Crypto currency is on rise and people are trying their best to invest in these digital currency. For people who know not much about cryptocurrency, let me define it for them. Crypto currency is a type of currency but a digital one which means that it can be utilized just as the physical currency but not physically actually. From the historic ban on cryptocurrency in India in 2018 to the trending of the cryptocurrency trade India. Now there are being launched many platforms in India to trade in virtual currencies. Recently many cryptocurrency exchanges have been launched in India like Paxful, Unocoin, Zebpay, Coinswitch Kuber etc.
Now what is a cryptocurrency exchange platform? You must ask. The cryptocurrency exchange platform facilitates the trading from INR to cryptocurrency and from cryptocurrency to cryptocurrency.
Bitcoin was the first and the pioneer in the arena of digital currency. It was invented by a anonymous group of people under the pseudonymous name of ‘Satoshi Nakamoto’. It was started in 2009. After Bitcoin many altcoins came in the market like Ethereum, Limecoin etc. It can travel from a user to user on the peer to peer network without the need of intermediaries like Central Bank or any other authority. Hence it is a decentralised currency. Cryptography helps in decoding the network nodes and verifying the transactions and then stored in the digital ledger known as Blockchain. By 2017, 2.9 to 5.8 million users had a digital wallet users of which a major portion of the virtual currency is Bitcoin.
Recently major corporate and tech giants are drifting towards cryptocurrency like Facebook and JP Morgan Chase have initiated their own currencies for trading like Libra and JPM Coin respectively.
Country governments are also thinking to inaugurate virtual currency for example Venezuela in order to overcome weak economy have taken a decision to launch their own electronic currency. China on the other hand is very well trying to launch a supplementary currency which supports Chinese currency Yuan.
India on the other hand needs to be more aware of digital and cyber security. With currency dealings going to the next level, the hackers and fraudulent are coming with new ways to crack the digital security. After realizing a potential for misuse of the cryptos in Indian financial network, cryptocurrency were welcome with a full- fledged ban on April 2018. In the meanwhile many companies like Wazir X, DCX, Zebpay etc. worked their sweat out for the Code of Conduct Policy to conduct crypto-bsuiness in India. Some of the features of the CoC policy include KYC (Know Your Customer), Anti Money Laundering (AML), customer support and grievances, fund withdrawals, login security, standards for Cyber Security and other related checks and verification. Within a period of two years from 2017 to 2019, Indian investors have lost almost $500 million to crypto scammers and crypto hackers as per the report of CoinTelegraph.
Nevertheless India is trying its best to be open for all the digital currency developments which can be assured with the lifting of the ban from the cryptocurrency in 2020. India will have to be prepared more and more as the challenges which come along with the cryptocurrency could be detrimental.
There is a trend of developing digital currency based applications like Alluva, Brave Browser, Steemit etc. The applications are reward based platform registering users who wish to involve in trading in digital currency. Clients on this platform can earn reward after rating potential for price for various cryptocurrencies operating globally.
Institutional investors in the United Stated are going bonkers on the digital currency because of enticing future comprising of Bitcoin offered by the New York Stock Exchange and CME group. Some of the cryptocurrency exchanges transacting in the United States are Kraken, Coinbase and Gemini.
There is a new stable coin in the market known as Tether. A stable coin is a token which is assigned to an asset or a currency for example the US dollar. Tether is currently the prime most important stable coin ruling the crypto exchanges in the world with the financial subsidization of $4 billion dollars. Along with that Tether is also grabbed a controversy of being in a position to hold equivalent number of tokens as US dollars reserve which was later withdrawn attracting in turn more of criticism from the users.
The crypto ecosystem with the daily inventions and advancement in digital elements is getting stronger with each day. The day is no longer unimaginable when we would all be dealing in virtual currency for most of our daily needs. Soon we would be using virtual currency to buy bread and jam.