2. CRYPTOCURRENCY :
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong
cryptography to secure financial transactions, control the creation of additional units, and
verify the transfer of assets.
Bitcoin, first released as open-source software in 2009, is generally considered the first
decentralized cryptocurrency.
In 1983, the American cryptographer David Chaum conceived an anonymous cryptographic
electronic money called ecash. Later, in 1995, he implemented it through Digicash, an early
form of cryptographic electronic payments which required user software in order to withdraw
notes from a bank and designate specific encrypted keys before it can be sent to a recipient.
This allowed the digital currency to be untraceable by the issuing bank, the government, or any
third party.
3. Advantages of Cryptocurrency as a financial Medium :
1. Transactions
2. Asset Transfers
3. More Confidential Transactions
4. Transactions Fees
5. Greater access to credit
6. Easier International Trade
7. Individual Ownership
8. Adaptability
9. Strong Security
10. Fraud Reduction - Hack-proof
11. Instant Payment
12. Competitive Advantage
Highlights :
Can do person to person transaction all around the world in seconds without paying hefty charges to banks.
Anonymity, it is one of the important advantages provided by cryptocurrency. You don't need to reveal your identity.
Not affected by government actions like de monetization, inflation adjustment etc. which control the value of fiat currencies.
It is in digital form so that it can be carried away anywhere without fear of theft, robbery.
you only need to store it in your personal wallet or you have to remember the keys that's it.
4. RISK :
Since the online account storing the asset is generally known to the public through the
block chain, the biggest risks are hacking attacks on the online storage or theft of the
private key. Whoever holds the private key controls the asset. History has shown that
online storage is highly vulnerable to theft .
5. What Do I Need to Buy Crypto Currency :
a) Digital Wallets
b) Personal Documents
c) Secure Internet Connection
d) Bank Accounts
e) Crypto Currency Exchange
1 Bitcoin = ₹ 5,05,831.25
Bitcoin Exchange In India – Unocoin
Technology – Block chain
9. CONCLUSION :
Crypto currency is an impressive technical achievement , but it remains a monetary
experiment. Even if crypto currency survive, may not fully displace fully currencies .
