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What's cryptocurrency ?
What's cryptocurrency ?
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  1. 1. crypto currency
  2. 2. Contents Introduction History Mining Future Conclusion
  3. 3.  Introduction A crypto currency is a medium of exchanging money like normal currency such as USD but designed for the purpose of exchanging digital information through process made possible by certain principle cryptography Fully decentralized
  4. 4.  History Digicash in 1983 David chaum invented binding formula which is extension of RSA algorithm still used in web security In 1998 wei dei published a description of “b- money” an anonymous distributed electronic cash system Nick szabo created “bit gold” was an electric currency system which is request user to complete a proof of work function with a solution being cryptographically put together.
  5. 5.  Decentralized The first decentralized crypto currency bit coin was created in 2009 by pseudonym developer Satoshi Nakamoto in April 2011 Namecoin the first Altcoin was created to from a decentralized DNS to make internet censorship more difficult in October 2011, Lit coin was released and became the first successful crypto currency to use script as its hash function
  6. 6.  Normal currencies or crypto currencies For the normal currency government control the values of currency But the crypto currencies are fully decentralized Low transaction fee to transfer money all over the world. The fee is same independent of distance country, border Most crypto currencies are produced control by an algorithm that no single person or company can change
  7. 7.  Major crypto coin 1. Bit coin 11. NXT 2. Lit coin 12. Nova coin 3. Peer coin 13. freicoin 4. Namecoin 14. Anon coin 5. Mega coin 15. Teracoin 6. Quark coin 16. Cryptogenic bullion 7. Protospheres 17. Infinite coin 8. World coin 18. Zeta coin 9. Prime coin 19. BBQ coin 10. Feather coin 20. Stable coin
  8. 8.  Bit coin-BTC peer to peer technology and no central authority or banks Transaction fees are lower Managing transaction and issuing bit coin is carried out collectively by the network open source design is public, nobody owns the control of bit coin 21 million bit coin to be issued
  9. 9.  Crypto currency mining Mining is the process by computer solves complex math's problem in the hopes of uncovering crypto coin Crypto currency algorithm are used to mine coins there are two different algorithms that are used for almost all the coins that is existence today which is SHA-256 and script algorithms anyone can mine with their computer processor more advance graphic card.
  10. 10.  CPU Mining Was the original way to do it was initially solo mining and you got all of block or none of it slow compare today’s standard
  11. 11.  Block chain A block chain is transaction database shared by all nodes participating in system based on bit coin protocol It works like a ledger and shared by anyone All bit coin transactions without exception are recorded here once its recorded it can not be reversed (to prevent double splendid transaction)
  12. 12.  E-wallet Bit coin obtained from mining or purchasing can be stored in “E-wallet” E-wallet use private and public keys to secure transfer of your coin Ledger NANO S – for all platform Electrum – Mac, Linux , windows Mycelium – Android Bread wallet – IOS
  13. 13.  Security Difficulty in finding hash set intersecting task done by miners 51% attack A minor who has mining power more then 51% of the network can control global block chain ledger and generate an alternative block chain, the attacker could reverse the transaction or block other transaction
  14. 14.  converting normal currencies www.btc-e.com and bitstamp.com You can send currency from your wallet to the exchange convert it to whatever currency you desire(USD, Euro, rubble ) You can send it to bank threw a wire transfer China has banned financial institution for handling bit coins
  15. 15.  Future More retailers will begin to accept bit coin used in international trading to avoid currency exchange Become as common place as credit cards Less volatility in hard currency value Reduce the limitation of crypto currency current face
  16. 16.  Conclusion Crypto currency is an impressive technical achievement but it remains a monetary experiment . Even if crypto currencies survive they may not fully displace fiat currencies We should use crypto currencies since it is step in right direction for global trade where everyone can be involved To neglect the idea of crypto currencies on a decentralized network today is neglecting idea of internet in early back in nineties
  17. 17.  References https://www.buybitcoinworldwide.com/mining/pools/ https://www.wikipedia.org/cryptocurrencies
  18. 18. Thank you

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