CRYPTOCURRENCY
By Manav
Agrawal 9A
SCTS MHL-1
INTRODUCTION TO CRYPTOCURRENCY
A cryptocurrency is a digital currency, which is an alternative form of payment created
using encryption algorithms.
The use of encryption technologies means that crypto can be used both as a currency as
well as a virtual accounting system.
To use cryptocurrencies, you require a cryptocurrency wallet.
Cryptocurrency is completely digitalized and it does not exist in a physical form.
It is not issued by the central authority.
The first form of cryptocurrency was BITCOIN
HISTORY OF CRYPTOCURRENCY
In 1998, Wei Dai published a description of “B-Money” an anonymous
distributed electronic cash system.
In 1983, American cryptographer David Chaum conceived of a type of
cryptographic electronic money called e-cash.[15][16] Later, in 1995, he
implemented it through Digicash,[17] an early form of cryptographic electronic
payments.
The first cryptocurrency to capture the public imagination was Bit-coin in 2009
by an individual or group known under the Pseudonym Satoshi Nakamoto.
PURPOSE OF CRYPTOCURRENCY
A crypto-currency is a medium of exchange like normal currencies such as USD
but designed for the purpose of exchange digital information through a process
made possible by certain principles of cryptography.
Crypto-currency is used to secure transactions and to control the creation of new
coins.
It also helps us to keep our funds private while making transactions that don’t
require us to wait such as cash transactions.
CHARACTERISITCS OF
CRYPTOCURRENCY
It uses a number of algorithms.
Traded in different ways.
Main characteristics that should be considered by the customer are:
1) Market Capitalization and Daily Trading Volume.
2) Verification Method.
3) Retailer Acceptance.
HOW TO CRYPTOCURRENCIES WORK?
Crypto-currencies is an encrypted
decentralized digital currency transferred
between peers and confirmed in a public
ledger via a process known as mining.
Mining programs tap into your computers
hardware resources and put them to work
mining Bit-Coin, Litecoin, or any other type
of crypto-currency.
Even if you generate money for them, you
don’t get anything out of it.
They get all the money from putting your
hardware to work.
TOP 10 CRYPTOCURRENCIES AS OF 2022
1. Bitcoin (BTC) Market cap: Over $846 billion. ...
2. Ethereum (ETH) Market cap: Over $361 billion. ...
3. Tether (USDT) Market cap: Over $79 billion. ...
4. Binance Coin (BNB) Market cap: Over $68 billion. ...
5. XRP (XRP) Market cap: Over $37 billion. ...
6. Terra (LUNA) ... Market cap: Over $34 billion. …
7. Cardano (ADA) ... Market cap: Over $33 billion. …
8. Solana (SOL) … Market cap: Over $33 billion. …
9. Polkadot (DOT) … Market Cap: Over $22 billion
10. 10. Litecoin (LTC) … Market Cap: Over $9 billion
HOW TO BUY CRYPTO-CURRENCIES?
Cryptocurrencies are assets created digitally following specific rules and can be
exchanged amongst users just like any other currency.
In order to acquire crypto assets, the equivalent of a currency exchange office is
needed.
This function is mainly done through an exchange or a broker.
A broker will also charge a certain percentage of amount as his fees or brokerage.
CRYPTO-CURRENCY WALLET
A crypto-currency wallet is a secure digital wallet used to store, send, and
receive digital currency like Bit-coin.
Most coins have an official wallet and some coins officially recommend using
third-party wallets.
This wallet is where you can control all your funds invested in a crypto-currency.
This wallet is used for all transactions regarding your Bit-Coin.
To get a wallet, you need and ID Proof, Bank account details and a credit card.
SETTING UP CRYPTO-CURRENCY
WALLET
First we need to download the app.
Then we have to confirm an e-mail.
Then we can proceed with setting up our bank
account.
Then set up a lock and a recovery system in case we
forget our password.
Your Crypto Wallet is now set.
BUYING A CRYPTO-
CURRENCY
Open the app and click on buying a
crypto.
Then select the currency in which u want
to buy and enter the amount.
Choose your payment method and the
confirm the payment.
You have successfully bought a crypto.
Store it safely.
SENDING AND RECEIVING
CRYPTO-CURRENCY
Choose the send option.
Pick your currency and amount.
Enter the recipient’s address or scan his
QR code.
Click on the send button.
You have successfully sent crypto.
BENEFITS OF CRYPTO-
CURRENCY
It is easy to carry.
Simple, Fast, Safe & Cheap.
Low inflation and collapse risk.
Untraceable.
Access to everyone.
Decentralization nature, etc……………
DISADVANTAGES OF CRYPTO-
CURRENCY
Lack of Awareness.
Lack of Understanding.
Risk of Volatility.
Still under development phase.
Risk in investments, etc………………
THANKYOU
