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    Seminar 1

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    Aparna Panya

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    Seminar 1

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    6 views14 pages

    Seminar 1

    Uploaded by

    Aparna Panya

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    You are on page 1of 14

    Department of Computer Science and

    Engineering
    Seminar(17CSS86)

    A Detailed Study on Cryptocurrency

    Under the Guidance of


    Mrs. Soniya Komal V
    Assistant Professor
    Dept of Computer Science
    LATHA
    S(1RG17CS022)
    CONTENTS
    • ABSTRACT
    • INTRODUCTION OF CRYPOCURENCY
    • STEPS INVOLVED CRYPTOCURRENCY
    • BLOCKCHAIN
    • MINING
    • CRYPTOCURRENCY IN INDIA
    • ADVANTAGES OF CRYPTOCURRENCY
    • DISADVANTAGES OF CRYPTOCURRENCY
    • APPLICATION
    • CONCLUSION
    • REFERENCE
    ABSTRACT
    • Virtual Currencies and cryptocurrency is a new digital addition to the
    cyber world as well as global financial system that has not yet been fully
    administered into the legal structure of many nations across the globe.
    • Cryptocurrencies are digital assets where cryptography is used to
    create and distribute currency through peer-to-peer network.
    • Cryptocurrency has now emerged as an important asset in financial and
    business applications.
    • They rely on a secure backbone technology called Blockchain
    Technology which allows storing all the transactions made in a secure
    distributed ledger, a data structure which is done by the process called
    mining.
    INTRODUCTION TO CRYPTOCURRENCY
    • Cryptocurrencies is divided into two parts cryptography and currency.
    • Cryptography is associated with the process of converting ordinary plain
    text into unintelligible text and vice-versa.
    I. An encrypted message is ciphertext. The process of turning ciphertext back
    into plaintext is decryption.
    II. It is a is the science of protecting information by transforming it into a
    secure format.
    • Since the development of Bitcoin in 2009 by Satoshi Nakamoto, the first-ever
    cryptocurrency, it has become an important component of the international
    financial market after ten years of development.
    • The cryptocurrency market has grown to a total market capitalization of 209
    billion USD
    HISTORY AND STEPS INVOLVED IN
    CRYPTOCURRENCY
    • It is method of storing and transmitting data in a particular form so that
    ony those for whom it is intended can read and process it.
    • The art and science of concealing the messages to introduce secrecy
    in information security is recognized as cryptography.
    BLOCKCHAIN

    • Blockchain does not store any of its information in a central location.


    Instead, the blockchain is copied and spread across a network of
    computers.
    • Block structure - The Blockchain comprises a sequence of blocks, which
    stores the information of all the transactions, similar to a public ledger.
    • Proof of work : The algorithm is used to confirm the transaction and
    creates a new block to the chain.
    • For Bitcoin, this means that transactions are permanently recorded and
    viewable to anyone.
    MINING
    • Mining one can earn cryptocurrency without having to put down money
    for it.
    • Bitcoin miners receive Bitcoin as a reward for completing "blocks" of
    verified transactions which are added to the blockchain.
    Let’s take Bitcoin as an example.
    • Bitcoin is limited and it is 21million in total.
    • There are currently 18,728,693.75 bitcoins in existence. This number
    changes about every 10 minutes when new blocks are mined. Right now,
    each new block adds 6.25 bitcoins into circulation.
    • Bitcoin mining is the process by which new bitcoins are entered into
    circulation, but it is also a critical component of the maintenance and
    development of the blockchain ledger.
    • The cost to mine 1 BTC is 8206.64$. Meaning its still profitable.
    • 144 blocks per day are mined on average, and there are
    CRYPTOCURRENCY IN INDIA
    • What's the government stand on cryptos? The Ministry of Corporate Affairs
    (MCA) has made it mandatory for companies to disclose crypto
    trading/investments during the financial year.
    • What's its legal status in India?
    I. Cryptocurrencies are not illegal in India. Inter-Ministerial Committee (IMC) on
    November 2, 2017, to study virtual currencies.
    II. The government does not consider cryptocurrencies as legal tender.
    • Is cryptocurrency taxable currently? Yes
    • Were cryptocurrencies ever banned in India? The RBI, through a circular in
    April 2018
    • However, the Supreme Court in March 2020 overturned RBI's circular, permitting
    banks to handle cryptocurrency transactions from traders and exchanges.
    ADVANTAGES OF CRYPTOCURRENCY
    • Counterfeit ability.
    • Protection from inflation.
    • Self-governed and managed.
    • Secure and private.
    • Currency exchanges can be done easily.
    • Decentralized.
    • Cost-effective mode of transaction.
    • A fast way to transfer funds.
    DISADVANTAGES OF CRYPTOCURRENCY
    • Transaction is irreversible.
    • Regulations.
    • High volatility and potential for large losses
    • Can be used for illegal transactions
    • Data losses can cause financial losses
    • Decentralized but still operated by some organization.
    • Some coins not available in other fiat currencies.
    • Adverse Effects of mining on the environment.
    • Susceptible to hacks
    • No refund or cancellation policy
    APPLICATIONS
    • Military applications.

    • Used by law Enforcement agencies.

    • Cryptocurrency can be used to encourage ethical business practices.

    • Cryptocurrencies are also environmentally friendly since they do not require


    any paper to create notes for the currency.

    • The cryptocurrency era has opened up new possibilities for game publishers
    and developers. Some online games have already started transacting with
    cryptocurrency.
    CONCLUSION

    • Cryptocurrency seems to have moved past the early adoption phase that
    new technologies experience
    • The future of blockchain technology is about to take over the world just
    because of solutions and not because of the availability of conventional
    technology offered.
    • Some economic analysts predict a big change in crypto is forthcoming as
    institutional money enters the market.
    • It would further add credibility to blockchain and its uses as an alternative
    to conventional currencies.
    • People may buy Bitcoins as a safer mode of investment similar to Gold.
    • Some nations like Iceland have even begun to start their own national
    cryptocurrencies (Hofman, 2014)
    REFERENCES
    • https://www.geeksforgeeks.org
    • https://www.investopedia.com/terms/b/blockchain.asp
    • https://kite.zerodha.com/
    • International Research Journal of Engineering and Technology (IRJET)
    I. A Detailed Study on Cryptocurrency (April 2021)
    II. Cryptocurrency, Security Issues and Upcoming Challenges to Legal
    Framework in India(Jan 2020)
    III. Data Security and Privacy in Bitcoin System: A Survey(July 2020)
    IV. Security Of Cryptocurrency Using Hardware Wallet And QR Code(Jan
    2019)
    THANK YOU

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