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What is Cryptocurrency?
By: James Travis
What is it?
Cryptocurrency is a
peer to peer
electronic cash
system
Can be used to
anonymously buy goods
Not subject to
international fees
because it's not tied
to any country
GodspeedDevelopment.com
Types of Cryptocurrency
GodspeedDevelopment.com
Preventing Double
Spending
Records need to be
kept to make sure one
person doesn't spend
the same money twice
There is no central
server who regulates
this, instead every
peer in the network
has a list of every
transaction to
prevent spending the
same money twice
GodspeedDevelopment.com
A Completely Decentralized
Digital Cash System
The cash system is
regulated by
“miners” who
confirm
transactions
Bitcoins can’t be
duplicated because
it isn’t data.
It’s an entry on
the BlockChain
GodspeedDevelopment.com
What is the
blockchain?
It records every
bitcoin transaction
that has ever
happened
It works because
lots of people are
keeping track of
the same thing to
make sure all
transactions are
accurate
GodspeedDevelopment.com
How transactions are
recorded on the Blockchain
Your account
number
The account
number of the
person you’re
sending bitcoins
to
How many bitcoins
you want to send
GodspeedDevelopment.com
How are
transactions secure?
Your bitcoin wallet is
linked to two keys, a
private key & a public
key
The private key marks the
data letting everyone
know its really from you
If the public key works
its proof the transaction
was something that was
meant to be sent
GodspeedDevelopment.com
How is transaction
order picked
To add a block to
the chain each
person has to solve
a cryptographic
hash function
A hash function
takes an input of
any size and turns
it into an output
with a fixed size
GodspeedDevelopment.com
Hash Function
Explained
When given an input its easy
to find an output
Ex. 7+7=14
A hash function gives you
the output for you to figure
out the correct input
14 can equal 10+4, 8+6, etc
but only one combination is
correct
The only way to figure it
out is to guess until you
get it right
GodspeedDevelopment.com
Maintaining the
blockchain
Whoever solves the
hash gets to add
the next block of
transactions to the
blockchain
Whoever gets to add
the next block is
usually rewarded in
cryptocurrency and/
or tips
GodspeedDevelopment.com
Privacy
Buyers and sellers
names are never
logged, only their
wallet id’s
It allows you to
buy or sell things
without it being
easily traced back
to the buyer or
seller
GodspeedDevelopment.com
Storing Bitcoins
Bitcoins are stored in
a digital wallet,
either on a cloud
account or a users
computer.
Cloud Wallet servers
have been hacked before
You may accidentally
delete your wallet on
the computer, viruses
could destroy it also
GodspeedDevelopment.com
5 things to know about
cryptocurrency transactions
All transactions are
irreversible
No account is connected to
your real world identity
Transactions occur nearly
instantly
Because of the hash
function they are
incredibly secure
Everybody can use it, it's
unregulated
GodspeedDevelopment.com
What is Cryptocurrency

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What is Cryptocurrency

  • 2. What is it? Cryptocurrency is a peer to peer electronic cash system Can be used to anonymously buy goods Not subject to international fees because it's not tied to any country GodspeedDevelopment.com
  • 4. Preventing Double Spending Records need to be kept to make sure one person doesn't spend the same money twice There is no central server who regulates this, instead every peer in the network has a list of every transaction to prevent spending the same money twice GodspeedDevelopment.com
  • 5. A Completely Decentralized Digital Cash System The cash system is regulated by “miners” who confirm transactions Bitcoins can’t be duplicated because it isn’t data. It’s an entry on the BlockChain GodspeedDevelopment.com
  • 6. What is the blockchain? It records every bitcoin transaction that has ever happened It works because lots of people are keeping track of the same thing to make sure all transactions are accurate GodspeedDevelopment.com
  • 7. How transactions are recorded on the Blockchain Your account number The account number of the person you’re sending bitcoins to How many bitcoins you want to send GodspeedDevelopment.com
  • 8. How are transactions secure? Your bitcoin wallet is linked to two keys, a private key & a public key The private key marks the data letting everyone know its really from you If the public key works its proof the transaction was something that was meant to be sent GodspeedDevelopment.com
  • 9. How is transaction order picked To add a block to the chain each person has to solve a cryptographic hash function A hash function takes an input of any size and turns it into an output with a fixed size GodspeedDevelopment.com
  • 10. Hash Function Explained When given an input its easy to find an output Ex. 7+7=14 A hash function gives you the output for you to figure out the correct input 14 can equal 10+4, 8+6, etc but only one combination is correct The only way to figure it out is to guess until you get it right GodspeedDevelopment.com
  • 11. Maintaining the blockchain Whoever solves the hash gets to add the next block of transactions to the blockchain Whoever gets to add the next block is usually rewarded in cryptocurrency and/ or tips GodspeedDevelopment.com
  • 12. Privacy Buyers and sellers names are never logged, only their wallet id’s It allows you to buy or sell things without it being easily traced back to the buyer or seller GodspeedDevelopment.com
  • 13. Storing Bitcoins Bitcoins are stored in a digital wallet, either on a cloud account or a users computer. Cloud Wallet servers have been hacked before You may accidentally delete your wallet on the computer, viruses could destroy it also GodspeedDevelopment.com
  • 14. 5 things to know about cryptocurrency transactions All transactions are irreversible No account is connected to your real world identity Transactions occur nearly instantly Because of the hash function they are incredibly secure Everybody can use it, it's unregulated GodspeedDevelopment.com