The most preeminent saying of all time is – ‘ CRYPTOCURRENCY WILL DO THE BANKS WHAT E-MAILS DID TO THE POSTAL INDUSTRY .'

'BUSINESS' – is an enormous word and a multiple times maverick stuff which is unpredictable though at the same time fills that individual with immense self-confidence, once triumphed, it gives up the boost and ten times makes a strike. It's the demand for technical equipment, gadgets, tools, etc., ideas and concepts that keep us all awake and in touch with the brains and minds n thoughts of business people so that we could be better each day by investing, creating, and whatnot.

It's the discoveries of great learned men who have all given us the clout and leverage to think, think about digitalizing the world, and suffice these modern methods in our uses, whether it's modern-day banking or transactions. Concretely, this article is all about provoking each of us to involve ourselves for the betterment of cryptocurrency appanages and to balance it with foibles.

ORIGIN OF CRYPTOCURRENCY

There was a time when man was primitive, helpless yet innovative enough to become a think-tank of barter system.

Slowly & gradually, homo sapiens realized that the economy and money should be dealt with the utmost care, protection, and safety. People acknowledged the fact that no one on planet earth kept their entire earned money in their pockets. Institutions like banks came up with new advancements. There was a complete 'U-TURN' in the perspectives of people regarding transactions, the process, the saving of amount, the new and realistic aim of providing interests & bank owners, on the other hand, utilized it for their ends. The beginning of 2010 paved the path for the most appropriate and phone amicable app,' PAYTM '- with the tagline "PAYTM – KARO."

In early 2008, cryptocurrency took its shape in a white paper which was promulgated by Satoshi Nakamoto. With his unparallel efforts, 'BITCOIN' too was introduced the following year. Although, its unknown to the world whether Satoshi Nakamoto was an individual or group.

PERCEIVING CRYPTOCURRENCY:

'CRYPTO' stands for the Greek word 'KRYPTOS,' which in its most general sense means ' hidden,' and currency is a Latin word for – to run. In simple words, this is a process where any person gets cryptocurrency in return or exchange for money; one can sell them, buy them, use them as long as one wants to. Let’s consider a specimen- Mr. X bought a product worth rupees 4200, he paid rupees 5000 in totality to Mr. Y, the later instead of returning the left rupees 800 he gave back 4 chocolate bars, each worth rupees 200 therefore, returning the entire amount of rupees 800 to Mr. X. Now this chocolate bar can be further sold, kept, and used anytime in purchasing anything, anywhere across the globe, irrespective of time, place.

This is the actual work that is being performed by cryptocurrencies in the market.

Money or digital online payments cannot be made anywhere, and this digital currency gets every second manipulated, and thus, the price even gets increased.

BLOCKCHAIN & MINING

Blockchain technology and mining are the two processes used in cryptocurrency or making it more versatile for the hoi polloi to look forward to.

Blockchain is a system where each block of information is connected to chains, information related to transactions, etc., makes it nearly unachievable for hackers to hack or corrupt the data. Every single minute of information gets recorded; even the amendments are mentioned in the accounts named ' ledger.' There are thousands of transactions between consumers every day, and this gets space in every individual's ledger. The database is managed by multiple participants, known as DLT, which stands for the acronym Distributed Ledger Technology. Unanimously all network partakers concur to the rationality of each of the records. If anything goes wrong, every minor gets automatic knowledge regarding it.

Mining means solving giant software mathematical problems to make the transfer of digital money smooth, as this is no serene task. They are highly qualified people with great knowledge & proficiency as far as this field is concerned. Their job is to see that no swindling takes place. Mining is the check and balance over a computer system, as new cryptocurrencies are added into circulation. It's very painstaking and pricy.

Whenever a new blockchain is added, minors get rewarded with bitcoins. No matter how many minors are present, it will still take 10 mins. To mine a single form of cryptocurrency. Individuals on their PCs can't mine coins.

TYPES OF CRYPTOCURRENCIES

There are almost unaccountable data as to how many cryptocurrencies are present in the market. In 2021, around 5k cryptocurrencies were estimated circulating in the market.

The safest and most used being ‘ BITCOIN’ and all the other forms of digital coins are collectively referred to as 'ALTCOINS.'

Some crucial soughts of cryptocurrencies are – [ RES. OFFICIAL SITE]

1. Ethereum - US$2,131.27

2. BITCOIN- US$33,697.46

3. TETHER- US$1.000

4. BINANCE COIN- US$302.95

5. CARDANO-US$1.214

6. XRP-US$0.6078

7. USD COIN – US$0.9998

8. DOGECOIN- US$0.1935

9. POLKADOT- US$13.44

10.BINANCE USD- US$0.9999 ETC.

There was a time when bitcoin became a top-notch cryptocurrency in 2021; people who bought the coin in 2014 were worth US$ 0.0008 and now ended with US$ 65,000 [app.] So there was a sneak rise seen in the cryptocurrency business.

CAN CRYPTOCURRENCY MAKE A SPOT IN INDIA'S LEGAL SYSTEM?

Copious countries have legalized the status of cryptocurrency, for instance – U.S.A., CANADA, AUSTRALIA, etc. Government in 2021, a budget session designed or forethought to bring " CRYPTOCURRENCY AND REGULATION OF OFFICIAL DIGITAL CURRENCY BILL,2021" – which will clear the reluctance once and for all. R.B.I . debarred I.C.I.C.I. & some other banks from making transactions via digital currencies but in –

SUPREME COURT MOBILE ASSOCIATION v/s. RESERVE BANK OF INDIA

Honourable S.C. gave the judgment in favor of I.C.I.C.I. & rest of the banks, making it amply clear that digital currency transactions aren't illegal as Ar- 19[1][g] says no individual or institution can hamper any person's right to practice any business, everyone has the fundamental right to work in any profession they desire to.

INVESTMENT CRITERIA

Many online mediums deal with the investment criteria regarding the sale, purchase, & retainment of cryptocurrency. Following are some of the applications [ net]

1. CoinDCX

2. Iqbroker

3. Olymptrade

4. BELFRICS

5. WAZIRX

6. Zebpay

7. BITxoxo

8. Coinbase, etc.

MERITS OF USING CRYPTOCURRENCY

• There will be very feasible fees for global payments-moreover travelers will get maximum benefit.
• Cell phone friendly – just internet and a mobile phone will manage the entire transaction.
• Receptiveness- wider acceptance makes its user more amicable.
• No extra proceeds/taxes, to be paid as its one-to-one transfer; government hardly has any role to act in.
• No permission is required from any government authority. It is totally based upon circumspection. It depends from person to person, it's not a mandatory task to deal with cryptocurrency, but if one wants, he/she can probe.

DEMERITS OF USING CRYPTOCURRENCY

• Slow and steady transactions- it usually takes more time to convey the digital coins, giant process of 10 minutes makes it tiring and despicable. 
• Not a moored value – this really creates a hindrance for the people who are willing to investigate specifically for much higher benefits; there is so much uncertainty regarding clipped value.
• There is no refund policy.
• Not easily traceable, which gives increment to money laundering and other illegal activities. 
• Easy to manipulate by big investors. 
• Anyone can create a cryptocurrency and can list it to various exchanges. This can cause an increase in online scams.
• Mining is not at all an eco–friendly process, etc.

CONCLUSION

To quote Bill Gates –“ bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency ....for large transactions, currency can get pretty inconvenient.”

India is keeping an eye on legalizing cryptocurrency and is engaged in preparing tough laws regarding it. Talented youngsters are expecting more and more from digital markets. Its high time that India should shift from primary payment methods and become a nimble, energetic, agile partner for the forthcoming digital revolution.

We can indeed be the strongest example to create a boost through cryptocurrency’s start-up in India, and this will provide huge job opportunities and facilitate India creating a big role at the international level.

THANK YOU

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