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Crypto for the Rest of Us

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Crypto for the Rest of Us
Crypto for the Rest of Us
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Crypto for the Rest of Us

  1. 1. “Crypto” for the Rest of Us Pay It Forward 20th October, 2017 Copyright 2017, Pankaj Jain
  2. 2. What is “Crypto” or “Cryptocurrency”? • Digital money used for transacting • Store of value, like gold • Decentralized - no central bank like the RBI, usually, no corporation • Based on math and cryptography • Transactions stored on a “Blockchain” Copyright 2017, Pankaj Jain
  3. 3. What is a “Blockchain” • A public ledger of all transactions • Everyone can see every transaction that occurs
  4. 4. • Transactions are transmitted to the network and then “miners” use sophisticated computers to solve a mathematical equation to verify the transaction. • A transaction is considered irreversible after 6 confirmations are transmitted on the network. • A “Public Key” is your address • A “Private Key” is essentially your password to make a transaction • Typically, each transaction on a blockchain has a cost which is usually paid by the sender • Transactions are made from a wallet Copyright 2017, Pankaj Jain
  5. 5. Copyright 2017, Pankaj Jain
  6. 6. Why is this a Big Deal? • Relatively quick transfers (as low as a few seconds to 10 minutes) • Removal of barriers to transact with anyone, anywhere, any time • Completely decentralized, do not need bank permission to transfer money or sell a security to another person, or check who owns a home, etc. • Every transaction is immutable and public • Transaction doesn’t have to be “money”, it can be the record of a marriage, divorce, purchase of a home, sale of a business, etc. • There will always be a record of the transaction as long as nodes are sharing the database Copyright 2017, Pankaj Jain
  7. 7. Bitcoin • Created by “Satoshi Nakamoto” in 2009 • Finite amount of “coins” can be mined - 21 million Bitcoins • Value is created by “mining” and good old fashioned economics - supply and demand • Bitcoins (BTC) can be transferred to any address, anywhere for low transaction fees • Bitcoin addresses start with a “1” or “3” • It operates almost as the reserve cryptocurrency • Market cap ~ $100 Billion Copyright 2017, Pankaj Jain
  8. 8. Bitcoin • Inherently deflationary • Avg. daily volume: ~$1.5B • Monthly volume: ~$44B • Highly volatile and potentially illiquid Copyright 2017, Pankaj Jain
  9. 9. Bitcoin YTD Copyright 2017, Pankaj Jain
  10. 10. Bitcoin 7 Day Copyright 2017, Pankaj Jain
  11. 11. Ethereum • Created by Vitalik Buterin, Gavin Wood and others in 2014 • Similar to Bitcoin as it is based on Blockchain and cryptography. • Ether is the “currency” used to transact on the Ethereum blockchain • Enables creation of “tokens” using a programming language called “Solidity” • Tokens created on Ethereum benefit from the development of the Ethereum Blockchain Copyright 2017, Pankaj Jain
  12. 12. Ethereum • Building blockchain apps on Ethereum has fueled a new generation of apps or “dApps” that use blockchain while hiding the complexity of blockchain • Examples of tokens on Ethereum are: • Basic Attention Token (BAT) +370% since ICO in May • Civic (CVC) +240% since ICO in July Copyright 2017, Pankaj Jain
  13. 13. ICOs • ICOs (Initial Coin Offerings) are crowdfunding campaigns to raise capital via cryptocurrencies by selling tokens • Many tokens are “ERC20” tokens which means they comply with a standard and usually operate on top of the Ethereum blockchain • ICOs have raised over $2.3 Billion this year alone • Many ICOs are utility tokens, others are securities (shares), many others are scams! • “If it looks too good to be true, it usually is.” Copyright 2017, Pankaj Jain
  14. 14. Resources • Some Indian Exchanges • ZebPay
 http://zebpay.com • Coinsecure
 http://coinsecure.in • Koinex
 http://koinex.in • Coinome
 http://coinome.com • Some Int’l Exchanges • Poloniex
 https://poloniex.com • Bittrex
 http://bittrex.com • Bitfinex
 http://bitfinex.com • Cryptopia
 http://cryptopia.co.nz Copyright 2017, Pankaj Jain
  15. 15. Resources • http://bitcoin.org • http://ethereum.org • http://litecoin.org • https://www.coindesk.com • https://coin.fyi • https://theethereum.wiki/ w/index.php/ ERC20_Token_Standard • Bitcoin Wallets - https:// bitcoin.org/en/choose- your-wallet • Ethereum Wallet - https://github.com/ ethereum/mist/releases Copyright 2017, Pankaj Jain
  16. 16. Thank You! http://blockhack.io Twitter: @pjain Copyright 2017, Pankaj Jain

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