Cryptocurrency, today, has become a global phenomenon known to most people. While still somehow geeky and not understood by most people. However, banks, governments and many companies are aware of its importance.
In 2016, there was a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project, according to the block geeks.
What is cryptocurrency:
Cryptocurrency is the digital currency that can be used for shopping just like an ordinary currency, but without having a physical form such as notes and cards. It is operated as it is transacted on a network called the blockchain network.
Cryptocurrency uses a decentralized technology to store money in cryptographic wallets and make secure payments without ever having to use a name or a banking transaction. A few cryptocurrencies are used: Bitcoin, Ethereum, Ripple and LiteCoin.
The latest Google search says that 1 Bitcoin equals 181421.19 Indian Rupee.
Why use it:
They are faster than bank-to-bank transfers that take place in the form of cheques or online transfers which involve a time lapse. Bitcoins provide an immediate transfer.
It is an extremely low-cost or free service, compared to the relatively higher percentages of costs involved in a typical debit card or credit card transaction. They are not prone to theft as there is no card-related information stored in the merchant’s database.
The value of cryptocurrency:
Telangana Today mentions in an article that, according to Jeremy Liew from Snapchat, and Blockchain CEO Peter Smith, the value of bitcoin would rise up to $500,000 by 2030. As of now, there is no regulation around Bitcoin in India and the RBI has not given licenses to any companies to operate the network. But that may change soon as blockchain grows in popularity.