2. WHAT IS CRYPTO CURRENCY?
Crypto currency is a form of digital money
that is designed to be secure.
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. The first decentralized cryptocurrency, bitcoin,
was created in 2009 by pseudonymous
developer Satoshi Nakamoto.
In April 2011, Namecoin was created as an
attempt at forming a decentralized DNS,
which would make internet censorship very
difficult. Soon after,
In October 2011, Litecoin was released.
4. BENEFITS OF CRYPTOCURRENCY
Transactions
Asset Transfers
More Confidential Transactions
Transaction Fees
Greater Access to Credit
Easier International Trade
Individual Ownership
Adaptability
Strong Security
5. RISKS
Hackers. Cryptocurrencies are targets for
highly sophisticated hackers, who have been
able to breach advanced security systems.
Fewer 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. Scams. Fraudsters are taking advantage of the
hype surrounding virtual currencies to cheat
people with fake opportunities.
Lack 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, it’s
decentralized meaning self-run and self-
governed without the interference of outside
parties.