So let's begin by defining what exactly is a cryptocurrency? A cryptocurrency is a form of digital currency that is used for the online payment of goods and services. They are not available in any physical form and are not issued by any central bank. They don't have a legislated & intrinsic value. They have a value that people are willing to pay for them in the market.
Blockchain is the main mechanism by which cryptocurrency works. It is not complicated like python or JAVA. A blockchain collects data in groups called Blocks and all these blocks are chained with previously filled blocks and thus form "Blockchain".
Shockingly, there are more than 6,700 cryptocurrencies that are traded publicly! Currently, the crypto that is on fire is Bitcoin. Its current market cap is $421.7 billion (but it might change in a while). It has become the largest traded crypto in India. The current bitcoin price in India is around 24,00,000.
The cryptocurrency has had a serious impact on the economy, banking & finance. It has acted as a resource for criminals, as Criminals can use Bitcoin for illegal transactions for buying weapons and paying for assassins as these transactions arent monitored.
It has also opened the gates for new markets to emerge, as Cryptocurrencies such as Bitcoin & Ethereal are in high demand.
This has given birth to a new market where the money is controlled by no one.
One should also keep in mind that Crypto is a highly volatile market where a trader can touch the sky in a few minutes and can fall on the ground just as easily.
In India, Cryptocurrency is growing extremely fast as the players in the market see bitcoin as a future flagship currency. So, they tend to buy it before it becomes more valuable in the future. Some players also like the decentralized control of the cryptocurrency in the market as it removes central banks that hold the power to change the money supply and control the inflationary situation.
BY-
Rishi and Bhargab
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