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Cryptocurrency

Transcript: Policy Making Challenges People Problems Challenges and Risks of Crypto-Currency SOLUTION Chronologically-ordered universal transaction ledger called “Blockchain” Validation done by all nodes on the network Transactions are computationally impractical to reverse – No Fraud What is Cryptocurrency? Extreme Lows 3 Nov 2017 Traditional financial systems needs to adapt. (changes the business model) Businesses dealing with crypto-currencies need to keep evolving. Oct 2008 Classified as a subset of digital and virtual currencies Cryptocurrency exists electronically Designed to be secure and fast and free Overcomes the drawbacks of paper money and electronic money Some examples of Cryptocurrency are: Bitcoin Ethereum Litecoin Ripple What's next? Still some more questions! Cut Out the Middleman Financial Use Cases What is Fintech?? Clem Chambers - Intelligent investing Contributor - Forbes & Non - Financial Use Cases Digital coins: stored in digital wallets Transaction: A transfer of funds between two digital wallets. Transaction verification, confirmation addition to ledger Wallets use encrypted electronic signature to verify its legitimacy Identity Theft 2010 onwards What's next? Fintech, Cryptocurrencies - Applications, Challenges and Future Story of a Hunter and his trade; 25,000 years ago Birth of idea of Ledger Gold as ledger Paper Money Electronic Money Digital Money Technological Challenges ‘This is only the beginning, not the end’ Policy Making Organization Technology People PROBLEM Double spending - Spending the same money twice or more Not possible with physical money Digital transactions can be copied and re-broadcasted Unlike any other type of money retaining system, you totally own it Traditional liquid asset systems Take Control of your money Force you to their terms and condition Owner retains all funds on his hand Only he can define the terms of cryptocurrency usage No fear of account suspension or asset freeze Consumer Challenges Sep 2017 I predicted it would crash. Well I was wrong. It crashed twice. It is going to crash again but the trend is going to be up! Organization Challenges What's next? Money transfer services like Western Union – charge 7%-8% per $100 of money transferred from one country to another. Cryptocurrency will make money transmission free Increase in cryptocurrency transfers can put pressure on traditional companies & fees may not be around for much longer Evolution of Money Value There is still some hesitation Money transfer is done anonymously. Anonymity is attained by using cryptography AKA encryption. Converts legible information into an almost uncrackable code Helps to track and verify purchases and transfers Presented by: Maria Raushan CS-62 Mehwish Majeed CS-64 Hafsa Ansari CS-58 Saba Raza CS-76 Cryptocurrency Financial and Non-Financial Use Cases Identity theft - deliberate use of someone else's identity To gain a financial advantage or obtain credit information from his account Credit card operates on “pull” basis Cryptocurrency uses “push” mechanism Allows sender to send exactly what he wants with no further information You Are in the Driver’s Seat Volatile Up like a rocket, down like a rock Technological flaws result in prices going down E.g. Bitcoin crashed twice in 2017 Crypto-currency is inherently: Autonomous But.... The Dilemma for Law Makers 1 USD=1,309.03 BTC Technological Challenges Allows borderless collaboration Recognized at universal level Lesser charges Faster international payment Crypto-Currency Not scalable Risk of the system collapsing due to: Bandwidth TPS (transactions per second) DDoS attacks, and Blockchain size Complex and still developing Presently Distributed record of all transactions Cryptographic techniques ensure the legitimacy of record keeping Ledger verifies the authenticity of the transaction Copy of this ledger is distributed among all the miners. Bitcoin calls this public ledger a “transaction block chain“. Cryptocurrency- Some More Advantages Local Survey Results Make a donation Donationcoin – The currency of charity Charity Organizations: Borderless Charity, World Aid, The Water Project Non profit Organizations: WikiLeaks(~4K BTC) , Bitcoin Foundation(~6K BTC) Travel the world Cheap Air Expedia Destinia Webjet Exclusives Online Shopping Shopify Overstock Microsoft Apple (DASH Currency) Cryptocurrency can essentially act like “a large property rights database” - Gallippi, a financial blogger Transactions are processed directly Helps eliminate expensive brokers, lawyers, and other “middlemen Operates at the universal level Makes transactions quite easy Saves lots of time as well as money Survey conducted in social circle to: Determine awareness of cryptocurrencies Gauge view-points And Great Highs Non-Consumer Challenges May 2017 Cryptocurrencies are a bubble! 'Up like a rocket down like a rock‘ 'There will always be bubbles. History is full of them' Lack of awareness and understanding Consumer skepticism How rigid should the laws

cryptocurrency

Transcript: -why use of cryptocurrency download any wallet(zebpay etc) and generate a login id and password connect your bank account details presently 1bitcoin=43767.42 inr we can transfer and save the coins with almost no fees. it's fast it's cheap govt can't take it away you own it you don't need to trust anyone private Cryptocurrency mining power is rated on a scale of hashes per seconds. A rig with a computing power of 1kH/s is mining at a rate of 1,000 hashes a second, 1MH/s is a million hashes per second and a GH/s is one billion hashes per second ONECOIN Outline : -introduction -why use of cryptocurrency -how to earn it -how to store it -how to Mine(creation) -advantages -disadvantages mining tecnology any cryptocurrency untill now is not perfect it have many advantages, however it also has its disadvantages people are just beginning to become more aware of it How to earn it Conclusion lack of awareness and understanding risk and variation of a trading price still developing BARTER SYSTEM COIN SYSTEM BITCOIN CRYPTO CURRENCY a digital currency produced by a public network, rather than any government, that uses cryptography to make sure payments are sent and received safely "CRYPTO CURRENCY" -advantages freedom in payment control and security very low fees information is transparent Crypto-currencies are held in a "digital wallet," apps or online accounts that store your currency and allow you to send and receive it. Each wallet contains a set of unique addresses, a random string of characters like D8gGzLc8thi5isaxHBtRLyxaQiij6KsyF1. You can obtain your crypto-currency address from the wallet software or service you use Mining Program Cryptocurrency Algorithms(SHA-256-bitcoin) Mining Hardware -how to store it -disadvantages PAPER CURRENCY -how to mine cryptocurrency is electricity converted into lines of code with monetary value. In the simplest of forms, cryptocurrency is digital currency. AKHIL DCE-12 CREDIT/DEBIT CARDS

Cryptocurrency

Transcript: What is Cryptocurrency? What is it? 1 Cryptocurrency 2 Satoshi Nakamoto (pseudoname), the unknown inventor of Bitcoin, the first and still most important cryptocurrency. Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. Invention 3 Cryptocurrencies use decentralised technology to let users make secure payments and store money without the need to use their name or go through a bank. They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders. Blockchain “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” -Don & Alex Tapscott, authors of Blockchain Revolution Decentralization 4 How it Works Balances - blockchain Balances - blockchain A blockchain – originally block chain – is a continuously growing list of records, called blocks, which are linked and secured using cryptography. is a shared public ledger on which the entire network relies. Transactions - private keys Transactions - private keys A transaction is a transfer of value between digital wallets that gets included in the block chain. Digital wallets keep a secret piece of data called a private key or seed. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining. Processing - mining Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. Chronological order in the block chain Protects the neutrality of the network Allows different computers to agree on the state of the system. Processing - mining Common Cryptocurrencies Common Cryptocurrency Bitcoin the first and is the most commonly traded cryptocurrency to date. The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalisation of around $45 billion as of July 2017. Bitcoin Ethereum Developed in 2015, The currency token used in the ethereum blockchain, the second most popular and valuable cryptocurrency. Has a market capitalisation of around $18 billion as of July 2017. However, ethereum has had a turbulent journey. After a major hack in 2016 it split into two currencies, while its value has in recent months reached as high as $400 but crashed briefly to as low as 10 cents. Ethereum Ripple is another distributed ledger system that was founded in 2012. can be used to track more kinds of transactions, not just of the cryptocurrency. It has been used by banks including Santander and UBS and has a market capitalisation of around $6.3 billion. Ripple Coins.ph Founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson. Operating in the Philippines and Thailand, Coins' mission is to increase financial inclusion by delivering financial services directly to people through their mobile phones. The total value of all Litecoin is around $2.1 billion. Coins.ph Is it used? Is it used? 1 Revolutionary Possibilities 2 At the end of April 2017, the total value of all existing bitcoins exceeded 20 billion US dollars, with millions of dollars worth of bitcoins exchanged daily. 3 As payment for goods or services. Purchase bitcoins at a Bitcoin exchange. Exchange bitcoins with someone near you. Earn bitcoins through competitive mining. How does one acquire bitcoins? Pros & Cons Pros Cons Degree of acceptance Volatility Ongoing development Cons

CRYPTOCURRENCY

Transcript: 1. Bitcoin's current market value is $3908.06. 2. It was invented by Satoshi Nakamoto. 3. People who invested in Bitcoin back then are millionaires now. 4.Every bitcoin has a different binary code. Who knows this currency What is a currency 1. Bitcoins are also wildly volatile. In January 2013, one Bitcoin was valued at around $14. In November 2013, that value peaked at $1,124 but plummeted to $539 the following month. CRYPTOCURRENCY Who uses Bitcoin But what is a Bitcoin A system of money in general use in a particular country. For example Pakistani Rupee, US Dollar etc You might even have some currency in your pocket, wallet, bag or your purse. Bitcoin is a cryptocurrency. A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency. Facts About Bitcoin Bitcoin is not a physical currency thats why it has no physical bank, it is a digital currency and has a digital bank for trading and transactions. It is known as wallet or Blockchain to be more specific. Where is bitcoin stored Why is Bitcoin so valuable 1. Bitcoin is valuable because it is both useful and scarce 2. Its useful because it allows you to do things you could never do with normal currencies. Is it harmful/illegal Bitcoin is reportedly used by businessmen, politicians, hackers etc. This form of digital currency is anonymous thats whyit is used a lot.

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