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Cripto currency

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Cripto currency

  1. 1. Presented by Sreelakshmi B S5 CT Register No. 16130101
  2. 2. CRYPTO CURRENCY 1
  3. 3. What is Crypto Currency? 4 Digital currency that uses cryptography for security. Cryptocurrencies are generally anonymous and not issued by any central authority.
  4. 4. History • In 1998, Wei Dai Published a Description of “B-Money”, an anonymous, distributed electronica cash system. • Nick Szabo created "bit gold" Like bit-coin and other crypto currencies. • The first crypto-currency to capture the public imagination was Bit-coin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto.
  5. 5. Ideas of Crypto Currency 6 • Bitcoin may be the TCP / IP of money. Paul Bauchheit – Creator of Gmail • I do think Bitcoin is the first[encrypted money] that has the potential to do something like change the world. Peter Thiel – Co – Founder of PayPal • Bitcoin will do to banks what email did to the postal industry Rick Falkvinge – Founder of the Swedish Pirate Party • Bitcoin actually has the balance and incentives right, and that is why it is starting to take off Julian Assange - Founder of Wikileaks
  6. 6. Crypto Currency • Simply 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. • Cryptography • Used to secure the transactions • Control the creation of new coins 5
  7. 7. Why we use Crypto Currencies? 8 • 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
  8. 8. What is the purpose of Crypto currency? • A crypto-currency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. • Cryptography is used to secure the transactions and to control the creation of new coins.
  9. 9. Mining 10 • Process of adding transaction records to public ledger of past transactions or block chain • Ledger of past transactions – block chain • The block chain serves to confirm transactions to the rest of the network as having take place • Use the block chain to distinguish legitimate transactions from attempts to re – spend coins that have already been spent elsewhere
  10. 10. Characteristics of Crypto Currencies • Use a number of different algorithms • Traded in different ways • Main characteristics that should consider by the customer are; • Market capitalization and Daily trading volume • Verification Method • Retailer acceptance 8
  11. 11. Top 10 Crypto Currencies in 2016 • Bitcoin • BlackCoin • Dash • Dogecoin • Litecoin • Namecoin • Nxt • Peercoin • Primecoin • Ripple 12
  12. 12. Issues • PAotential loss/theft of private keys • Not truly anonymous • Double spending and the 51% attack
  13. 13. Benefits of Crypto Currency • Mutual Exposure • International use • Customer Anonymity • No Surprise Fees or Waiting Periods • Improving Reputation 14
  14. 14. Disadvantages of Crypto • Lack of Awareness and understanding • Risk of Volatility • Still Developing 11
  15. 15. Differences between Crypto Currency and PayPal Crypto Currency PayPal Decentralized Not Decentralized Floated and not tied to the dollar Pegged to the dollar Behavior is backed military grade cryptography, not by contracts Behavior is backed by a contractual relationship with a corporation 12
  16. 16. HOW CRYPTOCURRENCIES WORKS
  17. 17. Conclusion • As you can see, any crypto-currency until now is not perfect. • It have many advantages; however, it also has its disadvantages. • This is mostly due to the fact that it is still a relatively young and new currency. • People are just beginning to become more aware of it. • In order for Crypto-currency to succeed, more people need to understand what it is.
  18. 18. Reference • www.investopedia.com/terms/c/cryptocurrency.asp • https://en.wikipedia.org/wiki/Cryptocurrency • https://www.slideshare.net • https://coinmarketcap.com/

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