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Crypto currency and bitcoin, risk and benefits of cryptocurrency
1. CRYPTO CURRENCY
BY GROUP NO: 03
๏ฑ LUCKY ALI
๏ฑ ADARSH JAYADAS
๏ฑ MANU TIWARI
๏ฑ SHIRSH SHARMA
2. WHAT IS CRYPTO CURRENCY?
๏ฑ Crypto currency is a form of digital money
that is designed to be secure.
๏ฑ It is a currency associated with the internet
that uses cryptography, the process of
converting legible information into an
almost uncrackable code, to track
purchases and transfers.
3. ๏ฑThe first decentralized cryptocurrency, bitcoin,
was created in 2009 by pseudonymous
developer Satoshi Nakamoto.
๏ฑIn April 2011, Namecoin was created as an
attempt at forming a decentralized DNS,
which would make internet censorship very
difficult. Soon after,
๏ฑIn October 2011, Litecoin was released.
4. BENEFITS OF CRYPTOCURRENCY
๏ฑTransactions
๏ฑAsset Transfers
๏ฑMore Confidential Transactions
๏ฑTransaction Fees
๏ฑGreater Access to Credit
๏ฑEasier International Trade
๏ฑIndividual Ownership
๏ฑAdaptability
๏ฑStrong Security
5. RISKS
๏ฑHackers. Cryptocurrencies are targets for
highly sophisticated hackers, who have been
able to breach advanced security systems.
๏ฑFewer protections. If you trust someone else
to hold your cryptocurrencies and something
goes wrong, that company may not offer you
the kind of help you expect from a bank or
debit or credit card provider.
6. ๏ฑScams. Fraudsters are taking advantage of the
hype surrounding virtual currencies to cheat
people with fake opportunities.
๏ฑLack of Transparency. The anonymous nature
of cryptocurrencies make transparency and
accountability difficult for consumers seeking
to ensure the safety of their investments.
7. HOW DOES CRYPTO CURRENCY WORK
A cryptocurrency has a ledger, where all
transactions are made public so that total
visibility is provided. Having a ledger forces
everyone to "play fair" and takes away the risk
of double spending.
8. The ledger is a list of entries in a database that
nobody can change without fulfilling specific
conditions. Nobody owns the ledger or the
cryptocurrency blockchain; instead, itโs
decentralized meaning self-run and self-
governed without the interference of outside
parties.