FIN433 Final.docx - Cryptocurrency and its future in...

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Cryptocurrency and its future in Bangladesh Group Grey Members: Mohammad Kowshik Alam - ID: 1511982030 Al Shahriar Alam - ID: 1612448030 Md. Ariful Islam - ID: 1611908030 Tahamina Sultana Tarin - ID: 1610078030 Sunjida Ansari - ID: 1611898030 Ahmed Saif Shohan - ID: 1521188030
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Brief history about cryptocurrency Crypto currency : A cryptocurrency is a digital asset that designed to work as a medium exchange that uses crypto graph to secure its transactions to control the creation of additional units and to verify the transfer of assets. Crypto currencies are a type of digital currencies, alternative currencies, and virtual currencies. Basically cryptocurrencies use crypto graphic system, or extremely complex code system that encrypt sensitive data transfers, to secure their units of exchange. Functions : Decentralized control, exchange with fiat currencies, finite supply, benefits and draw backs. History : The first Bitcoin transaction was made between the cryptocurrencies elusive creator Satoshi Nakamoto and cybersecurity veteran Hat Finney, came in January 2009. The number of transactions over a single day regularly exceeded 250,000. The value of a single unit of the digital currency shoot to above 4000 dollar. Another important thing is making one Bitcoin worth nearly three times as much as one ounce of the gold. In 1998 to 2017 lots of history behind the scene. These history are 1998 – 2009 the Pre-Bitcoin years: Although Bitcoin was the first established cryptocurrency, there had been previous attempts at creating online currencies with ledgers secured by encryption. 2009- Bitcoin begins: The bitcoin software is made available to the public for the first time. 2010- Bitcoin is valued for the first time: In 2010. Someone decided to sell theirs for the first time- swapping 10,000 of them for two pizzas. If the buyer had hung on to those bitcoins, at today’s prices they would be worth more than 100 million dollar. 2013-Bitcoin prices crushes: Shortly after the price of one Bitcoin reaches 1000 dollar for the first time, the price quickly begins to decline. Many people have suffered losses as the price plummeted to around 300 dollar. 2014-Scams and theft: In January 2014, the world’s largest Bitcoin exchange Mt. Gox went to 0ffline. 2017- Bitcoins reaches 10,000 dollar and continues to grow: A gradual increase in the places where bitcoin could be spent contributed to its continued growth in popularity. Banks including Barclays, Citi
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bank, have said they are investigating ways they might be able to work with bitcoin. Meanwhile the technology behind the Bitcoin-block chain has sparked a revolution in the fintech industry. I am learning lots of things about cryptocurrency as like definition, functions, and the detail history of the cryptocurrency. Bitcoin Transaction A transaction is an exchange of Bitcoin esteem that is communicated to the system and gathered into blocks. A transaction commonly references past exchange yields as new transaction inputs and commits all info Bitcoin esteems to new outputs. Transactions are not encoded, so it is conceivable to peruse and see each transaction/exchange at any point gathered into a block. When transactions are covered
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  • Fall '18
  • Electronic money, Bitcoins, block chain

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