Crypto Currency
Crypto Currency
Crypto Currency
SHIROYA AVISH D.
SEAT NO: 3952 SEM:6
Content
1996 The National Security Agency published a paper entitled How to Make a Mint: the
Cryptography of Anonymous Electronic Cash, describing a cryptocurrency system.
1997 The paper was first published in an MIT mailing list in The American Law Review.
1998 Wei Dai described "b-money", an anonymous, distributed electronic cash system. Shortly
thereafter, Nick Szabo described bit gold. Like Bitcoin and other cryptocurrencies that would
follow it, bit gold was described as an electronic currency system which required users to
complete a proof of work function with solutions being cryptographically put together and
published.
2009 The first decentralized cryptocurrency was Bitcoin.In January 2009, Bitcoin was created by
pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash
function, in its proof-of-work scheme.
2010 It was the only cryptocurrency in the market. Back then, its price was just a few cents.
History of Crypto currency
History of Crypto currency
2011 In April 2011, Name coin was created as an attempt at forming a decentralized DNS.
In October 2011, Litecoin was released which used scrypt as its hash function instead
of SHA-256.
2012 Peercoin, created in August 2012, used a hybrid of proof-of-work and proof-of-stake.
2014 On 6 August 2014, the UK announced its Treasury had commissioned a study of
cryptocurrencies, and what role, if any, they could play in the UK economy. The study was also
to report on whether regulation should be considered.
2021 In June 2021, El Salvador became the first country to accept Bitcoin as legal tender, after the
Legislative Assembly had voted 62–22 to pass a bill submitted by President Nayib Bukele
classifying the cryptocurrency a. August 2021, Cuba followed with Resolution 215 to recognize
and regulate cryptocurrencies for Bitcoin. InSeptember 2021, the government of China.
2022 As of March 2022, there were more than 9,000 other cryptocurrencies in the marketplace.
On 15 September 2022, , Ethereum transitioned its consensus mechanism from proof-of-work
(PoW) to proof-of-stake (PoS) in an upgrade process known as "the Merge".
What is Bitcoin?
Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of
payment outside the control of any one person, group, or entity, thus removing the need for third-
party involvement in financial transactions. It is rewarded to blockchain miners for the work done
to verify transactions and can be purchased on several exchanges.
Transactional Monetary
Secure
Permissionless
How do crypto currencies work?
Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions
updated and held by currency holders.
Pionex
Aqru Coinbase
Gemini Binance
Difference Between Crypto currency and Fiat money
Benefits of Crypto Currency or
Advantages of crypto currency
Decentralization Transparency
Illegal Transactions
Price volatility
No Refund or Cancellation
Conclusion
This is mostly due to the fact that it is still a relatively young and new currency.
In order for Crypto-currency to succeed, more people need to understand what it is.
References
https://www.slideshare.net/SanjayKumar2562/introduction-to-cryptocurrency
https://www.slideshare.net/SubhamPritam/cryptocurrency-a-brief-history
https://corporatefinanceinstitute.com/resources/cryptocurrency/types-of-cryptocurrency/
https://en.m.wikipedia.org/wiki/Cryptocurrency
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