Cryptocurrency clarification explained

In the times we live in, technology has made incredible advances compared to any time in the past. This evolution redefines human life in almost every aspect. In fact, this evolution is a continuous process, and thus human life on earth is constantly improving day by day. One of the newest inclusions in this aspect is cryptocurrencies.

Cryptocurrency is nothing but a digital currency that is designed to require security and anonymity in online money transactions. It uses cryptographic encryption both to generate currency and to verify transactions. New coins are created through a process called digging, while transactions are recorded in a public ledger called the Transaction Block Chain.

A little back

The evolution of cryptocurrency is mainly attributed to the virtual world of the network and involves the procedure of transforming readable information into code that is almost impenetrable. This makes it easier to track purchases and transfers involving currency. Cryptography, after its introduction during World War II for secure communication, has evolved into this digital age, mingling with mathematical theories and computer science. Thus, it is now used to provide not only communication and information, but also for money transfers in the virtual network.

How to use cryptocurrency

It is very easy for ordinary people to use this digital currency. Just follow the steps below:

• You need a digital wallet (obviously to store the currency)
• Use the wallet to create unique public addresses (this allows you to receive the currency)
• Use public addresses to transfer funds to or from your wallet

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A cryptocurrency wallet is nothing but a software program that can store both private and public keys. In addition, it can also interact with various blockchains so that users can send and receive digital currency, as well as monitor their balance.

The way digital wallets work

Unlike conventional wallets, which we carry in our pockets, digital wallets do not store currency. In fact, the concept of the blockchain is so intelligently mixed with cryptocurrency that currencies are never stored in a certain place. Nor do they exist anywhere in hard money or physical form. The blockchain only stores records of your transactions and nothing else.

Real life example

Suppose a friend sends you some digital currency, say in the form of bitcoin. What this friend is doing is transferring ownership of the coins to the address of your wallet. Now, when you want to use this money, you unlock the fund.

To unlock the fund, you need to match the private key in your wallet with the public address to which the coins are assigned. Only when these private and public addresses match will your account be credited and the balance in your wallet swell. At the same time, the balance of the sender of the digital currency will decrease. In digital currency transactions, the actual exchange of physical coins never takes place.

Understanding the address of cryptocurrency

By nature, this is a public address with a unique string of characters. This allows a user or digital wallet owner to receive cryptocurrency from others. Each public address that is generated has a matching private address. This automatic match proves or establishes ownership of a public address. As a more practical analogy, you might consider a public cryptocurrency address as your email address to which others can send emails. Emails are the currency that people send you.

Understanding the latest version of the technology in the form of cryptocurrency is not difficult. One needs a little interest and spending time online to clarify the basics.

Cryptocurrency

Cryptocurrency is a digital currency. It is also called virtual currency. It is a digital asset that processes its transactions using cryptography, cryptography is used impenetrably and confirms transactions. In many countries, cryptocurrencies are used as alternative currencies. Bitcoin was added in 2009 as the first decentralized cryptocurrency. After that, many different cryptocurrencies appeared on the market. They are usually known as altcoins. These currencies use decentralized management as a counterbalance to centralized digital money and central banking systems.
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Distributed Management uses the Bitcoin transaction blockchain database as a paid ledger. The encryption device generates a decentralized cryptocurrency at a predetermined price that informs the public. In centralized banks and the Federal Reserve, boards of directors or governments control the issuance of currency through the printing of cash units, and the exchange is done through digital banking books. However, in a decentralized cryptocurrency, companies or governments cannot create new organizations or provide support to various companies, banks, or asset-holding companies.
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Satoshi Nakamoto Group has created a basic technical gadget for decentralized cryptocurrencies. By September 2017, nearly a thousand cryptocurrencies had been created, most of which could be compared to bitcoins. In cryptocurrency systems, security, integrity, and general ledgers are maintained by a team of mutually suspicious parties known as Miners, leaving the general public checked by their computer systems, and time-stamped transactions are maintained by a specific timestamp scheme. Miner to keep the cryptocurrency book safe for economic reasons.
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Most cryptocurrencies constantly minimize the production of currency by limiting the entire amount of currency in circulation and imitating precious metals. Unlike conventional currencies that are stored through monetary institutions such as cash in stock, cryptocurrencies are difficult to confiscate by law enforcement. This issue is related to the use of cryptographic technologies. Law enforcement agencies have faced this problem in the Silk Road case, in which Ulbricht’s bitcoin is “encrypted”. Cryptocurrencies such as bitcoin are aliases, although applications such as Zerocoin have been proposed to ensure true anonymity.
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Some unknown individuals or people used the name Satoshi Nakamoto and added Bitcoin in 2009, the first digital currency. It used the cryptographic hash function SHA-256 as a working scheme. Previously, Namecoin was located in April 2011. Litecoin was previously released, in October 2011 Scrypt had a hash feature in it. The cryptocurrency Peercoin used the hybrid as proof of work. IOTA did not use a blockchain, it uses a tangle. Based on a customized blockchain, The Divi Project allows you to effortlessly buy and sell currencies from your wallet and be able to use non-public credentials for transactions. Subsequently, many unique cryptocurrencies were created, but only some of them were successful because they lacked technical innovations.
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The first ATM with bitcoins was installed in Texas, USA, on February 20, 2014 by Robocoin creator Jordan Kelly. This ATM was identical to the ATM of the bank, however it examined identification persons such as a passport or a user’s driver’s license using scanners. In 2017, almost 1,574 bitcoin ATMs were installed in different countries, and in 2017, 3 ATMs were connected per day.
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The legal status of cryptocurrencies varies greatly from country to country and still remains with many. Although some countries have explicitly allowed their use and trade, others have banned them. In addition, different government institutions restrict bitcoin in different ways. In 2014, the Central Bank of China banned the circulation of bitcoins by Chinese financial institutions. However, cryptocurrencies are legal in Russia, although the use of other currencies to buy goods other than the Russian ruble is prohibited. The United States Internal Revenue Service allowed bitcoin to be taxed on capital gains, and on March 25, 2014, that decision clarified the legality of bitcoin.
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Wealthy rewards often entail great risks, and the same can be said of a very volatile cryptocurrency market. Uncertainty in 2020 on a global scale has led to increased interest of the masses and major institutional investors in trading cryptocurrencies, a class of assets of modern times. Increasing digitization, a flexible regulatory framework and the Supreme Court’s lifting of a ban on banks dealing with crypto companies have parked the investments of more than 10 million Indians over the past year. Several major global cryptocurrency exchanges are actively studying the Indian cryptocurrency market, which has been showing steady growth in daily trading volume over the past year amid a sharp drop in prices as many investors looked to buy value. As the cryptocurrency frenzy continues, the country has many new cryptocurrency exchanges that allow you to buy, sell and trade, offering functionality through user-friendly programs. WazirX, India’s largest cryptocurrency trading platform, doubled the number of users from one million to two million from January to March 2021.
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What is pushing the world’s largest cryptocurrencies to the Indian market?
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In 2019, Binance acquired the Indian trading platform WazirX, the world’s largest cryptocurrency exchange by trading volume. Another crypto startup, Coin DCX, has received investment from Seychelles-based BitMEX and the San Francisco-based giant Coinbase. By June 15, 2021, crypto and blockchain startups in India had attracted $ 99.7 million in investment, or about $ 95.4 million in 2020. Over the past five years, global investment in the Indian crypto market has grown by a whopping 1487%.
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Despite India’s vague policies, global investors are betting heavily on the country’s digital coin ecosystem due to many factors such as

• Technologically savvy Indian population
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The vast majority of 1.39 billion people are young (average age 28 to 29) and technology-savvy. While the older generation still prefers to invest in gold, real estate, patents or stocks, newer ones prefer high-risk cryptocurrency exchanges because they are more adapted to them. India ranks 11th in the list of the Chainalysis report for 2020 on the global use of the crypt, which shows the enthusiasm of the crypt among the Indian population. Also, the government’s hostility to the crypt or rumors circulating around the crypt are also unable to shake young people’s confidence in the digital coin market.
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India offers the cheapest internet in the world, where one gigabyte of mobile data costs about $ 0.26 and the global average – $ 8.53. As a result, nearly half a billion users enjoy affordable internet access, increasing India’s potential to become one of the world’s largest cryptocurrencies. According to SimilarWeb, the country is the second largest source of web traffic to Paxful’s peer-to-peer bitcoin trading platform. While the mainstream economy is still struggling with the “pandemic effect,” cryptocurrency is gaining momentum in the country as it gives the younger generation a new and faster way to make money.

It is safe to say that cryptocurrency can become an Indian millennial than gold for their parents!

• Growth of fintech startups
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The fascination with cryptocurrencies has led to the emergence of several trading platforms such as WazirX, CoinSwitch, CoinDCX, ZebPay, Unocoin and many others. These cryptocurrency exchange platforms are highly secure, available on a variety of platforms and allow instant transactions, providing a user-friendly interface for cryptocurrency enthusiasts to buy, sell or trade digital assets limitlessly. Many of these platforms charge INR for purchases and trading fees of 0.1%, so simple, fast and secure platforms represent a lucrative opportunity for both first-time investors and local traders.
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WazirX is one of the leading cryptocurrency exchange platforms with more than 900,000 users, providing customers with peer-to-peer transactions. CoinSwitch Kuber provides the best cryptocurrency exchange platform for Indians and is ideal for both beginners and everyday people. Unocoin is one of the oldest cryptocurrency exchange platforms in India, accounting for over a million traders through mobile apps. CoinDCX provides users with more than 100 cryptocurrencies as an exchange option and even provides investors with insurance to cover losses in the event of a security breach. Thus, global investors are considering many cryptocurrency exchange platforms in India to take advantage of the emerging market.

• Mixed government response

A bill banning virtual currency, which criminalizes all those involved in the possession, issuance, extraction, trade and transfer of crypto assets, could be passed into law. However, Finance and Corporate Affairs Minister Nirmala Sitharaman has eased concerns among some investors, saying the government has no plans to completely ban the use of cryptocurrency. In a statement to the leading English newspaper Deccan Herald, the Minister of Finance said: “For our part, we are very clear that we are not closing all options. We will allow people to experiment with blockchain, bitcoin or cryptocurrency.” security-bearing cryptocurrencies before deciding on a total ban.

In March 2020, the Supreme Court overturned a central bank decision to ban financial institutions from engaging in cryptocurrencies, prompting investors to flock to the cryptocurrency market. Despite long-standing fears of a ban, transaction volumes continued to increase, and user registration and cash inflows to the local cryptocurrency exchange increased 30 times than a year ago. One of India’s oldest exchanges, Unocoin, added 20,000 users in January and February 2021. The total volume of Zebpay on February 2021 became equivalent to the volume generated for the entire month of February 2020. Deciding on the cryptocurrency scenario in India, the Finance Minister said in an interview with CNBC-TV18: “I can only make it clear to you that we are not closing our minds, we are looking for ways to experiment in the digital world and cryptocurrency.”

Instead of sitting aside, investors and stakeholders want to do their best to spread the digital coin ecosystem until the government imposes a ban on “private” cryptocurrency and declares a sovereign digital currency.

Is India moving towards financial inclusion through cryptocurrency?

Once considered a “boys’ club ”due to the predominant male participation in the cryptocurrency market, the ever-growing number of women investors and traders has led to more gender neutrality in new and digital forms of investment methods. Women used to stick to traditional investments, but now they are taking risks and going into India’s cryptospace. After the Supreme Court clarified the legitimacy of India’s cryptocurrency platform “virtual currency”, CoinSwitch witnessed an exponential 1000% increase in the number of its female users. Although women investors still make up a small percentage of the crypto community, they are creating stiff competition in the Indian market. Women tend to save much more than their male counterparts, and more savings means more variety in investments such as high-yield assets such as cryptocurrencies. In addition, women are more analytical and better at assessing risks before making the right investment choices, so they are more successful investors.

Increasing the widespread institutional acceptance of cryptocurrencies

Uncertainty and panic caused by SARS-Covid 19 led to a liquidity crisis even before the economic crisis. Many investors converted their assets into cash to protect their finances, leading to a collapse in bitcoin and altcoin prices. But despite the fact that the crypt suffered a major crash, it still managed to become the best asset class in 2020. With the growing vulnerability of the system and the loss of confidence in central bank policies and money in its current design, people have an increased appetite for digital currencies, which has led to a rebound of cryptocurrency. Due to the stellar performance of cryptocurrency in the midst of the global financial crisis, the upward trend has increased interest in the virtual currency market in Asia and the rest of the world.

In addition to fueling society’s demand for convenient and reliable transaction solutions, digital payment gateways such as PayPal have also demonstrated their support for cryptocurrencies that allow consumers to hold, buy or sell virtual assets. Tesla CEO Elon Musk recently announced a $ 1.5 billion investment in the cryptocurrency market and that the electric company would accept bitcoins from buyers, leading to a jump in international bitcoin prices from $ 40,000 to $ 48,000 over two days. Two of the largest payment platforms worldwide, Visa and Mastercard, also support cryptocurrencies, providing them as a medium for transactions. While Visa has already announced the authorization of transactions with stable coins in the Ethereum blockchain, Mastercard will start transactions from the crypt in 2021.

What awaits the future of the cryptocurrency market in India?

The Indian cryptocurrency market is not immune to terrible crypto-failures. Despite huge investments from global counterparts, local investors still keep their distance from crypto-investments due to uncertainty in the legitimacy of India’s digital coin ecosystem as well as high market volatility. Although the cryptocurrency market has been evolving since last year, Indians own less than 1% of the world’s bitcoin, creating a strategic disadvantage for the Indian economy. The Indian government plans to appoint a new group to study the possibility of regulating digital currencies in the country, as well as focus on blockchain technology and propose it for technological improvements.

The ability of blockchain technology to provide secure and unchanging infrastructure has been implemented by various industries to ensure transaction transparency. For a country with more than 15 million cryptocurrency users, the new committee recommendation could be of great importance for determining the future of cryptocurrency in India. However, stakeholders believe that technical and economic power will make India a key player in the crypto and blockchain market. Gradually, cryptocurrency is gaining widespread recognition, which could lead to a wider spread of digital currency.

According to another TechSci Research report on “India’s cryptocurrency market By proposals (Hardware and software), By process (Mining and transactions), By type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, others), By end users (banking, real estate, stock market and virtual currency) ), By Regions, Forecasts and Opportunities, 2026 “, India’s cryptocurrency is expected to grow with significant CAGR due to increased transparency requirements and reduced transaction costs. In addition, the growing proliferation of digital currency and the growth of blockchain technology are fueling the cryptocurrency market .