Banarsidas Chandiwala Institute of Physiotherapy

The word “cryptocurrency” is derived from the encryption(special code) techniques which are used to secure the network.

The word “Crypto" refers to the various encryption algorithms with the conjunction cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.

Cryptocurrency is new form of digital or virtual currency that is safe guard by cryptography, which makes it nearly impossible to imitate or double-spend.

Cryptocurrency is a new form of digital source based on a network that is distributed across a large number of computers.

This distributed structure allows them to unreachable from the control of governments and central authorities.

Many cryptocurrencies have spread out networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

Blockchains, which are organizational methods for ensuring the wholeness of transactional data.

It is an essential component of many cryptocurrencies.

Many experts studies says that blockchain and related technology will disrupt many industries, including finance and law.

Characteristic feature of cryptocurrencies are :-

They are generally not issued by any central authority, rendering them theoretically protected from government interference and boundations.

In modern cryptocurrency systems:-

A public key is account address.

The private key is known by the owner.

It is used to sign transactions.

Advantages of cryptocurrencies:

Cryptocurrencies helps in buying goods and services, or trade them for profit.
It make transfer of funds easier directly between two parties, without the need for a trusted third party like a bank or credit card company.
Transfers are secured by the use of public keys and private keys and different forms of goad systems, like Proof of Work or Proof of Stake.
Fund transfers are completed with minimal processing fees, allowing users to avoid the precipitous fees charged by banks and financial institutions for wire transfers.
Portable, divisible, inflation resistance, and transparent.
Cryptocurrency advocates high value of confidentiality citing benefits of privacy like protection for whistle blowers or activists living under repressive governments.
Some cryptocurrencies are more private than others.

Disadvantages of cryptocurrencies:

It’s suspicious nature makes transactions well-suited for a host of illegal activities, such as money laundering and tax evasion.
Because of which Cryptocurrencies faces criticism and many more reasons such as exchange rate volatility, and vulnerabilities of the infrastructure underlying them.

Types of Cryptocurrency:

Bitcoin:

Bitcoin was the first blockchain-based cryptocurrency
most popular
most valuable cryptocurrency.
Bitcoin was launched in 2009.
"Satoshi Nakamoto” the one who launched it.

· Nowdays, there are thousands of alternate cryptocurrencies with various functions and specifications.

· Some of these are clones or duplicates of Bitcoin, while others are new currencies that were built from scratch.

· Some of the competing cryptocurrencies procreate ,other Cryptocurrencies known as "altcoins," include Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, and EOS.

The aggregate value of all the cryptocurrencies in existence is around $214 billion—Bitcoin currently represents more than 68% of the total value.

Bitcoin Cash (BCH):

· It is a cryptocurrency that is a clone of Bitcoin.

· Bitcoin Cash is a spin-off that was created in 2017

Litecoin (LTC):

· The Litecoin Network aims to block every 2.5 minutes, and work at very faster rate, rather than Bitcoin's 10 minutes.

Ethereum (ETH):

^·Ethereum is a scattered, open-source blockchain featuring smart contract functionality.

^·Ether (ETH) second-largest cryptocurrency

Chainlink:

· Chainlink was developed by Sergey Nazarov accompanied by with Steve Ellis.

· Chainlink is a decentralized seer network that bridges the gap between smart contracts, like the ones on Ethereum, and data outside of it.

Binance Coin (BNB):

· Binance was the largest cryptocurrency exchange in the world in terms of trading volume(2018)

WazirX:

WazirX is India's most successful cryptocurrency exchange, which started trading on 8 March. It aims to become India's most trustworthy cryptocurrency exchange.

Buying Bitcoin is absolutely legal in India.

There is no law prohibition for Indians from buying/selling cryptocurrencies in India.

According to CoinDCX exchange. The country’s largest crypto exchange, WazirX, increase in their sign-ups in the past six months.

Written by:-

MANSI DIXIT

Batch-2017

References :-

https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/

https://www.investopedia.com/terms/c/cryptocurrency.asp

https://en.m.wikipedia.org/wiki/Cryptocurrency#:~:text=A%20cryptocurrency%20(or%20crypto%20currency,to%20control%20the%20creation%20of

https://www.nerdwallet.com/article/investing/cryptocurrency-7-things-to-know

https://images.app.goo.gl/vUF3xYQVEP7ZwgqD8