Cryptocurrency is a digital asset, and a form of currency that uses cryptography to secure transactions.
Will the cryptocurrency will last long like any other currency? Or Will it die? Well, let's find out in the blog.
Cryptocurrencies don’t have a central issuing or regulating authority, instead, it is using a decentralized system to record transactions and issue new units.
It is designed to work on a computer network as a medium of exchange. In today’s modern technological world, everything has become digitalized.
And to amaze us with another Digitalized asset, now we have Cryptocurrency. It operates on a blockchain, which is the digital ledger of cryptocurrency transactions that ensure that the same coin is never used twice.
Transactions are processed on a blockchain network that is made up of thousands of machines, and in return for the efforts of these machines, owners can earn cryptocurrencies.
When Bitcoin has introduced to the world over a decade ago, it was supposed to be a great revolution in the whole finance ecosystem.
We humans need time in learning and adapt. That’s why people are taking the time in investigating cryptocurrencies. There are currently over a thousand different cryptocurrencies in the world.
But choosing one among thousands is a difficult task.
Bitcoin is the first decentralized cryptocurrency that was introduced in 2009. After its release, many other cryptocurrencies have been created.
There are no laws that prohibit trading in crypto. So, in that sense, cryptocurrency is any other asset like gold, commodities, etc.
It is still not approved by RBI, which is the regulatory body of India.
Cryptocurrency is a digitalized form of money, and Common people will take time in trusting and adopting such a new feature.
We always think twice before investing in anything. Although, the cryptocurrency had done a good business in 2021, and people had invested in it, specifically the younger generations. 50℅ of the population are liking cryptocurrency while the other 50% doesn’t have trust in it.
But things will improve when people will get familiarized with this new feature. The government has still not fully approved the use.
Our Finance Minister, Nirmala Sitharaman has said that India will impose a tax of 30 percent on income from cryptocurrencies and other digital assets while presenting the federal budget on February
Although cryptocurrencies are still a controversial issue in the next ten years they will trade in the market and experts believe that the technology behind the cryptocurrency has a great future ahead.
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