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[Classy Business Academy] [CLASSY BUSINESS ACADEMY] LECTURE NOTE 1. MEANING & HISTORY OF BLOCKCHAIN Blockchain is defined as a decentralized peer to peer digital ledger of cryptocurrency transactions that is secured, duplicated and distributed across the entire network of computer systems. The blockchain system records information in a way that makes it impossible to change, cheat or hack the system. History of Blockchain Technology It is important for every Blockchain enthusiasts and aspirants to know about the history of Blockchain and how it has evolved overtime. Blockchain technology was first outlined by Stuart Haber and W. Scott Stornetta, the two researchers envisioned what many people have come to know as blockchain, in 1991. They implemented a system of working on a cryptographically secured chain of blocks whereby no one could tamper with timestamps of documents. We can actually say that Blockchain was invented in 1991. In 1992, they upgraded their system to incorporate Merkle trees that enhanced efficiency thereby enabling the collection of more documents on a single block. However, it is in 2008 that Blockchain History starts to gain relevance, thanks to the work one person or group by the name Satoshi Nakamoto did. Satoshi Nakamoto is accredited as the brain behind blockchain technology. Very little is known about Nakamoto as people believe he could be a person or a group of people that worked on Bitcoin, the first application of the digital ledger technology. Nakamoto conceptualized the first blockchain in 2008 from where the technology has evolved and found its way into many applications beyond cryptocurrencies. Satoshi Nakamoto released the first whitepaper about the technology in 2009. In the whitepaper, he provided details of how the technology was well equipped to enhance digital trust given the decentralization aspect that meant nobody would ever be in control of anything. Ever since Satoshi Nakamoto exited the scene and handed over Bitcoin development to other core developers, the digital ledger technology has evolved resulting in new applications that make up the blockchain History. 1 | P a g e [CLASSY BUSINESS ACADEMY] 2. MEANING & HISTORY OF CRYPTOCURRENCY A cryptocurrency is a digital or virtual currency that is secured by cryptography, which is the art of writing or solving codes, which makes it nearly impossible to counterfeit or double-spend. Cryptocurrencies are decentralized networks that is distributed across a larger number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities. Cryptocurrencies allow for secure payments online which are denominated in terms of virtual "tokens", which makes it easy to transfer funds directly between two parties, without the need for a third party like bank or a credit card company. These transfers are instead secured by the use of public keys and private keys and different forms of incentive systems, like Proof of Work or Proof of Stake HISTORY OF CRYPTOCURRENCY The first decentralized cryptocurrency, bitcoin, was created In 2009 by Satoshi Nakamoto, whose identity is still secret. He was not the first person who came up with the idea to create it and the intention behind the creation of cryptocurrency is to create a new way of payment that could be used internationally, decentralized and without having any financial institution or government as an intermediary. What drove him to create this was that big economic crisis that affected millions of citizens and also, the need to make people see that there is another type of money, which is not the conventional one, that you can also use and benefit from it. 3. BITCOIN Bitcoin is a decentralized digital or virtual currency created in January 2009 that uses peer to peer technology to facilitate instant payments without an intermediary or third parties like bank and governments. All bitcoin transactions are verified by a massive amount of computing power. Bitcoin is also a type of cryptocurrency that is very popular and has triggered the launch of more than 5000 cryptocurrencies in existence today collectively referred to as altcoins. Bitcoin was created by Satoshi Nakamoto, who originally described the need for an electronic payment system based on cryptographic proof instead of trust. 2 | P a g e [CLASSY BUSINESS ACADEMY] 4. ALTCOIN Altcoin is any digital cryptocurrency similar to Bitcoin. It is an alternative to Bitcoin and is used to describe any cryptocurrency that is not a Bitcoin. They share characteristics with Bitcoin but are also different from them in other ways. Altcoins are created by diverging from Bitcoin consensus rules (the fundamental rules of the cryptocurrency’s network) or by developing a new cryptocurrency from scratch. Most popular altcoins use the same fundamental building blocks as Bitcoin. This approach is relatively easy to carry out because Bitcoin is a free, open source platform. 5. CRYPTO TRADING ROBOT A trading robot is a computer software program that is designed with automated computer program based on a set of forex trading signals that helps determine whether to buy or sell a currency at a given point in time. Trading robots are capable of carrying out a complex series of actions automatically. 6. CRYPTOCURRENCY EXCHANGE Cryptocurrency exchange is an online platform that acts as an intermediary between buyers and sellers of cryptocurrencies. It is also said to be a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. Bitcoin exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and sell bitcoin by inputting either a market order or a limit order. When a market order is selected, the trader is authorizing the exchange to trade the coins for the best available price in the online marketplace. With a limit order set, the trader directs the exchange to trade coins for a price below the current ask or above the current bid, depending on whether they are buying or selling 7. TYPES OF CRYPTO EXCHANGE AVAILABLE There are 11 Best Crypto Exchanges 1. Binance 2. Coinbase 3. kucoin 3 | P a g e [CLASSY BUSINESS ACADEMY] 4. Kraken 7. Coinmama 10. Trade Station 5. eToro 8. Bisq 11. Gemini 6. Crypto.com 9. Robinhood 8. BLOCKCHAIN WALLET A blockchain wallet is a digital wallet that allows users to send, receive, store and exchange value on a blockchain, as well as monitor and manage the value of their bitcoin and altcoin assets on the blockchain. A blockchain wallet allows transfers in cryptocurrencies and the ability to convert them back into users local currencies. 9. VARIOUS WALLETS AVAILABLE IN BLOCKCHAIN TECHNOLOGY 1. Ledger Nano X 6. Privacy Pros 11. Online/Web wallet 2. Trezor Model T 7. Coinbase 12. Mobile Wallet 3. Ledger Nano S 8. Robinhood 13. Desktop Wallet 4. Exodus 9. Hot Wallet 5. Mycelium 10. Cold Wallet 10. DEFI (DECENTRALISED FINANCE) Decentralized finance is a blockchain-based form of financial applications that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum. Currently, the three largest functions of DeFi are: Creating monetary banking services (e.g., issuance of stablecoins) Providing peer-to-peer or pooled lending and borrowing platforms Enabling advanced financial instruments such as DEX, tokenization platforms, derivatives and predictions markets. 11. WHERE TO BUY AND SELL CRYPTOCURRENCY? 1. Coinbase 2. Gemini 3. BlockFi 4 | P a g e [CLASSY BUSINESS ACADEMY] 4. Uphold 7. Bitcoin IRA 10. Hodlnaut 5. Kraken 8. Crypto.com 11. Kucoin 6. eToro 9. Binance 12. WHAT IS A TOKEN The term crypto token refers to a special virtual currency token or denomination of a cryptocurrency. These tokens represent fungible (equal value) and tradable assets or utilities that reside on their own blockchains and allow the holder to use it for investment or economic purposes and make purchases. Crypto tokens are often used to fundraise for crowd sales, but they can also be used as a substitute for other things. These tokens are usually created, distributed, sold, and circulated through the standard initial coin offering (ICO) process, which involves a crowdfunding exercise to fund project development. 14. WHAT IS PASSIVE INCOME Passive income is income that requires little effort to earn, grow and maintain. Passive incomes are earnings that can be derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved. Passive income is usually taxable. 15. WHAT IS STOCK MARKET AND FINANCIAL ASSET? The stock market or equity market refers to the collection of markets and exchanges where regular activities of trading stocks /equities, other financial securities like exchange traded funds (ETF), corporate bonds and derivatives based on stocks, commodities, currencies, and bonds are also traded in the stock markets. The stock market serves as a platform that brings together hundreds of thousands of market participants who wish to buy, sell, interact and transact. Since the number of market participants is huge, one is assured of a fair price regime and transparency in transactions. FINANCIAL ASSETS Financial asset is a liquid asset that gets its value from a contractual right or ownership claim that is stated on a piece of paper such as dollar bill or a listing on a computer 5 | P a g e [CLASSY BUSINESS ACADEMY] screen. What that paper or listing represents, though, is a claim of ownership of an entity, like a public company, or contractual rights to payments—say, the interest income from a bond. Financial assets derive their value from a contractual claim on an underlying asset. Unlike land, property, commodities, or other tangible physical assets, financial assets do not necessarily have inherent physical worth or even a physical form.
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