cryptocurrency -the age of bitcoins

1. Cryptocurrency: The
Age Of Bitcoins

2. Agenda
• What is cryptocurrency?
• Cryptocurrency Overview
• What is Bitcoin?
• Bitcoin transaction
• Bitcoin v/s Ripple
• What is Blockchain?
• Peer to peer network
• Benefits
• Disadvantages

3. Cryptocurrency: What?
21st century unicorn – or the money of the future?
• A digital currency in which encryption techniques are used
to regulate the generation of units of currency and verify
the transfer of funds, operating independently of a central
bank.
• Cryptocurrencies are a type of digital currencies, alternative
currencies and virtual currencies.
• In simple words it is a system of digital money controlled by
complex math.

4. Crptocurrency Overview

5. Conventional Currency v/s
Cryptocurrency
Conventional currency
• Centralized
• Transaction cost
• Less secure
• Legal tender
Cryptocurrency
• Decentralized
• No transaction cost
• More secure
• Not a legal tender

6. Bitcoin: A new electronic cash system
• Satoshi Nakamoto is the unknown inventor of
bitcoin
• Created in 2008 and declared as open source in
2009.
• The first decentralized digital currency.
• Uses cryptography to control its creation and
management.
• Created and held electronically in a peer to peer
open ledger called a Blockchain.

7. Bitcoin Transactions
• Every transaction holds detail of the transfer of
currency from one account to another.
• The balance of any account is not stored explicitly. It
is always calculated by adding up all the blockchain
transactions ever recorded.

8. Bitcoin v/s Ripple

9. Blockchains
• Blockchain is the technology used in bitcoins. It is a public
distributed database holding encrypted ledgers.
• A block is the current part of a blockchain which records
some or all of the recent transactions,and once
completed goes into the blockchain as permanent
database.

10. Blockchain Flow Diagram

11. Blockchain overviews
3 technologies Blockchain
• Blockchain uses private key
cryptography to secure identities
and hash functions to make the
blockchain immutable
• P2P machine on the network help
in maintaining the consistency of
the distributed ledgers

12. Blockchain Use-Cases

13. P2P Network

14. P2P Network-Digital Signature

15. What is Mining?
• Mining is the process by which transactions are
verified and added to the public ledger, known as the
block chain
• It is also the means through which new currency is
released.
• Anyone with access to the internet and suitable
hardware can participate in mining.

16. Top 10 Crypto Currencies in 2017

17. Benefits
• Some coins can help you stay anonymous but contrary to popular belief,
not all of them can. Bitcoin is pseudonymous which means people won’t
know exactly who you are on the blockchain but they can get some
information from it.
• You don’t need to share your identity or whereabouts or the details of the
transactions made between you and the beneficiary. No information is
required to share with the government and the bank regarding the deal. It
is truly decentralized.
• When you talk about transactions using cryptocurrencies then there are
no limits. You may be in a different part of the world and the receiver
might be some other hemisphere, you can still transfer the amount
without any hassle.
• Cryptocurrency is readily available to the general public. Almost anyone
can make use of it.

18. Disadvantages
• Cryptocurrencies are relatively new and come with a learning
curve. People end up investing without proper knowledge and
lose money to something they did not learn about.
• Not many websites and companies accept digital currencies
yet. Very few countries have legalized the use of
cryptocurrencies. It makes it impractical for everyday use.
• If you mistakenly pay someone by using cryptocurrency, then
there is no way to get a refund of the amount paid. All you can
do is to ask the person for a refund and if your request is
turned down, then just forget about the money.
• People are not aware of how to use cryptocurrency and hence
open themselves to hacker.

19. WHO AM I?
Faisal Kaifee
Computer Science & Engineering
Guru Nanak Institutions Technical Campus
Hafsa Syed
Computer Science & Engineering
Guru Nanak Institutions Technical Campus
Fanil Sheth
Computer Science & Engineering
Guru Nanak Institutions Technical Campus

20. Thank you