GAYATRI INSTITUTE OF COMPUTER AND MANAGEMENT HINJILICUT GANJAM

GAYATRI INSTITUTE OF COMPUTER AND MANAGEMENT HINJILICUT (GANJAM) REPRESENTED BY— AMISHA MISRA ISHA KIRAN HOTA RASMILATA GOUDA SNIGDHA PARMITA LENKA guided by. . k. anil kumar H. o. d. of gicm

CONTENTS : What is cryptocurrency? Bitcoin Blockchain Bitcoin mining How it works Advantages of cryptocurrency Disadvantages of cryptocurrency Conclusion Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

CRYPTOCURRENCY: - WHAT IS CRYPTOCURRENCY? CRYPTO-CURRENCY is a form of digital money that is designed to be secure and in a many cases , anonymous. It is a currency associated with the internet that uses CRYPTOGRAPHY. The processes of converting legible information into an almost uncrackable code, to track purchases and transfers. Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

BITCOIN : Bitcoin is the first decentralized digital currency that allows users to transfer money peer to peer with out any intermeditor (banks , government etc. . ) using block chain technology. SATOSHI NAKAMOTO , secretive internet user , invented bitcoin in 2008 before it went onlilne in 2009. It used SHA-256 a cryptographic hash function as it’s , proof-of-work scheme Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

ADVANTAGES OF BITCOIN: - Gayatri institute of computer and mangement

DISADVANTAGES OF BITCOIN: Bitcoins are not widely accepted. Wallets can be lost. No buyer protection. Risk of unknown technical flaws. No physical form. Gayatri institute of computer and mangement

WHAT IS BLOCKCHAIN ? Blockchain is a public distributed ledger in which transactions made in bitcoins or any other digital currency are recorded in a chronological order. Gayatri institute of computer and mangement

WHAT IS BITCOIN MINING ? Bitcoin mining is the process of verifying bitcoin transactions and recording them onto the public ledger(i. e. , blockchain). Gayatri institute of computer and mangement

CONCEPT OF BLOCKCHAIN : In order to understand bitcoin mining, we need to understand the 3 major concepts of blockchain: Distributed Public Ledger SHA-256 Proof Of Work Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

Gayatri institute of computer and mangement

I. III. IV. To be able to send money , you have to set up a wallet. The account similar to a well-known online bank account. You can see your balance , choose an amount you want to transfer enter the recipient’s details and click ‘send’. After you click ‘send’, a message with your and recipient’s details will be sent to a particular cryptocurrency network. This prevents theft, and previously mentioned , double spending. If you have an online bank account then you know that before you make a transfer or a payment , you have entered a pin code or use a digital security key. Same things works for cryptocurrency-underneath a message , you have to include your signature. The signature is not based on a handwriting but a mathematical formula. The math behind a signature comes from the word ‘cryptography’- an art of hiding. Normally used to hide secret messages Gayatri institute of computer and mangement

ADVANTAGES OF CRYPTOCURRENCY: Peer to peer transaction Global bitcoin system Low fees Private Fast and easy secured Gayatri institute of computer and mangement

DISADVANTAGES OF CRYPTOCURRENCY : Not accepted everywhere until now Highly technical/ more advanced technology Limited supply once you have done payment you can’t reverse it Gayatri institute of computer and mangement

REFERENCES : 1. 2. 3. https: //www. simplilearn. com www. blockchain info. com www. bitcoin. org Coclusion : - Cryptocurrency has come to stay and bitcoin the way forward to eliminate fist money and go digital with payment system in the world. Gayatri institute of computer and mangement

THANK YOU ! Gayatri institute of computer and mangement