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What is Cryptocurrency ?
• Digital currency or digital money is an Internet-based medium of
exchange distinct from physical (such as banknotes and coins) that
exhibits properties similar to physical currencies, but allows for
instantaneous transactions and borderless transfer-of-ownership.
• Cryptocurrency - A digital currency in which encryption techniques
(cryptography) are used to regulate the generation of units of
currency and verify the transfer of funds, operating independently
of a central bank.
• The first cryptocurrency to be created was Bitcoin back in 2009.
Today there are hundreds of other cryptocurrencies, often referred
to as Altcoins.
• First ‘decentralized’ digital currency. They are digital coins you can
send through the internet.
• No one controls it. Bitcoins aren’t printed, like rupee or dollars –
they’re produced by people, and increasingly businesses, running
computers all around the world, using software that solves
• An anonymous software developer called Satoshi
Nakamoto proposed bitcoin in 2009, which was an electronic
payment system based on mathematical proof. The idea was to
produce a currency independent of any central authority, transferable
electronically, more or less instantly, with very low transaction fees.
• In simple words, bitcoin is an open source software to transfer money
over the internet.
Currently, we use FIAT Money.
Trust the banks and central authorities with our money. They have
complete control over it as to what amount of money needs to be
printed and circulated.
These central authorities are the regulating bodies to whom we have
given complete control of our money !
Bitcoin is the idea that we can take back power and control of our
own money and we can transact in a better way.
It provides us with a currency and a payment network that we can
control ourselves and we don’t have to rely on any single entity to
create or help us to transact.
It's easy to set up – set up a bitcoin wallet and you are good to go !
It's completely transparent - stored in public ledger known as
Transaction fees are miniscule
Who prints it ?
No one. This currency isn’t physically printed in the shadows by any
bank. Instead, bitcoin is created digitally, by a community of people
that anyone can join. They are ‘mined’, using computing power in a
distributed network. And those who do this job are known as
Bitcoin is based on mathematics. Around the world, people are using
software programs that follow a mathematical formula to produce
bitcoins. The mathematical formula is freely available, so that anyone
can check it. The software is also open source, meaning that anyone
can look at it to make sure that it does what it is supposed to.
The bitcoin protocol – the rules that make bitcoin work – say that
only 21 million bitcoins can ever be created by miners. However,
these coins can be divided into smaller parts (the smallest divisible
amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’).
Why should you use bitcoins ?
Bitcoins are transferred directly from person to person via the net
without going through a bank or clearinghouse.
People can’t steal your payment information from merchants
It isn’t inflationary
It’s as private as you want it to be
You don’t need to trust anyone else
You own it
You can create your own money – simply mine it !
Secured by collective compute power of miners. Very difficult to
make changes but easy to verify.
Currency of the future.
What others think about ?
“[Virtual Currencies] may hold long-term promise, particularly if the innovations promote a faster, more
secure and more efficient payment system.”
Ben Bernake, Chairman of the Federal Reserve USA
“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not
duplicable in the digital world has an enormous value.”
Eric Schmidt, Former CEO of Google
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the
Peter Thiel, Co-Founder of Paypal
“Bitcoin is a technological tour de force.”
Bill Gates, Microsoft Co-Founder
“Every informed person needs to know about Bitcoin because it might be one of the world’s most important
Leon Louw, Nobel Peace prize nominee