Crypto for the Rest of Us
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A high level overview of cryptocurrencies focused on Bitcoin (BTC), Ether (ETH) and ICOs presented to the "Pay-it-Forward" group in Bangalore in October 2017.
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Crypto for the Rest of Us
- 1. “Crypto” for the Rest of Us Pay It Forward 20th October, 2017 Copyright 2017, Pankaj Jain
- 2. What is “Crypto” or “Cryptocurrency”? • Digital money used for transacting • Store of value, like gold • Decentralized - no central bank like the RBI, usually, no corporation • Based on math and cryptography • Transactions stored on a “Blockchain” Copyright 2017, Pankaj Jain
- 3. What is a “Blockchain” • A public ledger of all transactions • Everyone can see every transaction that occurs
- 4. • Transactions are transmitted to the network and then “miners” use sophisticated computers to solve a mathematical equation to verify the transaction. • A transaction is considered irreversible after 6 confirmations are transmitted on the network. • A “Public Key” is your address • A “Private Key” is essentially your password to make a transaction • Typically, each transaction on a blockchain has a cost which is usually paid by the sender • Transactions are made from a wallet Copyright 2017, Pankaj Jain
- 5. Copyright 2017, Pankaj Jain
- 6. Why is this a Big Deal? • Relatively quick transfers (as low as a few seconds to 10 minutes) • Removal of barriers to transact with anyone, anywhere, any time • Completely decentralized, do not need bank permission to transfer money or sell a security to another person, or check who owns a home, etc. • Every transaction is immutable and public • Transaction doesn’t have to be “money”, it can be the record of a marriage, divorce, purchase of a home, sale of a business, etc. • There will always be a record of the transaction as long as nodes are sharing the database Copyright 2017, Pankaj Jain
- 7. Bitcoin • Created by “Satoshi Nakamoto” in 2009 • Finite amount of “coins” can be mined - 21 million Bitcoins • Value is created by “mining” and good old fashioned economics - supply and demand • Bitcoins (BTC) can be transferred to any address, anywhere for low transaction fees • Bitcoin addresses start with a “1” or “3” • It operates almost as the reserve cryptocurrency • Market cap ~ $100 Billion Copyright 2017, Pankaj Jain
- 8. Bitcoin • Inherently deflationary • Avg. daily volume: ~$1.5B • Monthly volume: ~$44B • Highly volatile and potentially illiquid Copyright 2017, Pankaj Jain
- 9. Bitcoin YTD Copyright 2017, Pankaj Jain
- 10. Bitcoin 7 Day Copyright 2017, Pankaj Jain
- 11. Ethereum • Created by Vitalik Buterin, Gavin Wood and others in 2014 • Similar to Bitcoin as it is based on Blockchain and cryptography. • Ether is the “currency” used to transact on the Ethereum blockchain • Enables creation of “tokens” using a programming language called “Solidity” • Tokens created on Ethereum benefit from the development of the Ethereum Blockchain Copyright 2017, Pankaj Jain
- 12. Ethereum • Building blockchain apps on Ethereum has fueled a new generation of apps or “dApps” that use blockchain while hiding the complexity of blockchain • Examples of tokens on Ethereum are: • Basic Attention Token (BAT) +370% since ICO in May • Civic (CVC) +240% since ICO in July Copyright 2017, Pankaj Jain
- 13. ICOs • ICOs (Initial Coin Offerings) are crowdfunding campaigns to raise capital via cryptocurrencies by selling tokens • Many tokens are “ERC20” tokens which means they comply with a standard and usually operate on top of the Ethereum blockchain • ICOs have raised over $2.3 Billion this year alone • Many ICOs are utility tokens, others are securities (shares), many others are scams! • “If it looks too good to be true, it usually is.” Copyright 2017, Pankaj Jain
- 14. Resources • Some Indian Exchanges • ZebPay http://zebpay.com • Coinsecure http://coinsecure.in • Koinex http://koinex.in • Coinome http://coinome.com • Some Int’l Exchanges • Poloniex https://poloniex.com • Bittrex http://bittrex.com • Bitfinex http://bitfinex.com • Cryptopia http://cryptopia.co.nz Copyright 2017, Pankaj Jain
- 15. Resources • http://bitcoin.org • http://ethereum.org • http://litecoin.org • https://www.coindesk.com • https://coin.fyi • https://theethereum.wiki/ w/index.php/ ERC20_Token_Standard • Bitcoin Wallets - https:// bitcoin.org/en/choose- your-wallet • Ethereum Wallet - https://github.com/ ethereum/mist/releases Copyright 2017, Pankaj Jain
- 16. Thank You! http://blockhack.io Twitter: @pjain Copyright 2017, Pankaj Jain