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CRYPTOCURRI
NCES
(BITCOIN)
IMPACT OF CRYPTOCURRINCES ON
WORLD ECONOMY
Contents
• What is Cryptocurrencies?
• Types of Cryptocurrencies
• Impact on World Economy
• Impact on Indian Economy
• Impact of Demonetarization
• Recommendation
DIFFERENT SYSTEMS OF E-MONEY
Electronic Money includes four different systems
namely:
1. Centralized Systems
2. Decentralized Systems
3. Mobile sub-systems/Digital Wallets
4. Offline Anonymous Systems
CENTRALIZED SYSTEM
• Many systems—such as PayPal, eCash, WebMoney,
Payoneer, cashU, and Hub Culture's Venn will sell their
electronic currency directly to the end user.
• Other systems only sell through third party digital
currency exchangers
DECENTRALIZED SYSTEM
• Decentralized e-money is stored and flows through a
peer-to-peer computer network that directly links
users, much like a chat room. No single user controls
the network.
WHAT IS CRYPTOCURRENCY ?
A cryptocurrency (or crypto currency) is a digital asset
designed to work as a medium of exchange that uses
strong cryptography to secure financial transactions,
control the creation of additional units, and verify the
transfer of assets. Cryptocurrencies area kind of
alternative currency and digital currency.
WHAT IS 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.
1. Ethereum
2. Litecoin
3. Monero
4. Ripple
TYPES OF
CRYPTOCURRINCES
Ethereum
• Ethereum is a
decentralized software
platform that enables
smart contracts and
distributed applications
• (DApps) to be built and
run without any
downtime , fraud,
control or interference
from a third party.
Ripple
• Ripple is a real time
global settlement
network that offers
instant , certain and low
cost international
payments . Ripple
enables banks to settle
cross border payments in
real time , with end-to-
end transparency , and
at a lower costs .
Lite coin
• Lite coin is based on an open
source global payment network
that isn’t control by any central
authority and uses ”scrypt” as a
proof of work , which can be
decoded with the help of CPU’s
of consumer grade.
• Lite coin was among the initial
crypto currencies following
bitcoin and has often referred
to as “silver to bitcoins gold.”
Monero
• Monero is a secure ,
private and untraceable
currency .
• Monero has been
launched with a strong
focus on
decentralization and
scalability , and it
enables complete
privacy by using a a
special technique called
“ring signatures”.
WHAT IS BITCOIN ?
• Bitcoin is a cryptocurrency, or a digital currency, that
uses rules of cryptography for regulation and
generation of units of currency. Bitcoin falls under the
scope of cryptocurrency and was the first and most
valuable among them. It is commonly called a
decentralised digital currency.
WHO CREATED BITCOIN ?
Bitcoin was created by Satoshi Nakamoto from
Japan. Or, some say, he or she might be a Finnish
sociologist or a mathematician from Israel. Some
think Nakamoto is the pseudonym(a fictitious name) or
software developer Gavin Andresen, others believe it's
Tesla creator Elon Musk. (Both have denied the claim.)
Whoever it is, the person behind bitcoin has never
given an interview.
HOW BITCOIN WORKS ?
• From a user perspective, Bitcoin is nothing more than a mobile
app or computer program that provides a personal Bitcoin wallet
and allows a user to send and receive bitcoins with them.
• Behind the scenes, the Bitcoin network is sharing a public ledger
called the "block chain". This ledger contains every transaction
ever processed, allowing a user's computer to verify the validity
of each transaction. The authenticity of each transaction is
protected by digital signatures corresponding to the sending
addresses, allowing all users to have full control over sending
bitcoins from their own Bitcoin addresses. In addition, anyone
can process transactions using the computing power of
specialized hardware and earn a reward in bitcoins for this
service. This is often called "mining"
WHAT IS MINNING ?
Mining is the process of spending computing power to
process transactions, secure the network, and keep everyone
in the system synchronized together. It can be perceived like
the Bitcoin data center except that it has been designed to be
fully decentralized with miners operating in all countries and
no individual having control over the network. This process is
referred to as "mining" as an analogy to gold mining because
it is also a temporary mechanism used to issue new bitcoins.
Unlike gold mining, however, Bitcoin mining provides a
reward in exchange for useful services required to operate a
secure payment network.
What is Cryptocurrencies? Impact on World Economy & Indian Economy
What is Cryptocurrencies? Impact on World Economy & Indian Economy
What is Cryptocurrencies? Impact on World Economy & Indian Economy
What is Cryptocurrencies? Impact on World Economy & Indian Economy
IS BITCOIN LEGAL ?
• To the best of our knowledge, Bitcoin has not been
made illegal by legislation in most jurisdictions.
However, some jurisdictions (such as Argentina and
Russia) severely restrict or ban foreign currencies.
Other jurisdictions (such as Thailand) may limit the
licensing of certain entities such as Bitcoin exchanges.
• According to Indian government it is not illegal but its
not safe.
ADVANTAGES OF BITCOINS
• Payment freedom
• Choose your own fees
• Fewer risks for merchants
• Security and control
• Transparent and neutral
DISADVANTAGES OF BITCOINS
• Degree of acceptance
• Volatility
• Ongoing development
IMPACT ON
WORLD
ECONOMY
1. CHALLENGING THE DOLLAR
STANDARDS
2. CUTTING OUT THE MIDDLEMAN
3. THE EMERGENCE OF NEW
MARKET
CHALLENGING THE DOLLAR STANDARD
• In terms of volume, the global economy is fueled by
the U.S. Dollar. The global economy thus relies on the
dominance of the US Dollar to keep running. This,
however, is starting to change dramatically as more
cryptocurrencies start to emerge as well as Bitcoin’s
exponential rise.
• Financial transactions have
started getting decentralized
on a massive scale, with no
recourse to the traditional US
Dollar. In short, there have
always been attempts to de-
dollarize the global economic
landscape and
cryptocurrencies seem to be
the solution.
CUTTING OUT THE MIDDLEMAN
• The ecosystem of the mainstream financial environment,
international transfer transactions require entities like
clearing houses, banks, and SWIFT. SWIFT stands
for Society for Worldwide Interbank Financial
Telecommunication. It is an organization that provides a
network for financial institutions all over the globe to
transmit information to each other in a safe and secure
network. No international money transfer can happen
outside of SWIFT network. There transaction fees and it
takes several days for some transaction to be processed.
• One of the reasons for the centralized payment
processing protocol is to prevent funding for money
laundering, terrorist activities, and illicit trade in
drugs and ammunition. Central banks and other
financial institutions seem to have no control over its
operations. In September of 2017, Christine Lagarde,
head of the International Monetary Fund (IMF)
warned that cryptocurrencies have the potential to
disrupt the Central Banking system and to
revolutionize the concept of money.
THE EMERGENCE OF NEW MARKET
• Currencies such as Ethereum and Bitcoin have led to
new markets which are controlled by no one. This
means Cyberspace will rise as the new body that will
maintain and handle such markets. The almost zero
transaction costs (depending on the stability of the
currency) mean that these currencies will become
even more popular than the traditional money that
people are used to. Although this is just the beginning
the possibilities that are expected to happen are
endless.
• In 2017, ICOs have become the leading
crowdfunding method for technology-
based start-ups. No longer do
developers and entrepreneurs want to
spend time trying to convince venture
capitalists, banks, and angel investors
to put up equity in their start-ups.
These days, once a seemingly tangible
idea is conceptualized, it is tokenized
and sold to the public directly.
SIMPLIFYING THE CROWDFUNDING
PROCESS
What is Cryptocurrencies? Impact on World Economy & Indian Economy
IMPACT ON
INDIAN
ECONOMY
IMPACT OF DEMONETIZATION
IMPACT ON INDIAN ECONOMY
• Though India plays a relatively small role in the global
cryptocurrency market, only about 2% of the global
cryptocurrency market cap, the RBI has warned about
the potential financial, legal, customer protection and
security-related risks in cryptocurrency, amidst
prevalent media rumors of RBI launching its own
form of cryptocurrency named Lakshmi.
• Kolonial, a vintage themed pizzeria in Mumbai’s
Worli area, became the first restaurant in the
country to accept Bitcoin payments back in 2013.
In 2016, Suryawanshi restaurant in Indira Nagar,
Bengaluru became the second eatery to do so.
This year, the list is predicted to witness rapid
growth, with Suri Andhra Mess in Taramani
becoming the first restaurant in Chennai to do so.
However, the recent circulars of RBI and
statement of finance minister that it is clearly not a
currency has left people admit as whether to
accept cryptocurrency as a payment or not.
• One major hurdle in the path of Indian investors,
who are interested in investing in cryptocurrency,
is the confusion about its legal status. While they
haven’t been declared illegal, cryptocurrencies are
not recognized by the Reserve Bank of India (RBI)
or any other authority in India, as a ‘currency’.
IMPACT OF DEMONETIZATION
 This time ofeconomic crisis indirectly taught its
1.3 billion people that cash was unreliable -
one day there, the next day gone - and there
was a nationwide frenzy with the stock market
falling by 7 per cent, cash shortages and
several deaths from people queuing to
exchange their worthless money.
 A significant disruption to the economy occurred
with more of India’s largely younger population
turning to Bitcoin. At the time, a large number of
industries were already using Bitcoin and shortly,
thereafter, the number of investor grew to the
point where mid- 2017, 2,500 Indians invested
in Bitcoin daily, according to The Economic
Times.
 The digital coin attracted people in India, since it
offered a safer system for their money, a haven
from inflation, refuge from government
regulation and interference, and a system that
avoids political and economic turmoil.
RECOMMENDATIONS
1. Digital currency reduces cost of operation drastically
compare to paper money.
2. It is more environmental friendly as there is no need of
paper and no paper means no cutting down of trees.
3. There should be some legal guidelines and law about this to
prevent money laundering and other unethical uses of
digital currency.
4. Banks, financial institutions and governments should come
forward and work along with tech-giants such as Google,
Apple, Microsoft, Facebook etc. to develop the revolutionary
but secured and stable transaction system using “Digital
Currency”
What is Cryptocurrencies? Impact on World Economy & Indian Economy

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What is Cryptocurrencies? Impact on World Economy & Indian Economy

  • 2. Contents • What is Cryptocurrencies? • Types of Cryptocurrencies • Impact on World Economy • Impact on Indian Economy • Impact of Demonetarization • Recommendation
  • 3. DIFFERENT SYSTEMS OF E-MONEY Electronic Money includes four different systems namely: 1. Centralized Systems 2. Decentralized Systems 3. Mobile sub-systems/Digital Wallets 4. Offline Anonymous Systems
  • 4. CENTRALIZED SYSTEM • Many systems—such as PayPal, eCash, WebMoney, Payoneer, cashU, and Hub Culture's Venn will sell their electronic currency directly to the end user. • Other systems only sell through third party digital currency exchangers
  • 5. DECENTRALIZED SYSTEM • Decentralized e-money is stored and flows through a peer-to-peer computer network that directly links users, much like a chat room. No single user controls the network.
  • 6. WHAT IS CRYPTOCURRENCY ? A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies area kind of alternative currency and digital currency.
  • 7. WHAT IS 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.
  • 8. 1. Ethereum 2. Litecoin 3. Monero 4. Ripple TYPES OF CRYPTOCURRINCES
  • 9. Ethereum • Ethereum is a decentralized software platform that enables smart contracts and distributed applications • (DApps) to be built and run without any downtime , fraud, control or interference from a third party.
  • 10. Ripple • Ripple is a real time global settlement network that offers instant , certain and low cost international payments . Ripple enables banks to settle cross border payments in real time , with end-to- end transparency , and at a lower costs .
  • 11. Lite coin • Lite coin is based on an open source global payment network that isn’t control by any central authority and uses ”scrypt” as a proof of work , which can be decoded with the help of CPU’s of consumer grade. • Lite coin was among the initial crypto currencies following bitcoin and has often referred to as “silver to bitcoins gold.”
  • 12. Monero • Monero is a secure , private and untraceable currency . • Monero has been launched with a strong focus on decentralization and scalability , and it enables complete privacy by using a a special technique called “ring signatures”.
  • 13. WHAT IS BITCOIN ? • Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generation of units of currency. Bitcoin falls under the scope of cryptocurrency and was the first and most valuable among them. It is commonly called a decentralised digital currency.
  • 14. WHO CREATED BITCOIN ? Bitcoin was created by Satoshi Nakamoto from Japan. Or, some say, he or she might be a Finnish sociologist or a mathematician from Israel. Some think Nakamoto is the pseudonym(a fictitious name) or software developer Gavin Andresen, others believe it's Tesla creator Elon Musk. (Both have denied the claim.) Whoever it is, the person behind bitcoin has never given an interview.
  • 15. HOW BITCOIN WORKS ? • From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. • Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining"
  • 16. WHAT IS MINNING ? Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network.
  • 21. IS BITCOIN LEGAL ? • To the best of our knowledge, Bitcoin has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as Bitcoin exchanges. • According to Indian government it is not illegal but its not safe.
  • 22. ADVANTAGES OF BITCOINS • Payment freedom • Choose your own fees • Fewer risks for merchants • Security and control • Transparent and neutral
  • 23. DISADVANTAGES OF BITCOINS • Degree of acceptance • Volatility • Ongoing development
  • 24. IMPACT ON WORLD ECONOMY 1. CHALLENGING THE DOLLAR STANDARDS 2. CUTTING OUT THE MIDDLEMAN 3. THE EMERGENCE OF NEW MARKET
  • 25. CHALLENGING THE DOLLAR STANDARD • In terms of volume, the global economy is fueled by the U.S. Dollar. The global economy thus relies on the dominance of the US Dollar to keep running. This, however, is starting to change dramatically as more cryptocurrencies start to emerge as well as Bitcoin’s exponential rise.
  • 26. • Financial transactions have started getting decentralized on a massive scale, with no recourse to the traditional US Dollar. In short, there have always been attempts to de- dollarize the global economic landscape and cryptocurrencies seem to be the solution.
  • 27. CUTTING OUT THE MIDDLEMAN • The ecosystem of the mainstream financial environment, international transfer transactions require entities like clearing houses, banks, and SWIFT. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. It is an organization that provides a network for financial institutions all over the globe to transmit information to each other in a safe and secure network. No international money transfer can happen outside of SWIFT network. There transaction fees and it takes several days for some transaction to be processed.
  • 28. • One of the reasons for the centralized payment processing protocol is to prevent funding for money laundering, terrorist activities, and illicit trade in drugs and ammunition. Central banks and other financial institutions seem to have no control over its operations. In September of 2017, Christine Lagarde, head of the International Monetary Fund (IMF) warned that cryptocurrencies have the potential to disrupt the Central Banking system and to revolutionize the concept of money.
  • 29. THE EMERGENCE OF NEW MARKET • Currencies such as Ethereum and Bitcoin have led to new markets which are controlled by no one. This means Cyberspace will rise as the new body that will maintain and handle such markets. The almost zero transaction costs (depending on the stability of the currency) mean that these currencies will become even more popular than the traditional money that people are used to. Although this is just the beginning the possibilities that are expected to happen are endless.
  • 30. • In 2017, ICOs have become the leading crowdfunding method for technology- based start-ups. No longer do developers and entrepreneurs want to spend time trying to convince venture capitalists, banks, and angel investors to put up equity in their start-ups. These days, once a seemingly tangible idea is conceptualized, it is tokenized and sold to the public directly. SIMPLIFYING THE CROWDFUNDING PROCESS
  • 33. IMPACT ON INDIAN ECONOMY • Though India plays a relatively small role in the global cryptocurrency market, only about 2% of the global cryptocurrency market cap, the RBI has warned about the potential financial, legal, customer protection and security-related risks in cryptocurrency, amidst prevalent media rumors of RBI launching its own form of cryptocurrency named Lakshmi.
  • 34. • Kolonial, a vintage themed pizzeria in Mumbai’s Worli area, became the first restaurant in the country to accept Bitcoin payments back in 2013. In 2016, Suryawanshi restaurant in Indira Nagar, Bengaluru became the second eatery to do so. This year, the list is predicted to witness rapid growth, with Suri Andhra Mess in Taramani becoming the first restaurant in Chennai to do so. However, the recent circulars of RBI and statement of finance minister that it is clearly not a currency has left people admit as whether to accept cryptocurrency as a payment or not.
  • 35. • One major hurdle in the path of Indian investors, who are interested in investing in cryptocurrency, is the confusion about its legal status. While they haven’t been declared illegal, cryptocurrencies are not recognized by the Reserve Bank of India (RBI) or any other authority in India, as a ‘currency’.
  • 36. IMPACT OF DEMONETIZATION  This time ofeconomic crisis indirectly taught its 1.3 billion people that cash was unreliable - one day there, the next day gone - and there was a nationwide frenzy with the stock market falling by 7 per cent, cash shortages and several deaths from people queuing to exchange their worthless money.
  • 37.  A significant disruption to the economy occurred with more of India’s largely younger population turning to Bitcoin. At the time, a large number of industries were already using Bitcoin and shortly, thereafter, the number of investor grew to the point where mid- 2017, 2,500 Indians invested in Bitcoin daily, according to The Economic Times.  The digital coin attracted people in India, since it offered a safer system for their money, a haven from inflation, refuge from government regulation and interference, and a system that avoids political and economic turmoil.
  • 38. RECOMMENDATIONS 1. Digital currency reduces cost of operation drastically compare to paper money. 2. It is more environmental friendly as there is no need of paper and no paper means no cutting down of trees. 3. There should be some legal guidelines and law about this to prevent money laundering and other unethical uses of digital currency. 4. Banks, financial institutions and governments should come forward and work along with tech-giants such as Google, Apple, Microsoft, Facebook etc. to develop the revolutionary but secured and stable transaction system using “Digital Currency”