CRYPTO CURRENCY
AN INTRODUCTION
PRESENTED BY:
AASTHA GUPTA
STUTI KASERA
PRIYA DIGARI
RADHIKA
CHHAVI TATWAT
NISHA
INTRODUCTION
Cryptocurrency (or “crypto”) is a digital currency, such as Bitcoin, that is used as an
alternative payment method or speculative investment. Cryptocurrencies get their name
from the cryptographic techniques that let people spend them securely without the need
for a central government or bank.
They are not issued or controlled by any central authority, such as a government or
financial institution, making them decentralized and resistant to censorship.
Transactions involving cryptocurrencies are recorded on a public ledger (blockchain) and
verified through a consensus mechanism, ensuring transparency and security.
Cryptocurrency (or “crypto”) is a digital currency, such as Bitcoin, that is used as an
alternative payment method or speculative investment. Cryptocurrencies get their name
from the cryptographic techniques that let people spend them securely without the need
for a central government or bank.
H I S T O R Y
Cryptocurrencies emerged with the invention of Bitcoin by an anonymous person or group using the pseudonym
Satoshi Nakamoto in 2008.
Bitcoin, introduced in a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System," aimed to create a
decentralized digital currency system independent of traditional financial intermediaries.
The first Bitcoin transaction took place in January 2009 when Nakamoto mined the genesis block, the initial
block in the Bitcoin blockchain.
Bitcoin paved the way for the development of numerous alternative cryptocurrencies (altcoins) such as Litecoin,
Ethereum, and Ripple, each with its unique features and use cases.
Over the years, the cryptocurrency market has experienced significant growth, attracting investors, traders,
developers, and enthusiasts worldwide.
The evolution of cryptocurrencies has witnessed technological advancements, including the development of
smart contracts (Ethereum), scalable blockchains (Cardano), and privacy-focused coins (Monero).
WHAT ARE CRYPTOCURRENCIES?
Characteristics of Cryptocurrencies
1. Decentralization:
Cryptocurrencies operate on decentralized networks, meaning they are not
controlled by any single entity, such as a government or financial
institution.
Transactions are verified and recorded on a distributed ledger (blockchain) by
network participants (nodes) through a consensus mechanism, eliminating the
need for intermediaries.
2.Security:
Cryptocurrencies use cryptographic techniques to secure transactions and
control the creation of new units. Public and private keys enable secure
digital ownership and ensure the integrity of transactions. The decentralized
nature of blockchain technology also makes cryptocurrencies resistant to
censorship and fraud.
Anonymity and Privacy:
While transactions on a blockchain are transparent and publicly recorded, the
identities of the parties involved are often pseudonymous. Users are represented
by cryptographic addresses rather than personal information, providing a level of
anonymity. However, it's essential to note that some cryptocurrencies offer
stronger privacy features than others.
Limited Supply:
Many cryptocurrencies have a predetermined maximum supply, meaning there is a finite
number of coins or tokens that will ever be created. For example, Bitcoin has a
maximum supply of 21 million coins. This scarcity can create value and is often cited
as a key characteristic of cryptocurrencies.
Global Accessibility:
Cryptocurrencies can be accessed and used by anyone with an internet connection,
regardless of geographic location or socioeconomic status
-
HOW DOES CRYPTO WORK? ---
-
Alice sends instructions to Alice sends instructions to
Information from the Miners compete to find
transfer cryptocurrency to transfer cryptocurrency to
new block is the code that will add
Bob. Anyone using the Bob. Anyone using the
transformed into a the new block to the
network can view the network can view the
cryptographic code. blockchain.
message. message.
Once the code is
Bob receives the
solved, the block is
cryptocurrency.
added to the
blockchain and the
transaction is
confirmed.
RISKS INVOLVED IN CRYPTOCURRENCY
Some information about your
Cryptocurrency payments do transactions will likely be public. People
not come with legal protections. talk about cryptocurrency transactions
Credit cards and debit cards as anonymous. But the truth is not that
have legal protections if simple. Cryptocurrency transactions
something goes wrong. For will typically be recorded on a public
ledger, called a “blockchain.” That’s a
example, if you need to dispute a
public list of every cryptocurrency
purchase, your credit card transaction — both on the payment and
company has a process to help Cryptocurrency payments
receipt sides. Depending on the
you get your money back. typically are not reversible. blockchain, the information added to
Cryptocurrencies typically do Once you pay with the blockchain can include details like
not come with any such cryptocurrency, you can the transaction amount, as well as the
sender’s and recipient’s wallet
protections. usually only get your money
addresses.
back if the person you paid
sends it back. Before you buy
something with
cryptocurrency, know the
seller’s reputation, by doing
some research before you pay.
Popular
Cryptocurrencies
1. Bitcoin (BTC)
Description: Bitcoin is the first and most well-known cryptocurrency, created by an
anonymous person or group of people using the pseudonym Satoshi Nakamoto in 2009. It
operates on a decentralized network and is used primarily as a store of value and medium of
exchange.
Market Capitalization: As of [Current Date], the market capitalization of Bitcoin is
approximately [Market Cap] USD.
Description: Ethereum is a decentralized platform that enables smart contracts and
decentralized applications (DApps) to be built and operated without any downtime, fraud,
control, or interference from a third party. It was proposed by Vitalik Buterin in late 2013
and development was crowdfunded in 2014.
Market Capitalization: As of [Current Date], the market capitalization of Ethereum is
approximately [Market Cap] USD.
3. Ripple (XRP)
Description: Ripple is both a platform and a currency. The Ripple platform is an open-source protocol that is
designed to allow fast and cheap transactions. Ripple's native cryptocurrency, XRP, is primarily used for
facilitating fast and cost-efficient international money transfers.
Market Capitalization: As of [Current Date], the market capitalization of Ripple is approximately [Market Cap]
USD.
4. Litecoin (LTC)
Description: Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee in 2011. It is based on the Bitcoin
protocol but differs in terms of the hashing algorithm used (Scrypt instead of SHA-256). Litecoin aims to provide
faster transaction confirmations and has a maximum supply limit of 84 million coins.
Market Capitalization: As of [Current Date], the market capitalization of Litecoin is approximately [Market Cap]
USD.
5. Bitcoin Cash (BCH)
Description: Bitcoin Cash is a cryptocurrency that was created in 2017 as a result of a hard fork from the original
Bitcoin blockchain. The main difference between Bitcoin and Bitcoin Cash is the increased block size in Bitcoin
Cash, allowing for more transactions to be processed.
Market Capitalization: As of [Current Date], the market capitalization of Bitcoin Cash is approximately [Market
Cap] USD.
Exploring the Diversity of Cryptocurrencies
The cryptocurrencies discussed, including Bitcoin, Ethereum, Ripple, Litecoin,
and Bitcoin Cash, represent just a fraction of the vast digital asset
landscape.
These cryptocurrencies have garnered significant popularity and hold
immense significance in the digital asset space due to their pioneering
roles, innovative technologies, and diverse use cases.
As the cryptocurrency landscape continues to evolve, it's essential to
recognize and embrace the diversity of cryptocurrencies, fostering
innovation, and driving forward the mainstream adoption of digital assets.
THANK YOU
PRESENTED BY:
AASTHA GUPTA 233803
STUTI KASERA 2338
PRIYA DIGARI 233312
RADHIKA 233314
CHHAVI TATWAT 2338
NISHA 2338
