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Informative Speech On Cryptocurrency

736 Words3 Pages

Hello fellow students of class E01 and professor Sang, a pleasant morning to all. Before I start my presentation, I'd like to ask a question: Has anyone heard of the term 'Cryptocurrency'? If no, it is a digital form of payment that is encrypted, meaning that it is really secure.
Today I'll share with you the unique features which sets this apart from other currencies, and why this will be used in the mainstream financial system: its difficulty to be counterfeited, ease of payment, and unlike money, crypto-currencies aren't issued by any central authority, making this practically impervious to government influence and a country's central bank.
But before I get to that, how do we acquire crypto-currencies like BitCoin and DogeCoin? It's a …show more content…

The answer: Cryptography. There is a verification system on a network that ensures only one transaction is made. Since crypto-currencies, like BitCoin, are purely digital, all you're giving is multiple addresses and the combined value of those addresses in accordance to the coin's block chain. Simplifying all that fancy business, a network sees where the coin originated up to the present owner, ensuring everything is in order. If the network finds anything fishy, it'll disregard the transaction. Besides, even if you try counterfeiting a cryptocurrency, it'll take the lifetime of the universe to perform such a feat with the way a coin's block is designed, and the way that list is secured by mining. If we had quantum computers, it would be possible but that's for another …show more content…

With a decentralized system -- meaning no government or banking institution calling the shots -- a user's digital balance is subject to wipe out in the event of a computer or server crash, if a back-up system does not exist. There's no one to pay for your losses since there no central repository present, or a big company to run to. There's also the controversy of certain cryptocurrencies, granting users an anonymous status, making way for the funding of underground activities; it'll be easier to get away with since cryptocurrencies are purely

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