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Introduction to Crypto Currencies
• Crypto currencies are existed since 1980s.
• First versions of crypto currencies were centralized.
• Until the proposal of Nakamoto (2008), crypto currencies didn’t become popular.
•Nakamoto (2008) proposes a novel approach to the byzantine generals problem in decentralized crypto currencies and invented bitcoin.
• This approach paved the way for other crypto currencies.
Significance of Crypto Currencies
• It cuts out the need for a third party in exchanges and protects wealth against exchange controls or capital controls.
• It makes a transaction to be highly non-disclosure or anonymous which appeals to consumers who prefers non-disclosure and privacy.
• It encourages exchanges free of regulatory meddling and promotes what is referred to as low-cost banking because it can be done anywhere as long as the consumer has access to a cellphone.
Current Developments in the Crypto World
• Today, there are thousands of crypto currencies in the market.
• Even though bitcoin is the largest crypto currency in terms of market cap, there are many problems of Bitcoin.
• Other important crypto currencies try to improve
Bitcoin in a number of ways such as: • Privacy • Software • Speed
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