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Where Money and Technology Meet
Cryptocurrency Where Money and Technology Meet
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Introduction Why Cryptocurrency? Virtual Wallet Topics to Cover:
Anonymity Low Cost Transactions Security Virtual Wallet Topics to Cover: Blockchain Technology Mining Common Currencies Cryptocurrency Adoption
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A video explanation https://vimeo.com/206253172
What is Blockchain? A video explanation
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How is Blockchain Different from Traditional Models?
Centralized Decentralized
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How is Blockchain Different from Traditional Models?
Distributed Network (Peer-to- Peer) Public ledger accessible to everyone and controlled by no one Cuts out the middle man
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Blockchain Isn't Just for Cryptocurrencies
Walmart – Started tracking how pigs from China move through the supply chain to the American table in 2016 Everledger – Registered 40 identifying characteristics of more than a million diamonds in order to alleviate concerns over a stone's origins and authenticity Legal Firms – Looking to create "smart contracts" that will execute themselves Banking – Looking to expedite basic transactions such as stock sales and money transfers Source: Hackett, Robert. "Blockchain Mania." Fortune. September 1, 2017.
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Cryptocurrency Mining
1zs
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Clarifications What are the math problems?
The "problem" is to create a correct "hash" using a repeating algorithm. This really isn't a "problem", it's more like a roll of the dice. Why do these problems need to be solved? The "problem" is not important, what's important is that it takes time to solve it, and time is money. Who is rewarding bitcoins to the problem solvers? When the code for Bitcoin was written, the anonymous writer embedded rewards in his/her code that accompanied each new block.
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Types of Cryptocurrency: Bitcoin
Created in 2009 under the name "Satoshi Nakamoto" Open-source software, allowing for peer-to-peer transactions Most commonly used type of cryptocurrency Classified as a digital asset or digital currency
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Types of Cryptocurrency: Bitcoin
Bitcoin has increased in price since inception Volatility was initially a concern Source: Wikipedia, Bitcoin
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Types of Cryptocurrency: Bitcoin
Adoption is becoming more common In 2015, over 100,000 vendors accepted Bitcoin Bitcoin offers much lower fees to merchants than credit card companies Some users see Bitcoin as a way to protect their savings in highly volatile markets
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Types of Cryptocurrency: Litecoin
One of the first cryptocurrencies after Bitcoin Introduced in October 2011 by Charlie Lee Tagged the silver to the digital gold of Bitcoin Actively developed and traded Hoarded as a backup if Bitcoin fails
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Types of Cryptocurrency: Litecoin
Substantial industry support, trade volume, and liquidity Complementary to Bitcoin Allows a greater number of transactions to be processed by the network, reducing potential bottlenecks as seen with Bitcoin (2.5 minutes to process every block vs. 10 min) Has an almost zero payment cost Facilitates payments approx. 4x faster than Bitcoin As of August 2017, market capitalization was $2,253,184,567 at around $42.94 per coin
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Types of Cryptocurrency: Ethereum
Invented by Vitalik Buterin in 2013 Not actually a cryptocurrency Open-Source Platform Ether is the cryptocurrency For more than just peer to peer exchanges
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Types of Cryptocurrency: Ethereum
Ethereum Uses/Apps: Weifund: Crowdfunding/ICOs DECNTREX: Smart Contracts EthCrow: Escrow Services Trippki: Hotel Booking & Rewards Programs How to Access: Browsers: Mist or MetaMask Classes / Coders
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Types of Cryptocurrency: Ethereum
The Future Varying Predictions Six Transactions / Second Bringing Blockchain to everyone Endless Possibilities
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Barriers to Adoption: Lack of Demand/Understanding Fragmentation
Network Effects Volatility Governmental/Regulations
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Accepting Bitcoin:
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Conclusion Blockchain technology has a number of unique applications, including cryptocurrency, and is here to stay Some of the biggest challenges facing cryptocurrency adoption are: Fragmentation Volatility Cryptocurrencies can be a highly rewarding yet risky investment product
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