CRYPTO CURRENCY

• ICT-basisvaardigheden
• Middelbare school
• vmbo b, k, g
• Leerjaar 3,4

What is a CURRENCY?

How do we know, how much money (monetary units) is in circulation?

MORE GOLD = MORE $$$

HOW CURRENCY 

USED TO BE MADE

X GRAMS GOLD = X NUMBER $

CURRENTLY 1 GRAM = $41.89

How are Euros made today?

1. ADDING GOLD TO THE RESERVE
2. ADDING OIL TO THE RESERVE
3. BASED ON GDP [GROSS DOMESTIC PRODUCT]
4. BANKS GIVING CREDIT/LOANS

FIAT CURRENCY

CURRENCY VALUE = DEBT BANKS GENERATE IN CUSTOMERS

TOTAL VALUE IS DETERMINED BY A PRIVATE CENTRAL BANK

LEDGERS OF BANKS AND CREDIT ARE NOT PUBLIC

CURRENCY IS NOT DEMOCRATIC BUT PRIVATE

ALTERNATIVES?

CRYPTO CURRENCY

WHAT IS BITCOIN?

WHERE DO THEY COME FROM?

BITCOINS ARE MINED

THERE IS A FORMULA "PUZZLE" THAT MAKES RANDOM NUMBERS.

EACH RANDOM NUMBER FOUND "PUZZLE ANSWER" 

= 1 BITCOIN

EXAMPLE

ANSWERS:

X = 1 , B = 4

X = 2, B = 7

etc...

B=2⋅X+(X+1)

BITCOIN MINING

THE MORE BITCOINS FOUND,

THE MORE COMPLEX THE FORMULA BECOMES,

MORE COMPUTERS NEEDED TO SOLVE [MINE] NEW BITCOINS.

HOW DOES IT TRADE?

HOW DO YOU SAVE BITCOINS?

Where can you save your keys?

Just like a word doc, you can save your keys, and your bitcoins. We keep these safe in a digital wallet.

Bitcoins are kept safe

with keys [encrypted code]

When we trade, we use our key to collect or send bitcoins

BITCOIN WALLETS

• KEEP ON YOUR COMPUTER / LAPTOP
  
• KEEP ON A USB KEY
  
• KEEP IN A CLOUD STORAGE
  
• KEEP AT A MARKET/BITCOIN BANK
  

• USE AN APP AND SERVICE

DESKTOP

WALLETS

USB WALLETS

WEB WALLETS

MOBILE WALLETS

PAPER WALLET

MORE THAN JUST BITCOINS

What are some of the names of the different cryptocurrencies?