Cryptocurrencies / Virtual Money(It’s not only the currency, It is the technology.)
About Crypto CurrenciesA crypto currency is a digital currency that is created and managed through the use of advanced encryption techniques/software.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary (decentralized).
As a global currency you can send crypto currencies to anyone, anywhere in the world without worrying about cross border remittance charges and Service Charges, etc.,
Advantages of Crypto Currencies
1. Crypto currencies are digital and person to person directly and cannot be counterfeited or reversed arbitrarily by the sender.
2. Lower Fees for the transactions.
3. Access to Everyone.
4. Immediate Settlement.
5. Recognition at universal level.
6. Free of all governmental oversight.
7. The crypto currency economy is monitored by a peer-to-peer internet protocol.
Where it is useful nowadays?
Hawala or bulk Money Transfer
Terror Funding
Drug trafficking
Money laundering
Person to Person money transfer (across geographies)
DISADVANTAGES of Crypto currencies
• No government has authorized till now.
• Fact is many people are still unaware of crypto currency or Digital currency.
• People need to be educated about it to be able to apply it to their lives.
• Businesses need to start accepting it.
• They need to make it easier to sign up and get started.
Types of Crypto Currencies.
Bitcoin, ethereum, litecoin, Dash Coin, Ethereum Classic, Z-Cash, Monero, ripple and many more.
About Bitcoin
Bitcoin is a first ‘cryptocurrency’ and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
Sample Bitcoin Address :
1Mkv42y2JkUbEEtfWwACmTbmWzQvcRb6E7
(26-35 alphanumeric characters)
How it works and who manages crypto currencies?
Transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
BlockChain Network
“The distributed-ledger technology that under grids bitcoin... could change the financial system; think the Internet before browsers.”
More details about BlackChain.
The blockChain network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called "mining".
A Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3, that represents a possible destination for a bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. For example, using BitcoinCore, one can click "New Address" and be assigned an address. It is also possible to get a Bitcoin address using an account at an exchange or online wallet service.
900 crypto currencies
There were more than 900 crypto currencies available over the internet as of 11 July 2017 and growing. New cryptocurrency can be created any time. By market capitalization, Bitcoin is currently the largest blockchain network, followed by Ethereum, Ripple and Litecoin.
Software available at
Who started using bitcoin?
Microsoft,
Paypal, Dell, etc.,
Where to buy bitcoins? bitcoin wallet Service provider?
www.bitpay.com
www.zebpay.com (India focused)
www.etoro.com
www.coindesk.com
www.Zcash.com
www.bitcoinwallet.com
Www.blockchain.info/wallet/
www.bitcoincore.com
www.coindesk.com
www.Zcash.com
www.bitcoinwallet.com
Www.blockchain.info/wallet/
www.bitcoincore.com
Bitcoin vs INR
Value of one Bitcoin vs INR is Rs.1,52,736/-
Value
of One Bitcoin vs USD is $2268/-
Value of 1ETH vs USD is $193/-
Source : Various Websites.
Dr. G. Antony Raj MCA., PhD.,
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