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The document discusses cryptocurrencies, defining them as digital assets that use cryptography for secure transactions and asset transfers. It highlights Bitcoin as the first and most valuable cryptocurrency, detailing its operation through a decentralized network called blockchain. Additionally, the document outlines the advantages and disadvantages of cryptocurrencies, emphasizing their impact on financial inclusion, transaction efficiency, and challenges posed to traditional banking systems.

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11 views12 pages

CSS Part1 (QS)

The document discusses cryptocurrencies, defining them as digital assets that use cryptography for secure transactions and asset transfers. It highlights Bitcoin as the first and most valuable cryptocurrency, detailing its operation through a decentralized network called blockchain. Additionally, the document outlines the advantages and disadvantages of cryptocurrencies, emphasizing their impact on financial inclusion, transaction efficiency, and challenges posed to traditional banking systems.

Uploaded by

miyoho2562
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Cryptocurrency and it’s

implications on Economy
Group 3
Parkhiya Dharmik 230170132033
Rajput Aniruddh 230170132056
Prajapati Hiren 230170132050

Vishwakarma Government
Engineering Collage
Faculty : Prof. Amee U. Chhaya
• What is Cryptocurrencies?
• Types of Cryptocurrencies
• Advantages of Cryptocurrencies
• Impact on World Economy
WHAT IS CRYPTOCURRENCY ?
A cryptocurrency (or crypto currency) is a digital asset
designed to work as a medium of exchange that uses
strong cryptography to secure financial transactions,
control the creation of additional units, and verify the
transfer of assets. Cryptocurrencies area kind of
alternative currency and digital currency.
1. Ethereum
2. Litecoin
3. Bitcoin
4. Ripple
(XRP)
WHAT IS BITCOIN ?
• Bitcoin is a cryptocurrency, or a digital currency, that
uses rules of cryptography for regulation and
generation of units of currency.
• Bitcoin falls under the scope of cryptocurrency and
was the first and most valuable among them. It is
commonly called a decentralised digital currency.
BITCOIN
• Bitcoin Founder : Satoshi Nakamoto
• Found Date : 3 Jan 2009 – ($0.09)
• Present price : $104,700.70
HOW BITCOIN WORKS ?
• Bitcoin works as a digital currency that uses a decentralized
network called blockchain to record transactions.
• People send and receive Bitcoin through digital wallets,
which are like online bank accounts.
• Transactions are verified by "miners" who solve complex
puzzles to secure the network.
• Bitcoin operates without a central authority, like a
government or bank, making it peer-to-peer.
ADVANTAGES OF BITCOINS
• Choose your own fees
• Enhanced Security
• Fast Transaction
• Transparent and neutral
DISADVANTAGES OF BITCOINS
• Tax Complexity

• Volatility

• Security Risks
• Increased Financial Inclusion: Cryptocurrency can provide access
to financial services for the unbanked.
• Faster and Cheaper Transactions: Transactions can be processed
quickly and at a lower cost compared to traditional methods.
• Decentralization : Unlike traditional money controlled by
governments and banks, cryptocurrencies work on decentralized
networks (blockchain)
• Challenges to Traditional Banking : Banks and financial
institutions are now forced to innovate due to competition fram
cryptocurrencies. Some banks have started using blockchain
technology for faster and more secure transactions

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