cryptocurrencies and bitcoins
Post on 14-Feb-2017
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When I talk to my family, crypto, james bond, secret communication.Currency is money, why the relationship? Cryptography allows to do apparently impossible things in the digital world. Physics limits us IRL, cryptography (computaional hardness) limits us in the digital life.1
CONTENTSWHAT IS CRYPTOCURRENCYMAJOR CRYPTOCURRENCIESWHAT ARE BITCOINSWHAT IT IS BASED ON ?HOW TO OBTAIN BITCOIN ?LITECOINPEERCOINNAMECOIN
WORLDCOINOTHER MAJOR CRYPTOCURRENCIESLEGALITY OF BITCOINS IN WORLD
It is the medium of exchange for goods and services on internet. Unlike the our hard cash it is impossible to touch and feel this.
What is Crypto-currency ?
How can one obtain cryptocurrencies?
Earn Bitcoins from miningEarn Bitcoins by accepting them as a means of payment Earn Bitcoins trough tradingEarn Bitcoins as a regular income Earn Bitcoin from interest paymentsVarious ways (donations, gambling, getting tipped, completing tasks on websites...)
BITCOIN-BTC Bitcoin is software-based online payment system described by Satoshi Nakamoto in 2008. And introduce as open-source software in 2009.
It is a form of digital currency (physical form is absent), created and held electronically. It is used to buy things electronically and in that sense it is no different than conventional currency.
Payments are recorded in a public ledger using its own unit of account (Bitcoin).
Bitcoin is commonly referred to as cryptocurrency and it can be divided into smaller unit called Satoshi.
Features of BTCBitcoin has several features that set it apart from fiat currencies:It is decentralizedIt is easy to set up and it is fastIt is anonymousIt is completely transparent
Transaction fees are minisculeTransactions are irreversible
Based on Bitcoin protocolCan be efficiently mined on consumer grade hardwareFaster transaction confirmations (2.5min on average)Proof-of-stake in addition to proof-of-workScheduled to produce 84 million currency unitsCurrent market cap - $867 million
Increased security via Proof-of-work + proof-of-stake hybrid algorithm
Energy efficiency - generating proof-of-stake blocks
Current market cap - $116 million
NAMECOIN - NMCKey/Value registration and transfer systemBased on Bitcoin technologyAllows you to:Securely register and transfer arbitrary names (keys)Attach value (data) to the namesTrade and transact namecoins
Use cases:Time stampingBonds, sharesVoting / Web of TrustMarket cap - $62 million
WORLDCOINFaster transaction time 30 sec (over 20 x faster than Bitcoin)1% reward reduction weekly, encouraging quicker adoptionMarket cap - $24.5 million
OTHER MAJOR CRYPTOCURRENCIES
QUARKUses nine rounds of secure hashing from six different algorithmsExtra secureMarket cap - $30 million
PRIMECOINCryptocurrency with Prime Number Proof- Of-WorkFirst currency to have non-hashcash proof-of-workMarket cap - $16.9 million
FEATHERCOINMarket Cap - $15.9 million
MEGACOINRestricted to 42 millionMarket cap - $26 million
LEGALITY OF BITCOINS IN DIFFERENT COUNTRIES
PERMISSIVE CONTENTIOUS HOSTILE UNKNOWN
THANK YOU !!QUERIES ??