• A cryptocurrency (or crypto
currency) is a digital asset designed
to work as a medium of
exchange using cryptography to
secure the transactions and to
control the creation of additional
units of the currency.
• Cryptocurrencies are classified as a
subset of digital currencies and are
also classified as a subset
of alternative currencies and virtual
Types of cryptocurrencies
• The first group functions as a currency exclusively.
• It includes Bitcoin and its forks, such as Litecoin or dogecoin. They have no other
functions, except for value transfer.
• The second group has the ability to have distributed computations.
• The main representation of distributed computing is Ethereum and its smart
contracts. It has ability to run small pieces of software on all computers in the
• Privacy coins (anonymity).
• That was the reason for privacy coins to appear on the cryptocurrency scene.
They use different technologies to hide transactions, but the idea is the same
across all of them. Protect the data about senders and receivers.
Some Examples of Crypto-currencies
MoneroLitecoin Dogecoin Dash
• Bitcoin fees are cheap
• Every transaction on the Bitcoin network is published publicly
• Data mining is the
computing process of
discovering patterns in
large data sets involving
methods at the
intersection of machine
systems An essential
process where intelligent
methods are applied to
extract data patterns.
• Bitcoin is a worldwide cryptocurrency and
digital payment system called the first
decentralized digital currency, since the system
works without a central repository or single
• It was invented by an unknown programmer, or
a group of programmers, under the
name Satoshi Nakamoto and released as open-
source software in 2009.
Units of Bitcoin
• The unit of account of the bitcoin system is
bitcoin. As of 2014, symbols used to represent
bitcoin are BTC and Small amounts of bitcoin
used as alternative units are millibitcoin
(mBTC), microbitcoin (µBTC, sometimes referred
to as bit), and satoshi. Named in homage to
bitcoin's creator, a satoshi is the smallest amount
within bitcoin representing 0.00000001 bitcoin,
one hundred millionth of a bitcoin.
• A millibitcoin equals to 0.001 bitcoin, one
thousandth of a
bitcoin.One microbitcoin equals to 0.000001
bitcoin, one millionth of a bitcoin.
• The system is peer-to-peer, and transactions
take place between users directly, without an
intermediary. These transactions are verified by
network nodes and recorded in a
public distributed ledger called a blockchain.
• Bitcoin is the world's most popular digital
currency. It is powered by technology known as