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The Basics of Cryptocurrency February 2021

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The Basics of Cryptocurrency February 2021 The Basics of Cryptocurrency February 2021 © 2021 What Is Cryptocurrency? The Basics of Cryptocurrency Key Players www.onepagethinking.net Overview Fiat Currency Cryptocurrency Uses of Crypto Blockchain Digital Wallet Cryptocurrency Network Investors Cryptocurrency (crypto) is a digital currency A way to understand cryptocurrency and its Crypto uses encryption technology to quickly Two common transactions Each crypto transaction is communicated to all participating peer-to-peer (P2P) computers Crypto is stored in that can be used to buy goods and services. It vocabulary is to compare it to the U.S. dollar. process, secure, and verify transactions. involve crypto: (1) the use of (nodes) in the crypto network. Each P2P node verifies the transaction according to network a digital wallet, Computer Network Storage Role: Safekeeping of Market Operators Influencers and Investors uses an online ledger and encryption to U.S currency is issued by the Federal Reserve Each transaction conducted in crypto is crypto to buy and sell goods and rules. A group of verified transactions form a block (like a link in a chain) which is added to secured by a 24- of Miners Role: Facilitate Efficient Role: Promote Investment Role: Mine and Validate Blocks, Add Digital Wallet and Private Key secure transactions. Bitcoin was released in System (a central bank), and as such is called published in a ledger (the “blockchain”) that is services, and (2) the acquisition the blockchain by the miner who wins a “guessing game” built into the system. Miners are word private key. Exchange of Cryptocurrency In, and Adoption of, Cryptocurrency (i.e., Owner’s Password) 2009 as open-source software, developed by “fiat” currency. It is accepted worldwide as a widely and transparently distributed, while of crypto as an investment. the P2P nodes that use a device with vast computational power (a Bitmain Antminer) to There are three Block to Blockchain the pseudonymous person(s) called Satoshi valuable medium of exchange. Because fiat preserving the privacy of the participants. No Transactions are validated by participate in the guessing game for any block. Miners are rewarded with crypto for winning. types of digital Mining Pools Hot Storage (Crypto Stored Online) Gemini Market Notable Investors Nakamoto, thus launching crypto into the currency has physical form, the owner must central authority (like a central bank in fiat F2Pool Online Wallet Digital Currency Exchange Based In New York participating computers in a A new block is added to the blockchain when a majority of the nodes on the network validate wallets: software, and Regulated by the New York State Tesla Barry Silbert China-Based Mining Pool Via Blockchain.info world. Other cryptos have been created, but store it in a wallet or bank to protect it from currency) has authority over crypto, process that modifies an online the information contained in the block (the correct ID tag (a hash) of the previous block, etc.). hardware, and Department of Financial Services. Gemini was Tesla Recently Announced it Willl Founder of the Digital Currency Invest $1.5 Billion in Bitcoin Group (DCG) Bitcoin remains the largest and best known. theft or loss. Fiat currency is easy to use. determines the supply, or influences its value. ledger (the blockchain). Once the new block is added to the blockchain, it is frozen in place and cannot be altered. online. Poolin Coinbase the First Exchange to Launch Bitcoin Futures Contracts, and the Chicago Board Options China-Based Mining Pool Provides Digital Wallet for Exchange (CBOE) Uses Gemini as the Basis Ark Invest Garvin Andresen and Users on Its Platform Huobi.pool for Daily Settlement of Bitcoin Futures Popular Technology Exchange Ben Horowitz BUYING AND Transactional Uses of Cryptocurrency Illustration: Traded Fund (ETF) with a Bitcoin Features Fiat Currency Cryptocurrency China-Based Mining Pool BitcoinQT Client Cofounders of the Andresen- Record of a Bitcoin Transaction Coinbase Price Target of $400,000 Horowitz Venture Capital Fund SELLING GOODS Software to Access Private ViaBTC Largest Cryptocurrency Exchange in the United Key on a Personal Electronic Centralization, Centralized; Control. Governments (usually via a central bank) issue Decentralized; No Control. While governments can regulate China-Based Company with States by Trading Volume; Headquartered In Founders, Early Adopters and/or Influencers 1 Crypto + Transaction Fee Transmitted to Vendor Former Tencent Leadership Device Regulation and tangible, fiat currencies. Fiat currency is solely regulated at the crypto, there is no central server where crypto transactions are San Francisco; Serves the US Market as Both Vendor from Digital Wallet (Vendor Will Process Jack Dorsey Vitalik Buterin AntPool Cold Storage (Crypto Stored Offline) an Exchange and Broker; Has Bitcoin Reserves Erik Voorhees Control discretion of the central bank. The central bank can even freeze or hosted. Instead, the issuance of crypto and every crypto Bitcoin Using QR- CEO and 27 Year Old Co- Customer Represents 12% of global mining Early Adopter of change fiat currency without prior notice. This occurred in India in 2016, transaction is governed by a decentralized network of peer-to-peer Scanners Bank Facilities/Vaults Bitstamp Founder of Twitter Cryptocurrency; CEO Founder of Bitcoin Owner of computational power (as of 2020). Magazine and causing millions of currency holders to go without the means to buy (P2P) computers. No individual or government agency has direct Method to Physically Store Bitcoin Exchange Primarily of Shapeshift Directly from Created the staple goods. control over crypto (i.e., the software or distributed ledger (the Crypto 2 Private Key Serving the European Market Vendor Sends Purchased Items Customer’s Digital SlushPool Elon Musk Ethereum Crypto blockchain)). to Customer Wallet) Oldest Mining Pool formerly known Binance Vocalized Support for Tyler and Platform as Bitcoin.cz Mining Other Cold Storage World’s Largest Cryptocurrency Exchange Cryptocurrency Cameron Providers Platform through Twitter Medium of Widely Accepted. Fiat currency is widely accepted as a medium of Limited Acceptance. Crypto is a digital currency that can be used Mining Device Manufacturers Circle Internet Financial, Winklevoss Exchange exchange. as a medium of exchange, but it is not yet widely accepted. BitGo, Xapo, MyCelium, Other Market Operators Co-Founder of the Fred Ehrsam A Transaction Broadcast to CoreScientific Coinmotion, CoinCorner, UPHOLD, Kucoin, Kraken, NiceHash, Bittrex, Satoshi Gemini Market, a Co-Founder of Transparency Limited Visibility of Transactions and Currency Flow. The flow of fiat Widespread Visibility. Each transaction conducted in crypto is Network of Participating US Blockchain Infrastructure Bitcoin to You, LakeBTC, Bitfinex, Buybit, BitBay, Phemex, FTX, Nakamoto Leading Coinbase and Influential Strategist & currency (and the recording of credits and debits in the accounts of published in a ledger that is widely distributed for the world to see Nodes Provider; Produces the BitMain Coinfloor, Loyalbit, and Forex.com, Capital.com, Global Prime, and Pseudonym for the Cryptocurrency Antminer S19 Rig Coinsecure FXCM Founder(s) of Bitcoin Exchange Writer transacting parties) is routed through local banks to the Central Bank, (distributed ledger), so there is transparency into each transaction THE F Completion and and only these banks have visibility to the transactions. and flow of crypto. (Note: Some countries have banned crypto Behind the Scenes: Validation, Mining, and Blockchain Confirmation of due to concerns that some of them are being used to fuel illegal BLOCKCHAIN Transaction Commercial Financial activities such as terrorism and money laundering.) Bitcoin Mining Process Adding a New Block to the Blockchain Customers Vendor-Adopters Payments Platforms Transaction Verification Proof of Work Reward Completion Commercial Banks and Others Privacy Disclosure for Large Amounts. The Bank Secrecy Act requires a bank to Privacy. Each transaction file consists of senders’ and recipients’ Miners must first verify the Once the rewarded miner Role: Conduct Efficient and Role: Efficient Payment Role: Transmission of Crypto Broadcast The verified block is now in Under Bitcoin network Role: Provide Suitable Investment Vehicles for Wealthy Clients report deposits and withdrawals of over $10,000 to the IRS. All other public keys but not their actual names or private keys (i.e., transaction by ensuring it has position to be added to the rules, the first miner to successfully verifies the Low-Cost Transactions Methods to Facilitate Commerce to Vendors as Payment After someone requests B been digitally signed with the C blockchain (a listing of all D verify 10-minutes worth E transaction and 51% of transactions are only seen by the banks and transacting parties. passwords consisting of 24 unique words). Therefore, crypto users a transaction, the pairing of a public and previous transactions of transactions and Insert miners verify the same list, Consumers Microsoft XBOX need not share their identity in order to complete transactions of transaction is broadcast Algorithm Square Fifth Third Bank JP Morgan Chase private key. The transaction grouped into their respective guess the correct 64- the miner adds the block to In-Game App and Games Launched its Own Digital Coin (JPM Coin) to a network of P2P Creation and Successfully Block New Uses Blockchain to Facilitate Digital Payments any amount. is then pooled with other blocks). The right
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