Cryptocurrency, a digital currency that uses encryption (cryptography) to

generate money and to verify transactions. Transactions are added to a

public ledger also called Transaction block chain and new coins are created
through a process known as mining.

• Cryptography
• Peer to peer network
• Decentralized
 Cryptography involves creating written or generated codes that allow
information to be kept secret. It converts data into a format that is unreadable
for an unauthorized user so, it not only protects data from theft or alteration
but can also be used for authentication.

 Peer to Peer network or decentralized network is a group of independent

computers called nodes which are connected with each other to share data
among each other without the use of a centralized computer.
 Thai Baht Bitcoin
(1 Thai Baht = Rs 2.08 ) (1 Bitcoin = Rs 450,000 )
Bitcoin (BTC)
It is the first decentralized cryptocurrency created in 2008 by Satoshi Nakamoto which went
public on 3rd January 2009. This is the most popular type of cryptocurrency and has steadily
begun to rise in popularity and strength over the years.

$17,900

$7,300
$2000
$1000
$266
Basically
Nothing
$31

January July April December May November December

(2009) (2011) (2013) (2013) (2017) (2017) (2017)
Blockchain technology

A Blockchain is a decentralized ledger of facts, replicated across several

computers assembled in a peer to peer network. Facts can be anything from
monetary transactions to content signature. Members of the network are
anonymous individuals called nodes.
 Data

From:
Hash
To:

Amount:

Bitcoin block Example

Hash of previous block

 Data
{e2c521bc53bb5db4fc0aa497da2ba5d4c8444db3}
Hash of the previous block

Creates the chain !

 Genesis Block

1 2 3

Hash: 1Z8F Hash: 6BQ1 Hash: 1Z8F

Previous Hash: 0000 Previous Hash: 1Z8F Previous Hash: 6BQ1

 1 2 3

Hash: 1Z8F Hash: 6BQ1 H62Y Hash: 1Z8F

Previous Hash: 0000 Previous Hash: 1Z8F Previous Hash: 6BQ1

Invalid
Proof - of - work

Slow and steady ……

Bitcoin blockchain

10 Minutes 10 Minutes