Crypto Currency

“The future of money is digital currency” - Bill Gates

Introduction

Have you ever been stood for half day in a queue just to withdraw five hundred rupees from your account in the bank? I’ve done this. While standing, I have noticed that the people near the counter were yelling at the bank officer. Because she was talking and laughing obnoxiously, to her husband in call. On the other side, an old woman was quarrelling for more space to stand to the women in front of her.

On that day, I’ve felt so bad because, people are wasting others time and energy without any hesitation. Then I came back to my home. After some days, I’ve brought my debit card & started withdrawing money from ATM. It was quite easier than to withdraw money directly from the bank for me. Later on, I have started using Paytm, Google pay, & Phone Pe which was much easier than to heading ATM for transactions. Furthermore, upgradation and digitalisation in the transaction is considered as life savers which is nothing but ‘The new Technology – Bitcoins & Crypto Currency’.

Crypto Currency

Cryptocurrency is a medium of exchange moreover like the Rupees, but designed and used for the transfer of digital information. As we all know everything is being digitalised nowadays. And paperless transactions are ruling all over the world. Cryptocurrency is the latest global trend, with many nations adopting this new innovative and secure Technology. Because the information is encrypted and considered as complete safe during every transfers.

For example, the company’s 2021 Global Crypto Adoption Index compared the various countries cryptocurrency adoption and stated that, ‘Vietnam is the most crypto adopted country achieving an overall index score of 1.0 among 154 index ranked countries’.

Advantages

1. Transactions

In every traditional transaction, there should be some people or intermediaries involved in order to have a successful business dealing. Conversely, while using cryptocurrency as a medium of exchange involves no intermediaries. And also, it has end to end encryption which secures the information completely. This leads to proper communication and clarification between the parties of business.

2. Identity

All crypto - transactions are recorded on a public ledger known as 'blockchain'. All the data entered in the blockchain has to be confirmed and it is accessible to everyone involved in the transaction which cannot be manipulated, as their identity details are recorded already on blockchain. Thus, it provides identity proof by ensuring a fraud less transaction.

3. Strong security

Once a cryptocurrency transfer has been authorised successfully, it cannot be reversed, as it is immutable and has a strong encryption technique applied throughout the blockchain. Therefore, it acts as a ‘Reverse Firewall’ against fraudulent activities and malpractices.

How can we benefit from crypto currency?

The cryptocurrency technology served as a well secured technology, paperless work, and less middleman participation which is widely practiced by many countries all over the world. Undoubtedly, it benefits many users across the world. So, the State Bank of India one of the biggest banks in our country, came forward to adopt blockchain. As the demonetisation, which aims to get rid of the black money, and corruptions in our country may took the blockchain and cryptocurrency as a strategic technology to evade these problems.

Every transaction made through cryptocurrency will create as a ‘block’. Each block contains a hash value that is depends upon the hash of previous block. Likewise, they will create a link with all the blocks of transaction. So, it means that if one is changed, then all the other linked blocks will also be altered. This is how the block chain and cryptocurrency will be working together as a data base made up of distributed ledger form of synchronised digital data. Therefore, the safety and security behind the cryptocurrency is an important factor which we can trust. The only way of hacking cryptocurrency may be by the companies which has improper and vulnerable sites where information linked can be used to hack wallets. But generally, cryptocurrency is widely secured and can be used for a long time as currency for future.

Conclusion

Crypto currency exchange is considered as the high trading requirement for most of the businesses today. It ensures the peerto-peer transaction by eliminating third party involvement. And also, it helps us to get into a great revolution for all our future transactions. Now a days many countries across the world implemented and benefitted from the decentralized exchanges. As cryptocurrency would be the life saver not only for individuals but also for the government which aims to eradicate corruption and add more value to the process of demonetisation.