Crypto

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TYPES AND STASTICS OF CRYPTO-CURRENCIES

Bitcoin Rs.5,06,914

Litecoin Rs. 3087

Evolution of Crypto-Currency

Future uses

Ripple Rs.15.41

• In 1998, Wei Dai published a description of "b-money"
• Shortly thereafter, Nick Szabo created "bit gold"
• The first cryptocurrency was "Bitcoin". Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto.
• Soon after, in October 2011, "Litecoin" was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256.

Ethereum Rs.10,074

B-Money

Bit-Gold

Bitcoin

https://www.coindesk.com/price/

https://coinmarketcap.com/

More retailers will begin to accept BTC

Used in international trading to avoid currency exchanges

Become as common place as credit cards

Less volatility in hard currency value (USD)

Nefarious uses

Currency Flops and becomes worthless

Cryptocurrency

MINING CURRENCY

CPU

Charan K R

• Was the original way to do it, was initially solo mining (not pooled) and you got all of the block or none of it (50 BTC)
• Slow compared to today’s standards.
• Core i5 2500 about 20.6 megahash/s

GPU

• Somebody wrote a program that would use the GPU’s within PC’s to mine, this was discovered to be more energy efficient per hash, and gave you an advantage in higher hash rates.
• AMD/ATI GPU’s were much faster and more efficient per megahash using OpenCL
• AMD 6870 (3 year old card as of now purchase price about 150 USD) ~300 megahash/s

How does crypto-currency works

What is a blockchain

• Based off a public ledger known as the block-chain
• Everything about the transactions (from, to, how much, when) is all public knowledge
• This creates an open nature.
• Aims to create a new block every 10 minutes
• Does this by adjusting the difficulty
• Difficulty changes ever 2016 blocks
• To “solve a block” one must compute the correct hash
• There is a target number, that the hashed value must be equal to or lesser than.

CONTENTS

Bitcoin Origins

Current Uses

• Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.
• In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“
• His goal was to invent something; many people failed to create before digital cash.

• Some retailers take BTC
• Overstock is the newest one, newegg has hinted at it.
• Sacramento Kings now accept BTC
• A few smaller online retailers take BTC
• Many miner producing companies accept BTC
• Use an exchange to trade BTC out for your currency of choice.
• Bitcoin is still in its infancy of adoption, so the list of people who accept it grows everday

• INTRODUCTION
• Evolution of Crypto-Currency
• What is a Crypto-Currency
• How it works?
• What is a Blockchain?
• Crypto-currency features
• Mining
• Accessibility
• Current Uses
• Future Uses

INTRODUCTION

• A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
• Bitcoin became the first decentralized cryptocurrency in 2009.
• Bitcoin is peer-to-peer and transactions take place between users directly, without an intermediary.
• These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain which uses bitcoin as its unit of account.

ACCESSIBILITY