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
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