#Cryptocurrency in India: Exploring the Future of the World Market
From the evolution of the barter system to the rise of the digital era, the world is now embracing cryptocurrency technology. But why is the Indian government planning to ban cryptocurrencies when they are seen as the future of the world market?
In this video, we delve into the world of cryptocurrency, its origins, and its significance. Cryptocurrency is a decentralized digital currency that can be used over the internet. Bitcoin, which was launched in 2008, remains the most popular and influential cryptocurrency. Alongside Bitcoin, cryptocurrencies like Ethereum have gained popularity as digital alternatives to traditional government-issued money.
The beauty of cryptocurrency lies in its ability to facilitate online transfers without the need for intermediaries like banks. Instead, peer-to-peer networks powered by open-source software verify transactions. This secure nature is backed by blockchain technology.
With all this in mind, you might wonder why the Indian government is planning to ban cryptocurrencies. We explore the reasoning behind this decision and address the distinction between private and public cryptocurrencies. Public cryptocurrencies, like Bitcoin and Ethereum, operate on open blockchains and can be traced to some extent. On the other hand, private cryptocurrencies, such as Monero and Zcash, employ stealth mode to evade tracing.
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From Barter system to cash, from cash to digital era, and now from digital moving ahead to cryptocurrency technology…. the world is shifting and adopting new ways of living, new style in business.
Have you ever wondered what is Cryptocurrency, where it came from and why the Indian government is planning to ban them when it is being seen as the future of world market?
Cryptocurrency is a subject that has loyal lovers and passionate hater too and at the same time there are many who don’t even know what it is.
Cryptocurrency is a type of decentralised digital currency that may be utilised over the internet. Bitcoin was the first cryptocurrency, launching in 2008, and it is still the most popular, influential, and well-known. Since then, Bitcoin and other cryptocurrencies such as Ethereum have gained in popularity as digital alternatives to government-issued money.
Crypto allows value to be transferred online without the use of a middleman such as a bank or payment processor, allowing value to be transferred internationally.
A government or other central authority does not normally issue or control cryptocurrencies. Peer-to-peer networks of computers running free, open-source software are in charge of them. Anyone who wishes to participate can usually do so.
Now you may think that how is crypto secure if no bank or government is involved? It’s safe because all transactions are verified by a blockchain technology.
When everything is so secure then why the government is planning to ban it in India? Let’s dive into it.
The government has recently announced to ban all private cryptocurrencies.
Now this raises a question that what is Private and public cryptocurrencies.
Many like to follow Nasdaq’s definition, which is, the currency that rubs on open blockchain and are traceable to some extent is called as public crypto. Eg Bitcoin, Etherium, light coin.
Other crypto use stealth mode to avoid getting traced or tracked, like Monero, Zcash
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