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Cryptocurrency
A Digital Asset
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.
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
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
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
 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
 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
The three different system
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
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.
How Block Chain Works
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.
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
Top Cryptocurrencies In 2018
 Bitcoin - BTC
 Blackcoin
 Dash
 Dogecoin
 Litecoin - LTC
 Namecoin
 Peercoin
 Primecoin
 Ripple - XRP
Companies That Accept BTC
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
Benefits Of Cryptocurrency
 International use
 Customer Anonymity
 No surprise fees or waiting periods
 No one can steal your information
 Decentralized
 Transparent
 Improving reputation
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)
What Decides The Price Of A Bitcoin?
 The value of a Bitcoin is simply determined by the “Laws of Supply
and Demand”.
Risks And Failures
 Purchase of illegal goods
 Supports criminal activity
 Hackers
 Scams
 Potential loss / theft of private keys
 Fewer protections
Black markets which uses Bitcoins
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 .
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.
The Future Of Cryptocurrencies In
India
Power Point Credits
Images from : Google Images
Information from : Blockchain.com
Presentation done by MV

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Crypto currency - a digital asset

  • 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. 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. 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. 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.  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.  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
  • 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. 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.
  • 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. 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. Top Cryptocurrencies In 2018  Bitcoin - BTC  Blackcoin  Dash  Dogecoin  Litecoin - LTC  Namecoin  Peercoin  Primecoin  Ripple - XRP
  • 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. Benefits Of Cryptocurrency  International use  Customer Anonymity  No surprise fees or waiting periods  No one can steal your information  Decentralized  Transparent  Improving reputation
  • 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. What Decides The Price Of A Bitcoin?  The value of a Bitcoin is simply determined by the “Laws of Supply and Demand”.
  • 20. Risks And Failures  Purchase of illegal goods  Supports criminal activity  Hackers  Scams  Potential loss / theft of private keys  Fewer protections
  • 21. Black markets which uses Bitcoins
  • 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. 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. The Future Of Cryptocurrencies In India
  • 25. Power Point Credits Images from : Google Images Information from : Blockchain.com Presentation done by MV