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Published byLillian Hunter Modified over 5 years ago
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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
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contents :- What is cryptocurrency? Bitcoin Blockchain Bitcoin mining
How it works Advantages of cryptocurrency Disadvantages of cryptocurrency Conclusion Gayatri institute of computer and mangement
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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
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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 It used SHA-256 a cryptographic hash function as it’s , proof-of-work scheme Gayatri institute of computer and mangement
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Advantages of bitcoin:-
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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
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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
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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
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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
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To be able to send money , you have to set up a wallet
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
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Advantages of cryptocurrency:-
Peer to peer transaction Global bitcoin system Low fees Private Fast and easy secured Gayatri institute of computer and mangement
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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
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References :- https://www.simplilearn.com www.blockchain info.com
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
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Thank you ! Gayatri institute of computer and mangement
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