prove that Tom had money to give Paul and Paul had money to give Joe Copies exist all over the network (thousands, even hundreds of thousands). All those who keep these copies, verify each new transaction. When most agree the transaction is valid, it is assumed correct and added to the chain. This is also known as a distributed ledger http://www.ey.com/Publication/vwLUAssets/ey-overview-of-blockchain-for-energy-and-commodity-trading/$FILE/ey-overview-of-blockchain-for-energy-and-commodity-trading.pdf Principals o Shared Ledger o Consensus o Immutable o Smart Contract
  5. 5. What is Money we use today? Also known as FIAT Money  Today’s currencies that are issued by countries is termed FIAT currency  FIAT is a currency without intrinsic value that has been established as money and maintained often by government regulation. It has value only because a government maintains its value, or because parties engaging in exchange agree on its value.  FIAT money replaced Commodity & Representative money (e.g. gold standard, silver standard).  Electronic uses of FIAT money (e.g. debit and credit cards, automated bank payments, etc) are often used, as opposed to the physical paper.  Electronically accessed FIAT money is different from Digital Money which is created by an independent group, and valued by its participants (e.g. Bitcoin) 9/2/2018 © Whitehall World Wide, Ltd. 5 https://en.wikipedia.org/wiki/Fiat_money
  6. 6. Cryptocurrency vs FIAT Currency 9/2/2018 © Whitehall World Wide, Ltd. 6
  7. 7. HOW MANY ARE USING CRYPTOCURRENCY 9/2/2018 © Whitehall World Wide, Ltd. 7
  8. 8. TODAY THERE ARE OVER 2000 CYPTOCURRENCIES 9/2/2018 © Whitehall World Wide, Ltd. 8 https://www.fool.com/investing/2018/03/16/how-many-cryptocurrencies-are-there.aspx
  9. 9. Digital Money and Digital Assets The term of Cryptocurrency has numerous different types  Trade – Like the original, Bitcoin, it is used to buy/sell via the use of this currency. No underlying asset value. It value floats on supply/demand & social media drivers.  Ownership – (aka Security) Coins/Tokens representing ownership in an organization  Rewards – Coins/Tokens issued as a value add (like airline miles) – no underlying value  Asset Backed ◦ Commodity –an asset (e.g. gold, dollars, coffee, etc) ◦ Utility token – a service or product ◦ Stable Coins – An asset-backed currency that has low to near zero price volatility. 9/2/2018 © Whitehall World Wide, Ltd. 9 Note: Many Crypto currencies are of specific use and are often called Tokens to define their different purpose. Security tokens are the best example of the use of this term.
  10. 10. In Conclusion  Cryptocurrency is here to stay. It is in an evolutional process. The internet of today is nothing like its original creation, Apranet; which was a text base communication protocol between universities  Cryptocurrency is real The values do translate into real assets and a regularly exchanged and traded against major world currencies  Cryptocurrency is a major disruptor to world economy. For the first time individuals can work directly with each other (purchases, investments, trading) without the need of an third party (e.g. banks, brokers). This change in how we move value will modify how ownership, identity and buy/sell functions will operate. 9/2/2018 © Whitehall World Wide, Ltd. 10

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