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    Submitted by SAKSHI Cse 8th Sem

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    Sakshi Bindal
    Cryptocurrencies use cryptography to securely record transactions on a decentralized ledger called a blockchain. Satoshi Nakamoto developed Bitcoin in 2008 as a peer-to-peer electronic cash system without a central authority. Key aspects that differentiate cryptocurrencies from regular currencies include a lack of central control over supply and value, low transaction fees for global transfers, and representation as digital tokens rather than debt. Cryptocurrencies use cryptography and decentralized consensus to secure transactions, rather than relying on people or institutions.

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    Submitted by SAKSHI Cse 8th Sem

    Uploaded by

    Sakshi Bindal
    219 views21 pages
    Cryptocurrencies use cryptography to securely record transactions on a decentralized ledger called a blockchain. Satoshi Nakamoto developed Bitcoin in 2008 as a peer-to-peer electronic cash system without a central authority. Key aspects that differentiate cryptocurrencies from regular currencies include a lack of central control over supply and value, low transaction fees for global transfers, and representation as digital tokens rather than debt. Cryptocurrencies use cryptography and decentralized consensus to secure transactions, rather than relying on people or institutions.

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    Crypto currency

    Original Title

    Cryptocurrency 180123151851 Converted

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    Cryptocurrencies use cryptography to securely record transactions on a decentralized ledger called a blockchain. Satoshi Nakamoto developed Bitcoin in 2008 as a peer-to-peer electronic cash system without a central authority. Key aspects that differentiate cryptocurrencies from regular currencies include a lack of central control over supply and value, low transaction fees for global transfers, and representation as digital tokens rather than debt. Cryptocurrencies use cryptography and decentralized consensus to secure transactions, rather than relying on people or institutions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    219 views21 pages

    Submitted by SAKSHI Cse 8th Sem

    Uploaded by

    Sakshi Bindal
    Cryptocurrencies use cryptography to securely record transactions on a decentralized ledger called a blockchain. Satoshi Nakamoto developed Bitcoin in 2008 as a peer-to-peer electronic cash system without a central authority. Key aspects that differentiate cryptocurrencies from regular currencies include a lack of central control over supply and value, low transaction fees for global transfers, and representation as digital tokens rather than debt. Cryptocurrencies use cryptography and decentralized consensus to secure transactions, rather than relying on people or institutions.

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    At a glance
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    Cryptocurrencies use cryptography to enable secure digital transactions without a central authority. They emerged from attempts to create decentralized digital cash systems.

    Cryptocurrencies emerged as a side product of attempts to create digital cash systems without central authorities, beginning with Bitcoin which was intended as a peer-to-peer electronic cash system.

    Every payment network needs to prevent double spending, where the same amount is spent twice. Typically a central server tracks balances, but decentralized networks don't have this.

    Submitted by SAKSHI

    Cse 8th sem


    Cryptocurrencies are the Digital or alternative
    currencies that don’t have any physical form.
    Cryptography is used for such currency to make
    secure transactions. In Such Transaction
    information or transaction details are
    converted into such code that is uncrackable.
    So everything in such transaction is traced by a
    code. Usually, CryptoCurrency is not controlled
    by any country, so the value of such currency is
    determined by the market.
    Few people know, but cryptocurrencies
    emerged as a side product of another
    invention. Satoshi Nakamoto, the unknown
    inventor of Bitcoin, the first and still most
    important cryptocurrency, never intended to
    invent a currency.
    In his announcement of Bitcoin in late 2008,
    Satoshi said he developed “A Peer-to-Peer
    Electronic Cash System.“
    The single most important part of Satoshi‘s
    invention was that he found a way to build a
    decentralized digital cash system. In the nineties,
    there have been many attempts to create digital
    money, but they all failed.
    After seeing all the centralized attempts fail,
    Satoshi tried to build a digital cash system without
    a central entity.Like a Peer-to-Peer network for
    file sharing.
    This decision became the birth of cryptocurrency.
    To realize digital cash you need a payment
    network with accounts, balances, and
    transaction. That‘s easy to understand. One
    major problem every payment network has to
    solve is to prevent the so-called double
    spending: to prevent that one entity spends the
    same amount twice. Usually, this is done by a
    central server who keeps record about the
    balances.
    In a decentralized network, you don‘t have this
    server.
    Firstly, there’s no central bank anywhere
    that determines its value or controls the flow
    in which new money is being created. This
    makes the manipulation of the amount of
    money in existence not controlled by for the
    usual institutions we are used to.
    Another aspect that differentiates
    cryptocurrencies from regular currencies is
    the low transaction fees to transfer money
    all over the world. The fee is independent of
    distance, country borders etc..
    “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.”
    Basically, cryptocurrencies are entries about
    token in decentralized consensus-databases.
    They are called CRYPTOcurrencies because
    the consensus-keeping process is secured by
    strong cryptography. Cryptocurrencies are
    built on cryptography. They are not secured
    by people or by trust, but by math. It is more
    probable that an asteroid falls on your house
    than that a bitcoin address is compromised.
    Irreversible
    Pseudonymous
    Fast and global
    Secure
    Permissionless
    Controlled supply: Most cryptocurrencies
    limit the supply of the tokens. In Bitcoin, the
    supply decreases in time and will reach its
    final number somewhere in around 2140.
    No debt but bearer: The Fiat-money on your
    bank account is created by debt, and the
    numbers, you see on your ledger represent
    nothing but debts.Cryptocurrencies don‘t
    represent debts. They just represent
    themselves. They are money as hard as coins
    of gold.
    The one and only, the first and most famous
    cryptocurrency. Bitcoin serves as a digital
    gold standard in the whole cryptocurrency-
    industry, is used as a global means of
    payment and is the de-facto currency of
    cyber-crime like darknet markets or
    ransomware. After seven years in existence,
    Bitcoin‘s price has increased from zero to
    more than 650 Dollar, and its transaction
    volume reached more than 200.000 daily
    transactions.
    The brainchild of young crypto-genius
    Vitalik Buterin has ascended to the second
    place in the hierarchy of cryptocurrencies.
    Other than Bitcoin its blockchain does not
    only validate a set of accounts and balances
    but of so-called states. This means that
    Ethereum can not only process transactions
    but complex contracts and programs.
    Litecoin was one of the first
    cryptocurrencies after Bitcoin and tagged as
    the silver to the digital gold bitcoin. Faster
    than bitcoin, with a larger amount of token
    and a new mining algorithm, Litecoin was a
    real innovation, perfectly tailored to be the
    smaller brother of bitcoin.
    RentalCoins is a cryptographic technology for
    the distributed ownership of vehicles. This
    technology will enable us to create a fleet of
    collaboratively owned vehicles that will be
    accessible to all.
    In the world of Bitcoin, new coins are
    released on as steady and predictable rate.
    This rate started with 50 new bitcoins every
    hour and is halved until the around the year
    2140 when there will be no more bitcoins
    released. By then, all the 21 million bitcoins
    that ever will be created will be in
    circulation.
    Mining cryptocurrency is a bit misleading
    because most of the work that is being done
    is to verify what transaction has taken place
    within the network and then add them to the
    ledger. Therefore, to understand mining
    better, it might be more simple to think of it
    as just verifications of transactions.

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