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Crypto currency - a digital asset

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Crypto currency - a digital asset

  1. 1. Cryptocurrency A Digital Asset
  2. 2. Cryptography  Cryptography is associated with the process of converting ordinary plain text into unintelligible text and vice-versa.  It is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it.  Cryptography not only protects data from theft or alteration, but can also be used for user authentication.
  3. 3. What Is Crypto Currency ?  Crypto currency means digital currency  A medium of exchange like normal currencies  Designed for the purpose of exchanging digital information  Exchanging process made possible by certain principles of cryptography
  4. 4. Why We Use Cryptocurrencies ?  Specially designed to take advantage of the architecture of the internet  Transactions are checked or confirmed by the computers of the users on the currency’s network  Computers that verify the transactions receive a small amount of currency as a reward
  5. 5. Creation  Crypto currencies are created by a software developer called “Satoshi Nakamoto” In 2009  Since then numerous crypto currencies have been created  Each unit of bit coin is called a satoshi
  6. 6.  The idea was to produce a currency independent of any central authority , transferable electronically more or less instantly , with very low transaction fees  This currency isn’t physically printed in the shadows by a central bank  These are created digitally , by a community of people that any one can join
  7. 7.  They are mined using computing power in a distributed network  It is completely based on software programs that follow a mathematical formula  This software is an open source  The algorithms are SHA – 256 , Scrypt , Scrypt – N , X11 , X13
  8. 8. The three different system
  9. 9. Addresses  Like e-mail addresses , you can send BTC to person using an address  These addresses contain 27 – 34 alphanumeric characters beginning with 1 or 3  Generated via public-key cryptography  Any user can generate multiple addresses 31uEbMgunupShBVTewXjtqBv5MndwfXhb
  10. 10. Blockchain  The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
  11. 11. How Block Chain Works
  12. 12. Process of Mining  Mining can be called as “INVERSE HASHING”.  Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain.  Anyone with access to the internet and suitable hardware can participate in mining.
  13. 13. The Bitcoin Mining Algorithm  Bitcoin makes heavy use of the cryptographic hash function SHA256, which stands for Secure Hash Algorithm 256-bit.  the SHA algorithms were originally developed by the NSA
  14. 14. Top Cryptocurrencies In 2018  Bitcoin - BTC  Blackcoin  Dash  Dogecoin  Litecoin - LTC  Namecoin  Peercoin  Primecoin  Ripple - XRP
  15. 15. Companies That Accept BTC
  16. 16. Is Bitcoin Is Legal ?  Yes , depending on what you are doing with it  The RBI says that it has not given license/authorization to any entity/company to operate such schemes with bit coin or any Crypto Currencies  On 13 august 2017 Nepal declared BTC as illegal  China prohibited financial institutions from handling Crypto Currencies  Bangladesh Outlawed Bitcoin
  17. 17. Benefits Of Cryptocurrency  International use  Customer Anonymity  No surprise fees or waiting periods  No one can steal your information  Decentralized  Transparent  Improving reputation
  18. 18. Difference Between Conventional And Cryptocurrency Conventional Currency Cryptocurrency Type Real Virtual Intermediates Yes No (peer to Peer) Portability Yes (except Heavy Cash) High Portability Durable Moderate High Durable Acceptance National Global (Through Internet)
  19. 19. What Decides The Price Of A Bitcoin?  The value of a Bitcoin is simply determined by the “Laws of Supply and Demand”.
  20. 20. Risks And Failures  Purchase of illegal goods  Supports criminal activity  Hackers  Scams  Potential loss / theft of private keys  Fewer protections
  21. 21. Black markets which uses Bitcoins
  22. 22. Tumbling  The normal method laundering bitcoins is impossible .  Someone with bitcoin can send some to a tumbler like bitcoin fog , where it will be split into smaller subdivisions and mixed with other bitcoins from other places , recombining and splitting again several times over until the whole amount eventually comes out the other end , theoretically it is impossible to track the bitcoins .  Silk Road’s in-built tumbler successfully foiled the FBI .
  23. 23. Math's And Computer Science Behind  The algorithms are published, the software is open source, so anybody with enough knowledge in mathematics and computer science can check out everything.  We don’t need any financial experts to explain us things they don’t understand either.
  24. 24. The Future Of Cryptocurrencies In India
  25. 25. Power Point Credits Images from : Google Images Information from : Blockchain.com Presentation done by MV

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