Crypto-Currency

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CRYPTO – CURRENCY

“The Breakthrough in Barter”


WHAT IS IT?

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, never intended to invent a currency.
In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.” His goal was to invent something; many people failed to create before digital cash.

 With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government.
With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and creates an incentive for more people to mine. Principally everybody can be a miner.

 Bitcoin’s success has triggered the establishment of nearly 1000 new cryptocurrencies. There is an increasing consensus that cryptocurrencies will play a significant role in the way we deal with money. The total market cap for all cryptocurrencies was higher than $25 billion in April 2017.
Japan recently recognized Bitcoin as a legal method of payment. Although it is not treated as a currency but as an asset, there has been a huge surge in the demand for Bitcoins.

CRYPTOCURRENCY AND INDIA

 India made a late entry to crypto adoption. Due to the restrictions in foreign currency remittances and allowable overseas investments, Indians often do not get to trade in international financial instruments. When bitcoin was picking up pace in China, India was struggling to transfer money to the overseas Bitcoin exchanges. However, India did see a drastic change after the demonetization drive. Due to the shortage of the Bitcoin sellers in the country, the Indian Bitcoin price ran at a premium of more than $400 from the international market price.
India is next in line to legalize Bitcoin with the government having agreed to the same. The government believes that regulating Bitcoin could be beneficial and is also creating laws to do the same. Once the favorable regulatory guidelines are framed for the trading and investment of cryptocurrency, the growth in India will be exponential and will take up considerable global market share. India stands to become one of the fastest growing regions for cryptocurrencies.

INVESTING IN CRYPTO CURRENCY
Virtual or crypto currencies like Bitcoin and Ethereum are by far the hottest investment product currently available. These immutable and exchangeable cryptographic token promise to become a hard and non-manipulatable money for the whole world. Their advocates see a future in which Bitcoin or other cryptocurrencies will substitute Euro, Dollar and so on and create the first free and hard world currency.

However, there are also some not-so-good reasons to invest in cryptocurrencies. Many people fall victim to the hype surrounding every cryptocurrency-bubble. There is always somebody captured by FOMO (fear of missing out), buying massively in at the peak of a bubble, just in hope to make quick money, while not understanding cryptocurrencies at all. That’s a bad reason. Don’t do this. Learn before you invest.

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