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Cryptocurrency
A seminar by Rakesh
29.08.2017
What is
cryptocurrency?
What is cryptocurrency?
• Medium of exchange like normal currencies such as USD, RUPEE, EURO, etc.
• Form of digital money
• It is associated with Internet
• It uses cryptography
Cryptography is used to
A. Secure transactions: Transactions are put through a functions into has
values which makes it almost impossible yo invert
B. Control the creations of new units: Coins are created through a mining
process using cryptography
Normal money Cryptocurrency
Differences between “Normal” money and cryptocurrency
Run by Governments and Banks
Centralized
Based on Debt
Based on Interest
Regulated
High charges of certain things
Can take days to transfer money
Run by US
D-centralized
No debt with actual currency
No interest with actual currency
You must regulate your money
Low Charges
NORMALLY is instant
But wait, what is
Bitcoin?
Bitcoin
A digital currency, used to make payments of any value without fees.
Who invented it?
Satoshi Nakamoto, a secretive internet user, invented bitcoin in 2008 before it went online in 2009.
What’s it for?
Bitcoin has been seen as a tool for private, anonymous transactions.
Is it worth anything?
Yes. As of September 2017, there were around 16.5m bitcoins in circulation. In September 2017,
the value of a Bitcoin is $4500.
What is Bitcoin cash?
In August 2017, the blockchain forked to support another cryptocurrency, Bitcoin cash, which is
optimized slightly differently. People who held Bitcoin received an equal value of Bitcoin cash following
this ‘hard fork’.
How do cryptocurrencies work?
• The heart of any cryptocurrency is a public ledger that establishes
ownership by anonymously recording who owns what amount of the
currency.
• A network of computers validates every transaction by performing
computations that prove they have done the work, and receive new
coins in return.
• Two essential features of cryptocurrencies are :-
1. Mining (the creation of crypto-coins).
2. The blockchain (a public ledger of transactions).
1. Mining
• The cash currencies we are familiar with - the U.S. dollar, the Euro - are
created by central banks. Governments can print predetermined amounts of
their currency and release them into circulation.
• By contrast, cryptocurrencies are mined by users who typical rely on a mining
program to solve sophisticated algorithms in order release blocks of coins that
can go into circulation.
• The more coins mined, the more difficult it gets to release new blocks and get
new coins. This is how the algorithm has been devised- to ensure that not all
coins can be mined instantly and to allow the currency to stabilize over time.
• For many cryptocurrencies, there is only a limited amount of time when coins
can be mined. Once that time expires, no more coins can be created.
2. Blockchain
• This is a widely distributed ledger that contains the entire transactions
history of the overall money supply of the cryptocurrency. The ledger is
maintained by a decentralized network of computers.
• As the name implies, the ledger is a chain of blocks. Each block contains a
set of instructions with information including the sending addresses, the
receiving addresses and the number of cryptocoins exchanged between
them. //Think it is like a wikipedia or a bank account log
• The blockchain allows two important aspect of transaction to be fulfilled:
Proof of ownership
Proof that the funds have not been double spent.
Proof of ownership
• Proof of ownership is established by a digital signature-a sort of public key-which
acts as a account number and a private signing key-which acts as a password.
Proof that the funds have not been double spent.
• To ensure funds are not being double-spent, transactions are only deemed to be
complete when they appear in blockchain master ledger.
• Transactions are added there is blocks and are verified by various “nodes” of the
system. The node that verified the block first is rewarded with newly created
cryptocurrency-which is how new are coins added to the money supply.
• Once a transaction is recorded , it cannot be reversed (to prevent the double-
spending problem ). Everyone has the same blockchain and therefore access to
the recorded transactions; this is unlike owning a currency note which will not
reveal the past transactions made using the currency.
What defines the price of
cryptocurrency?
• Limited supply and demand
• Energy usage
• Utility
• Media
• Investors
• Scams
• Price of Bitcoin
• Volatility of cryptocurrency
• Legal and governmental issue
How will cryptocurrency help you?
• Immediate Settlement: Eliminate third party.
• Lower Fees.
• Identity theft: Push or Pull mechanism.
• Access to everyone.
• Fast and global.
• Decentralization: Peer to peer.
Disadvantages of
cryptocurrency
•Acceptance
•Volatility
•Legal issues: e.g- Silk Road
•Security issues: e.g:- Not reversible and merchant dependent.
•Regulation
•Cryptocurrencies are difficult for people to understand.
Is cryptocurrency the future of money?
Yes
Any questions?
Thank you!

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What is Cryptocurrency?

  • 1. Cryptocurrency A seminar by Rakesh 29.08.2017
  • 3. What is cryptocurrency? • Medium of exchange like normal currencies such as USD, RUPEE, EURO, etc. • Form of digital money • It is associated with Internet • It uses cryptography Cryptography is used to A. Secure transactions: Transactions are put through a functions into has values which makes it almost impossible yo invert B. Control the creations of new units: Coins are created through a mining process using cryptography
  • 4. Normal money Cryptocurrency Differences between “Normal” money and cryptocurrency Run by Governments and Banks Centralized Based on Debt Based on Interest Regulated High charges of certain things Can take days to transfer money Run by US D-centralized No debt with actual currency No interest with actual currency You must regulate your money Low Charges NORMALLY is instant
  • 5. But wait, what is Bitcoin?
  • 6. Bitcoin A digital currency, used to make payments of any value without fees. Who invented it? Satoshi Nakamoto, a secretive internet user, invented bitcoin in 2008 before it went online in 2009. What’s it for? Bitcoin has been seen as a tool for private, anonymous transactions. Is it worth anything? Yes. As of September 2017, there were around 16.5m bitcoins in circulation. In September 2017, the value of a Bitcoin is $4500. What is Bitcoin cash? In August 2017, the blockchain forked to support another cryptocurrency, Bitcoin cash, which is optimized slightly differently. People who held Bitcoin received an equal value of Bitcoin cash following this ‘hard fork’.
  • 7. How do cryptocurrencies work? • The heart of any cryptocurrency is a public ledger that establishes ownership by anonymously recording who owns what amount of the currency. • A network of computers validates every transaction by performing computations that prove they have done the work, and receive new coins in return. • Two essential features of cryptocurrencies are :- 1. Mining (the creation of crypto-coins). 2. The blockchain (a public ledger of transactions).
  • 8. 1. Mining • The cash currencies we are familiar with - the U.S. dollar, the Euro - are created by central banks. Governments can print predetermined amounts of their currency and release them into circulation. • By contrast, cryptocurrencies are mined by users who typical rely on a mining program to solve sophisticated algorithms in order release blocks of coins that can go into circulation. • The more coins mined, the more difficult it gets to release new blocks and get new coins. This is how the algorithm has been devised- to ensure that not all coins can be mined instantly and to allow the currency to stabilize over time. • For many cryptocurrencies, there is only a limited amount of time when coins can be mined. Once that time expires, no more coins can be created.
  • 9. 2. Blockchain • This is a widely distributed ledger that contains the entire transactions history of the overall money supply of the cryptocurrency. The ledger is maintained by a decentralized network of computers. • As the name implies, the ledger is a chain of blocks. Each block contains a set of instructions with information including the sending addresses, the receiving addresses and the number of cryptocoins exchanged between them. //Think it is like a wikipedia or a bank account log • The blockchain allows two important aspect of transaction to be fulfilled: Proof of ownership Proof that the funds have not been double spent.
  • 10. Proof of ownership • Proof of ownership is established by a digital signature-a sort of public key-which acts as a account number and a private signing key-which acts as a password. Proof that the funds have not been double spent. • To ensure funds are not being double-spent, transactions are only deemed to be complete when they appear in blockchain master ledger. • Transactions are added there is blocks and are verified by various “nodes” of the system. The node that verified the block first is rewarded with newly created cryptocurrency-which is how new are coins added to the money supply. • Once a transaction is recorded , it cannot be reversed (to prevent the double- spending problem ). Everyone has the same blockchain and therefore access to the recorded transactions; this is unlike owning a currency note which will not reveal the past transactions made using the currency.
  • 11. What defines the price of cryptocurrency? • Limited supply and demand • Energy usage • Utility • Media • Investors • Scams • Price of Bitcoin • Volatility of cryptocurrency • Legal and governmental issue
  • 12. How will cryptocurrency help you? • Immediate Settlement: Eliminate third party. • Lower Fees. • Identity theft: Push or Pull mechanism. • Access to everyone. • Fast and global. • Decentralization: Peer to peer.
  • 13. Disadvantages of cryptocurrency •Acceptance •Volatility •Legal issues: e.g- Silk Road •Security issues: e.g:- Not reversible and merchant dependent. •Regulation •Cryptocurrencies are difficult for people to understand.
  • 14. Is cryptocurrency the future of money?
  • 15. Yes