THE CRYPTOCURRENCY BILL

 

In order to understand the merits and demerits of the CryptoCurrency Bill, also called Crypto Bill, one has to delve into the sphere and understand what cryptocurrency is. This is required for a clearer understanding of the bill. Not only this, but the knowledge of cryptocurrency will also aid one in forming their own opinions of the same.

What is cryptocurrency? – It is a digital form of money and is decentralized. This means that unlike the US Dollar or the Euro, there is no centralized body to regulate and manage its value. It can also be termed as a deregulated form of money. Cryptocurrency is monitored by peer-to-peer internet protocol and is an encrypted string of data encoded to signify one unit of currency.

In a nutshell, cryptocurrency is just like paper money and can be used to carry out day-to-day transactions and buy regular goods and services although many people invest in cryptocurrencies as they would in other assets, such as stocks or precious metals such as gold.

Why is cryptocurrency gaining traction? –   Albeit the fame of cryptocurrency in other countries is commendable with instances like Elon Musk investing a handsome amount of money on Bitcoin( a form of cryptocurrency), people in India too are showing interest. Understanding this phenomenon is important to understand the aftermath of the bill (if implemented).

  1. Failing government policies –   It is no secret that many government policies have failed miserably having an impact on the economy of the country. Plus, in the last two years, the business has slowed down due to the ongoing pandemic and no one knows what’s in store for the future. Also, nothing appreciable has been done by the government for the revival of the economy. With all these phenomena going on, crypto has been a savior and hence the inclination of people towards it. This has been possible because of the decentralized and the deregulated nature of the currency.
  2. Progressive Taxation – Taxes are no doubt a necessity. An individual who earns more has to pay a higher tax and a person who earns less, has to contribute less. But in the case of crypto, no such system exists. It is a good escape from the taxation system and nevertheless the less digital knowledge of the currency and its working, it is gaining fame.
  3. Type of digital gold – People invest in a lot of things. Precious artifacts, stocks, and precious, high-value metals. One metal that all people invest in is Gold. Prices of gold usually increase providing people with a good deal of benefits and it seldom disappoints. Somewhat similar is the case with cryptocurrency. The meteoric rise that people witness in it is a key factor of people getting more interested.

But is crypto full of advantages and no negatives? That is not the case. Understanding its disadvantages is equally important to weigh the consequences of the bill better.

Perils of cryptocurrency –  

  1. Deregulated –  Deregulated nature of the crypto can be advantageous not just to genuine users but also to hackers and spoofing. Digital theft is a possibility since no one is present to oversee the activities.
  2. Stability-  The graph does not always go high. There have been times when downfall has been witnessed. The volatility of crypto is another aspect that needs to be kept in mind.
  3. Scalability-  While security and decentralization are what the main focus of crypto is, speed remains an issue.

THE CRYPTOCURRENCY BILL –  In the year 2018, a circular by the RBI was issued barring banks and other financial institutions from facilitating transactions using crypto. SC however quashed the circular on grounds of ‘disproportionality’ and business using crypto resumed. In the Budget Session held from January 29, 2021-April 18,2021, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was to be introduced. This proposed creation of a facilitative framework for the creation of ‘official digital currency’ and prohibit all private crypto in India. This however was presented neither in the Budget nor the Monsoon session. The reason given was more introspection on the matter.

What if the bill is implemented in India? Will it be useful for the masses as a whole or will the rich become richer? Is it a good deal to exit the crypto bus?

The fact that corruption will be controlled because of the digital signature mechanism of the currency cannot be neglected. FDIs will be attracted. Technological development will be promoted for sure. India will be able to compete with the developed nations across the globe.

A host of advantages exist but the next question arises –Given the digital literacy divide and money in hands of a few, is India ready?

I leave the choice to you.

CRYPTOCURRENCY: the invisible asset

 

CRYPTOCURRENCIES ARE THE NEW ASSET! CRYPTOCURRENCIES ARE ON PEAK ! CRYPTO-BILL! CRYPTO IN INDIA! AND WHAT NOT.

A LOT OF US MIGHT WONDER , WHY HAS THE CRYPTOCURRENCY BECOME A BIG HIT and WHAT IS IT ??

CRYPTOCURRENCIES ARE DIGITALISED AND DECENTRALISED ASSETS. THE TRANSACTIONS THAT ARE MADE ARE HIGHLY SECURED. THEY WORK ON BLOCKCHAIN TECHNOLOGY. THAT IS A PUBLIC LEDGER. ALL THE TRANSACTIONS ARE STORED IN CHRONOLOGICAL ORDER. THE GOVERNMENT HAS NO CONTROL OVER THE TRANSACTIONS, THUS A LOT OF COUNTRIES HAVE BANNED CRYPTOCURRENCIES OR THEIR STATUS IS LEFT UNCLEARED.

BITCOIN THE THE MOST SYNONYMOUS CRYPTOCURRENCY BUT SINCE LAST 6 MONTHS EVEN ETHEREUM AND DOGECOIN HAVE GAINED POPULARITY.

IT WORKS JUST LIKE TEH STOCK MARKET, THE PRICES RISE AND FALL. STOCK MARKETS HAVE BANKS IN BETWEEN FOR TRANSATION BUT CRYPTOCURRENCIES HAVE THEIR OWN BASE.

INVESTMENT IN CRYPTOCURRENCY IS ADOPTED BY A LOT OF PEOPLE. BUT DUE TO UNCERTAINITY OF DROP IN PRICE SOME RESIST INVESTING IN IT.

According to a report, crypto-linked card usage surpassed $1 billion in the first 6 months of this year.

 According to Visa, consumers spent more than $1 billion worth of cryptocurrencies on goods and services via crypto-linked cards in the first six months of 2021. Only a fraction of this amount was done in the same times last year (2020) and last to last year (2019), according to the firm’s estimations. According to a CNBC report, Visa did not reveal any numbers.

Photo by Ivan Babydov on Pexels.com

On July 7, Visa CFO Vasant Prabhu told the news source, “We are trying a lot to establish an ecosystem that makes crypto money more useable and more like any other cash.”
People are looking at alternative methods to use cryptocurrencies for items that they would normally pay for with traditional currency, according to Prabhu. “There are numerous difficulties with regard to volatility. However, it is the responsibility of cryptocurrency owners to maintain and track their assets“, he added. Visa isn’t the only company to see cryptocurrency’s steady rise in popularity among customers.

In a research, Master card discovered that over 93 percent of North American consumers planned to utilise bitcoin or other developing payment technology in the coming year, such as biometrics, contactless payments, or QR code systems. “We see a lot of volume on our network of people buying cryptocurrencies at these various licenced exchanges,” Prabhu said.

Visa also announced that the FTX cryptocurrency platform, established by billionaire Sam Bankman-Fried, will be included in its Fintech Fast Track programme, which has as one of its goals making cryptos smarter for consumer and business spending. According to the article, the payments company’s CFO has no intentions to add cryptocurrencies to its balance sheet in the near future.

Coinbase made its Nasdaq debut in April, making it the first cryptocurrency-focused company to do so in the United States. While Bitcoin’s success was largely due to its widespread use, its value has now plummeted.
Following a drop in crypto assets such as Bitcoin and Ethereum on May 19, exchange disruptions have been observed around the world. Aber consumers and traders complained about trouble trading their digital assets, exchanges cited a variety of reasons for downtime.

The Future of Cryptocurrency

 Introduction

Cryptocurrency has seen an enormous rise in the market recently. It is a form of online payment which can be exchanged for goods and services. There are many companies who issued their own coins or tokens which can only be traded in that particular company which released them. Cryptocurrency works using a technology which is known as blockchain. Blockchain is a technology which is spread across computers and maintains records of transactions. The main appeal of this technology is its security.

Bitcoin, the first blockchain based cryptocurrency, was created in 2009 by Satoshi Nakamoto. From then it has been the most popular and most valued cryptocurrency. Currently there are more than 10,000 different coins which are being traded publicly. Nowadays people are racing to buy crypto because they think coins like Bitcoin, Ethereum and Dogecoin are the currencies of future. But for this to happen, they need to be stable, for the traders and merchants to determine a fair price for their goods and services. Bitcoin, the face of cryptocurrency holds almost 50% of the total value of cryptocurrency. Bitcoin is also the most traded coin in this world.

Photo by Pixabay on Pexels.com

People can trade different types of cryptocurrencies with the help of online brokers like Coinbase, Robinhood, Webull, TradeStation, etc. Cryptocurrency has hit its all time high of 2.2 trillion dollars in April and currently has a value of more than 1.4 trillion dollars with Bitcoin holding a value of more than 630 trillion dollars. Many of the big name investors see cryptocurrency as the future but also tell that it is highly profitable and also highly risky because of its instability.

Advantages of Cryptocurrency

Cryptos hold the promise for making the transaction of funds easier between two people directly without the need of a third person such as banks, etc. They are also very secure because of the technology used in it. The transfers are completed with minimal processing fee unlike the banks. It allows the users to avoid the high processing fees charged by the banks.

Disadvantages of Cryptocurrency

Cryptocurrencies are very private and anonymous which make them a host for many illegal activities such as money laundering and tax evasion. Coins like Bitcoin whose forensic analysis have helped the government track and prosecute criminals. But there are many coins like Dash, Zcash which are very private and very difficult to trace.

Investment in Cryptocurrency

Cryptos can be used as a source for either as quick income or for long term holdings, as it is very unstable. Cryptocurrencies offer high risk but high reward. People with experience and people who can read the markets clearly can reap huge amounts of profits from this. There are many coins or tokens like Tether which are suitable for long term holdings and coins like Bitcoin and Ethereum are suitable for making quick profits. 

Cryptocurrency in India

 

Cryptocurrency introduced by Satoshi Nakamoto in 2008. Since then it has gained much significance and grew from $1 in 2010 to $65,000 in 2021. More than 2000 cryptocurrencies are there and still many more are developing everyday. Some of the famous cryptocurrencies are Bitcoin, Ethereum etc. There can be many reasons for its increasing popularity like easy transactions without third party involvement, transparent, decentralized, and one can make huge profits depending upon its value with minimum regulations.



So what is the Cryptocurrency?

Cryptocurrency like Bitcoin and Ethereum is a digital currency working as a medium of transaction between its user within a network. It doesn’t involve banks in its transactions. It uses a technology called ‘Blockchain technology’ which is a decentralized technology. Blockchain means a chain of block that manages and record every transaction between the users in public ledger. This is an intangible currency and you can keep your cryptocurrency in your digital wallet.

The data is available publicly and is not control by a single entity. One can easily access his wallet by entering the private key into his account.

How to get a cryptocurrency?

There are few possible ways to get this digital currency and the major one is ‘Mining’. Mining is the process to introduce and add new coins to blockchain public ledger by solving computational puzzles. There are total 21 million bitcoins and 2.5 million are still left to mine.
Trading is the another method to own a cryptocurrency in which one can trade cryptocurrency in exchange of dollars, euros and any other currency.
Hodling refers to buy and hold strategy with respect to cryptocurrency. Buying a cryptocurrency when its price is low and don’t plan to sell it in future is what hodlers do.
Some other methods are ICO investing and Master nodes. But the above mentioned methods are the most followed.

How secure are these digital currencies?

Every transaction in blockchain technology requires a two-factor authentication process. E.g. While entering your username or password, you need to enter the authentication code that has sent to your phone. The digital ledger of cryptocurrency is almost impossible for hackers to deal with.


What is the situation of cryptocurrency in India?


Cryptocurrencies are not illegitimate in India. But in a Budget speech of 2018-19, Finance minister Nirmala Sitharaman made it clear that government in India does not consider cryptocurrency as a legal tender. Government is even trying to introduce Cryptocurrency and Regulation of official Digital Currency Bill, 2021 to create its own digital currency and banning the existing one. However, no official ban yet because Indian investors are already holding 10,000 crore in digital currency. Perhaps, it is not possible to completely ban crypto from India. Crypto transactions are already taxable in India.



What is the RBI’s position on Cryptocurrency?

Back then in 2018, RBI hold a more restrictive position. It had warned people who invest in cryptocurrency in past time and advised all the entities (banks or individuals) to not to deal in virtual currencies. However, the Supreme Court verdict in March 2020 overruled the RBI’s circular, allowing banks to handle virtual currencies transactions and exchanges.
In may 2021, RBI made it clear that It will not block 10,000 crore of digital currency of Indian investors. and also said that banks cannot take action against investors who are investing in virtual currencies. This changing position of RBI shows us the cryptocurrencies like Bitcoin are becoming an integral part. The government doesn’t want to be left behind in the new era of tech revolution. Now RBI is working on its virtual currency.

If you are planning to invest in cryptocurrencies, you need to be ready for the volatility. So be ready for the ups and downs. Investment in digital currency may look a good option right now, but one thing we need to remember that it is still in its initial stage. Do research before making any plan for investment in cryptocurrency.

Cryptocurrency

 

A cryptocurrency, crypto-currency, or crypto may be a digital quality designed to figure as a medium of exchange whereby individual coin possession records area unit keep in an exceedingly ledger existing in an exceedingly type of a processed information mistreatment sturdy cryptography to secure dealing records, to regulate the creation of further coins,

How many cryptocurrencies area unit there? What area unit they worth?
More than ten,000 completely different cryptocurrencies area unit listed publically, in keeping with CoinMarketCap.com, a research web site. And cryptocurrencies still proliferate, raising cash through initial coin offerings, or ICOs. the whole price of all cryptocurrencies on might twenty seven, 2021, was over $1.7 trillion — down from Apr high of $2.2 trillion, in keeping with CoinMarketCap. the whole price of all bitcoins, the foremost well-liked digital currency, was pegged at regarding $735 billion — down from Apr high of $1.2 trillion.

Best cryptocurrencies by capitalisation
These area unit the ten largest commerce cryptocurrencies by capitalisation as half-track by CoinMarketCap, a cryptocurrency knowledge and analytics supplier.

Cryptocurrency

Market Capitalization

Bitcoin

$735.3 billion

Ethereum

$324.2 billion

Tether

$61 billion

Binance Coin

$57.5 billion

Cardano

$54.6 billion

XRP

$46.5 billion

Dogecoin

$44 billion

Polkadot

$22.1 billion

USD Coin

$21.9 billion

Internet pc

$16.7 billion

Why area unit cryptocurrencies thus popular?
Cryptocurrencies attractiveness to their supporters for a range of reasons. Here area unit a number of the foremost popular:

Supporters see cryptocurrencies like Bitcoin because the currency of the long run and area unit sport to shop for them currently, presumptively before they become additional valuable

Some supporters just like the proven fact that cryptocurrency removes central banks from managing the money provide, since over time these banks tend to scale back the worth of cash via inflation

Are cryptocurrencies legal?
There’s absolute confidence that they’re legal within the us, although China has primarily prohibited their use, and ultimately whether or not they’re legal depends on every individual country. even be guaranteed to take into account the way to shield yourself from fraudsters WHO see cryptocurrencies as a chance to bilk investors. As always, customer watch out.

Are cryptocurrencies an honest investment?
Cryptocurrencies might go up in price, however several investors see them as mere speculations, not real investments. The reason? rather like real currencies, cryptocurrencies generate no income, thus for you to profit, somebody has got to pay additional for the currency than you probably did.

That’s what’s referred to as “the larger fool” theory of investment. distinction that to a well-managed business, that will increase its price over time by growing the profit and income of the operation.

Cryptocurrency in India

 

Cryptocurrency introduced by Satoshi Nakamoto in 2008. Since then it has gained much significance and grew from $1 in 2010 to $65,000 in 2021. More than 2000 cryptocurrencies are there and still many more are developing everyday. Some of the famous cryptocurrencies are Bitcoin, Ethereum etc. There can be many reasons for its increasing popularity like easy transactions without third party involvement, transparent, decentralized, and one can make huge profits depending upon its value with minimum regulations.



So what is the Cryptocurrency?

Cryptocurrency like Bitcoin and Ethereum is a digital currency working as a medium of transaction between its user within a network. It doesn’t involve banks in its transactions. It uses a technology called ‘Blockchain technology’ which is a decentralized technology. Blockchain means a chain of block that manages and record every transaction between the users in public ledger. This is an intangible currency and you can keep your cryptocurrency in your digital wallet.

The data is available publicly and is not control by a single entity. One can easily access his wallet by entering the private key into his account.

How to get a cryptocurrency?

There are few possible ways to get this digital currency and the major one is ‘Mining’. Mining is the process to introduce and add new coins to blockchain public ledger by solving computational puzzles. There are total 21 million bitcoins and 2.5 million are still left to mine.
Trading is the another method to own a cryptocurrency in which one can trade cryptocurrency in exchange of dollars, euros and any other currency.
Hodling refers to buy and hold strategy with respect to cryptocurrency. Buying a cryptocurrency when its price is low and don’t plan to sell it in future is what hodlers do.
Some other methods are ICO investing and Master nodes. But the above mentioned methods are the most followed.

How secure are these digital currencies?

Every transaction in blockchain technology requires a two-factor authentication process. E.g. While entering your username or password, you need to enter the authentication code that has sent to your phone. The digital ledger of cryptocurrency is almost impossible for hackers to deal with.


What is the situation of cryptocurrency in India?


Cryptocurrencies are not illegitimate in India. But in a Budget speech of 2018-19, Finance minister Nirmala Sitharaman made it clear that government in India does not consider cryptocurrency as a legal tender. Government is even trying to introduce Cryptocurrency and Regulation of official Digital Currency Bill, 2021 to create its own digital currency and banning the existing one. However, no official ban yet because Indian investors are already holding 10,000 crore in digital currency. Perhaps, it is not possible to completely ban crypto from India. Crypto transactions are already taxable in India.



What is the RBI’s position on Cryptocurrency?

Back then in 2018, RBI hold a more restrictive position. It had warned people who invest in cryptocurrency in past time and advised all the entities (banks or individuals) to not to deal in virtual currencies. However, the Supreme Court verdict in March 2020 overruled the RBI’s circular, allowing banks to handle virtual currencies transactions and exchanges.
In may 2021, RBI made it clear that It will not block 10,000 crore of digital currency of Indian investors. and also said that banks cannot take action against investors who are investing in virtual currencies. This changing position of RBI shows us the cryptocurrencies like Bitcoin are becoming an integral part. The government doesn’t want to be left behind in the new era of tech revolution. Now RBI is working on its virtual currency.

If you are planning to invest in cryptocurrencies, you need to be ready for the volatility. So be ready for the ups and downs. Investment in digital currency may look a good option right now, but one thing we need to remember that it is still in its initial stage. Do research before making any plan for investment in cryptocurrency.

Top-performing Cryptocurrencies

 Cryptocurrency has wrapped the world in a short period. It is a digital payment method that has the potential to renovate the whole idea of carrying cash. Today anyone can invest in crypto a few simple sign-ups, blow your card details and one is all ready to trade in money for digital currency. It is the only piece of tech which promises security over the internet to date. These digital currencies offer multiple advantages if compared to the traditional method like transparency, lower speed, and transaction speed.

Without knowing the numerous participants currently operating within the market it would be an incomplete exploration of cryptocurrency and blockchain technology. The oftentimes heard are Bitcoin, Ripple, and Bitcoin cash, but there are more than thousands of cryptocurrencies prevailing. This statistic git hike in July 2017, when the various new firm entered this market for trade.

Here are the top 5 performing cryptocurrencies:

Bitcoin – The oldest cryptocurrency and known as the king of cryptocurrencies. It has the highest liquidity. It is the most used to date.

Ethereum – This is the most crucial after bitcoin. It stimulates thousands of ventures to develop. This got popular in 2017 when it’s price rose from 10 dollars to 900 dollars. This allows us to create tokens and implement smart contracts.

Ripple – This stands third in the ranking of cryptocurrencies. This is mainly acquainted with large organizations than smaller users. It has collaborated with large banks around the world.

Litecoin – This is highly considered for its liquidity and large-cap market. This is suitable if one wants to avoid risk and stay away from the small-cap market.

BAT (Basic Attention token) – it is used to tip content creators or anyone found helpful on the internet. It is one of the most desirable cryptocurrencies since 2018.

The most significant one among the above list is Ethereum after Bitcoins. Ethereum is very convenient as it enables multiple projects. It is easy to use for new users. The strength of this currency is directly proportional to the potential of its network. Most importantly it can execute smart contracts. With the additional facility of no amount barrier, liquidity, transparency of transaction, diversification, and lower fees.

Bharat Biotech Campus, Hyderabad

 Hon’ble Governor of Telangana, Administrator Puducherry and Governor of another state Jharkhand.  A man with rich experience of having been a parliamentarian for two terms and now holding this constitutional position.

This constitutional position of the Governor is no longer ornamental and we have the right man at the right place with right experience, right dedication and right commitment.

Padma Awards have got very high credibility.They are no longer driven by patronage or so-called iconic status or reputations built by event management. Padma Awards are very authentic and you all must have been surprised that when a person next door gets Padma Award you never look for that. But your reaction will be the right person has got it.

In this case the right persons have got it. So I was there. We interacted with the couple a little more extensively when we invited them and others who had got Honoris Causa from Punjab University for lunch.

Very simple, very modest, not driven by commerce, not driven by the balance sheet results. The balance sheet must respect and reveal societal aspect. But thanks to pandemic COVID and pandemic COVID has taught us many good lessons.

One is the world has come to know about you people more closely. You have been majorly instrumental in taking care of 1.3 billion people, making us proud all the way. But what is more significant of their contribution is that this country, while handling its own problem, handheld 100 other countries, Covaxin Maitri.

We gave COVID vaccine free to about 100 countries. Now I come to the real point. How this has been brought about? Research, development, innovation.

Research and development are the final strength of any economy. They are the final strength of any nation. Execution is never a problem.

Execution can take place by mediocrity, but developing a particular medicine, being innovative about it, that’s the greatest help you can contribute to the humanity at large. This company stands out. And this company stands out not because of two of them.

It stands out because of the people before me also. And those who are in attendance in virtual mode. And those who may have served here and may have retired.

Because it is the human capital that is precious. It is the human capital that alone is the ultimate repository of your wealth. I have come across many educational institutions.

People who are big in infra, never had academic inclinations, have excellent institutions. But faculty is missing. That’s the situation.

Your esteemed institution has truly set a benchmark in innovation, research, service, and education. You are not driven by commerce interest. Of course, every mechanism has to be sustainable.

If it is not sustainable, it wouldn’t work. Then this company has been a pioneer. And a pioneer is one who faces headwind more severely than others.

Headwind in the shape of administrative hiccups. Headwind in the shape of assimilating human resource. Headwind initially in the shape of there not being sustainable financial reward.

But this has become a success model. I am told 9 billion vaccine doses globally have been delivered. Of course, our countries are big in size.

And we know big numbers. 1.4 billion. 9 billion is quite a statistical figure.

Staggering. Then it gives emphasis to alleviation of human misery. Because it has been said over ages, If you are not healthy, you cannot deliver.

You may be talented. You may be committed. You may be possessed of highest integrity and ethical standards.

You may have a brain which is remarkable. But if health fails you, rather than being asset to society, you become a liability. And if a person is not possessed of these great study qualities and suffers health hazard, his economy is already vulnerable.

It is nothing short of a panic in the entire family. Therefore, this work is remarkable human service. Because we are living in times where we have become too materialistic.

We talk of mind. Occasionally we talk of heart. But rarely we talk of soul.

Now soul and spirituality define a human being. And that comes only when society is not overtaken by health hazards. Fortunately, a country of our size has seen in recent years, policy initiatives and schemes that have hand-held the last in the row.

I am talking about the health program we have in the country. I think its reach is beyond any program in the world. But then a lot more is to be done.

If you look at our ancient scriptures, our Vedas, Atruvaveda in particular, you will find that focus on health and the kind of situations they have indicated. Now companies like this can work in innovation, research, development, to bring about a mechanism of prevention, precaution. Let us not get alert when we have a mechanism where the button has to be pressed and the doctor has to be summoned.

 That situation must be avoided. And that is avoidable. I am sure a company like this would for sure take care of dissemination of right information, right knowledge across all segments of society, rural, tier 2 cities, tier 3 cities, and urban centres.

 Your exceptional contribution made us proud for another reason. And that is India’s unprecedented technological penetration, digital penetration. A decade ago, imagine what the scene was.

 And the scene was we were counted as a nation, fragile five, facing difficult situations, traversing difficult terrain. We have negotiated to slot number five, ahead of Canada, ahead of UK, ahead of France. Matter of time, we’ll be ahead of Japan and Germany.

 But France and most of you will not be aware. When I was elected to Parliament in 1989, and it was a good fortune to be a minister, the size of the Indian economy, hold your breath, make sure of your seats, was less than that of cities like Paris and London. Can you imagine? In 1991, right now our foreign exchange reserves are more than 600 billion.

 In 1991, to sustain our fiscal credibility, we had to physically load our gold in a plane. To be placed to two sea banks. What I’m telling you is we have come a long way.

We are at a place which I never imagined in 1991. Never dreamt of, never thought our Bharat will be what it is today. There is not a sector in which we are not in the big league.

 Let’s talk of space. Chandrayaan 3 landed at that part of the moon where no one has landed. On 23rd August, 2023, it has become now a space day.

 Tiranga and Shiva Shakti points are embedded on the surface of the moon. Thanks to our achievements. All this because ISRO, an organisation like you, is engaged in that activity.

 Go to 60s, rocket parts being taken on a bicycle. In 60s, our neighbouring country could put its satellite in the space from the homeland. We couldn’t.

 And now this country puts in space satellites of developed nations. Singapore to UK and others. And why? Good value for money.

 But look at our national temperament, some of them. They continue to be in the bubble. They are incorrigible critics of our development.

 They are recipe for chaos. Chandrayaan 2, it was September 2019. Along with my wife, I went to science city in Kolkata as governor of state of West Bengal.

 500 boys and girls were with me. Around 2 a.m. or thereabout, the landing was not soft. We reached quite close to the surface.

 Very close to it, just few centimetres. Landing was not smooth. Some people took it as failure.

 It wasn’t failure. It was success but not 100%. If Chandrayaan 3 is a success story, the foundation was laid by Chandrayaan 2. And therefore, when you are engaged in such a difficult task, there will be failures.

 There will be fear of failure also. There will be people to compete and walk away with success which may be yours. Notwithstanding that, our pursuit to serve humanity by research and development, scientific research should never get impeded.

 Indigenous research is something on which you must focus. There was a time when we would wait leisurely that a product will be developed in the West. Let’s take a radio.

 We’ll get it after about 5-6 years. Then we got it after about 2 years. Then we got about 6 months.

 And now we get it immediately. But now, there is reversal. Our products are going outside.

 We got into that mode. Now, I put two poses before you. 100 billion or more foreign exchange is being drained out every year because we import items that are available.

 This is, as a matter of fact, disrespect to being vocal about local or commitment to society. I term it as economic nationalism. It immediately has three serious dangerous consequences.

 One, avoidable drain of foreign exchange. Secondly, when we import avoidable imports, items that are made available here, only for some fiscal gain. We are depriving our people of employment.

 We are snatching work from their hands. And more critically, we are also impeding entrepreneurship growth. Same is about raw material export.

 Why should a nation of our size export raw material? Why should we declare to the whole world that we can’t add value to it? We export raw material. Value is added, we import the item to which value has been added to our raw material by someone outside. Now, while your stream may be different, you are a leader in research and development.

 You are trailblazers. This must be there in all areas. I am an agriculturalist.

 I belong to a farmer’s family. I know the importance of education. But for admission to any school, I may not have got opportunity.

 There was no road, no electricity, no water, no toilet in the house. What I see in every village now. Transformative change.

 Toilet is there. Tap water is there. Electricity is there.

The Internet is there. And education is also there. The world is stunned that the per capita internet consumption of this great nation of 1.4 billion per capita is more than that of USA and China taken together.

Our digital transactions are nearly 50% of global transactions, empirically. It could be one or two percent, less or more. In such a situation, how painful it is.

Because I am before people who have discerning minds, scientific temper, who have capacity to change Bharat and the world, not arithmetically, but geometrically. Can we countenance anti-national narratives? Can we suffer an expert trying to capitalise on ignorance of others? He knows full well what I am saying is wrong. He knows India’s economy will be rising more than 7.5%, which it did at the relevant time.

He said it wouldn’t go more than 5%. By virtue of the position he held, ordinary people believed him. Those who are doubting our accomplishments have to experience it by cutting out of that bubble.

Commitment to nationalism is not optional. It’s the only way out. We have to be proud Indians. We have to take pride in our historical accomplishments. I don’t want to tell you what we have achieved. But just look at the last few months.

New building of parliament in less than 30 months. Not just a building. Made functional inside, 100%. We had Bharat Mandapam, one of the ten global convention centres. Where we held G20. Yashod Bhoomi, where we held P20.

 Look at our train mechanism. Look at our airports and railway stations. Look at our highways. Look at our digital penetration. Now, all this has to sustain. By we Indians being different.

 We can no longer afford to look for technology outside. I am happy to share with you. That when it comes to disruptive technologies, you are aware of them. You are informed scientific minds. It is nothing less than a new industrial revolution. These technologies have entered our homes, our offices, our way of life.

Artificial intelligence, Internet of Things, blockchain, machine learning and the kind. Now research has to generalise them. These technologies otherwise are like unregulated nuclear explosion. But if nuclear power is regulated, you get power. That is another challenge. So one Bharat by take is not enough. Hundreds are not enough. In a country of our size, the number has to multiply. And seriously, India is known as the pharmacy of the world.

Just imagine. The most populous country in the world. This pharmacy of the world means it has taken care of its own populace. And then catering to others also. There is more to be done. Our radar has to focus on global issues.

The world is finding it very difficult to deal with challenges which I call existential. They are challenges not for one country. Not for one region. Not for one kind of human race. These are challenges for the entire planet. Disease, health, food, climate change.

And the solution lies only in research and development and technology. Friends, all over the world, academics have blossomed. On account of corporates hand-holding them. If you look at institutions of repute in the western world, they have become financial giants because their alumni have contributed. Industry has supported the research. How painful it is. And some of us within the country have doled out millions of dollars to those institutions, ignoring institutions at home. I’m not criticising. They may have done it rationally, thoughtfully, for a valid cause.

But I appeal from this platform. Our corporates, they must hand-hold research and development. They must hand-hold our academic institutions. I was at a function recently where I put a point across. For consideration, I’ll do it here. CSR fund is defined by statute.

For some companies, the amount will be such that even if there is a will, intent, nothing can be achieved. But if corporates come on the same platform, that every year we will use part of CSR to bring one or two great research centres, institutes of excellence, they have funds from CSR. If they part with part of the CSR fund, in a structured manner, it will do wonders.

And in a decreased time, our country will be having institutions all over of that category. I think that is something we should be seriously focusing. Another thing which the team here can take note of and act is we have greatest talent pool reserve in the shape of alumni of institutions, IITs, IIMs, great colleges, other institutions engaged in science, technology, forensic science.

 They are alumni. The alumni are all over. The alumni come together, engage in an activity to help their institute in infrastructure or otherwise.

 But if they constitute a think tank for policy formation of this country, I can assure you it will do wonders, including in your own line. They both have seen both the words. They were there. And came in late 90s here.

Future belongs to Bharat. Our present is proof of it. At present, we are the only country of our size where the economy is growing faster than anyone else. We are the only country indicated by World Bank, IMF, World Economic Forum as a favourite destination of investment and opportunities. Presently, we are the only country whose human resource is contributing all over the globe in apex institutions. We are the only country of our size that has vibrant democracy, constitutionally structured at all levels from village to the centre. And therefore, to say that we are emerging now as a superpower, we are no longer a country with potential. We are no longer a sleeping giant.

 We are fast moving. We are fast tracking. We have to see and ensure that our marathon March Bharat@2047, where it celebrates the centenary of its independence, that march will be a successful march, a march in togetherness with only one object: to make our Bharat a developed nation and a global leader, because Bharat being a global leader means peace and stability for the entire humanity. Look around in history, the only country that has not believed in expansion.

We had Raja and Jamidaar; they never believed in expansion. We suffered invasion; we never engaged in invasion. We absorbed everyone; we sought resilience. No other country can have that kind of civilization ethos of 5000 years.

Lord Buddha says, “Change is never painful, only the resistance to change is painful,” and there was Greek philosopher Heraclitus who says, “The only constant is change.” He also said the same man cannot enter the same river twice because neither river will be the same nor the man will be the same.

There must be a synergy approach between all stakeholders in democratic governance with one object in mind: to ensure the rise of the nation and leave to its citizens in all sectors, relieve them from health problems, empower them in education, make their life affordable, inspire them. Right now, the nation is in a bit a mood; there is an atmosphere of hope and possibility.

I am extremely grateful to come to a place where people are driven by the consensus of humanity, where people are driven by sublimity, where people are passionate not to increase their bank balance but to increase their societal contribution balance.

My best wishes to all of you and those who are in virtual attendance. I wish you the very best in your life, and I am sure you will, to conclude, be worthy partners in the marathon March for Viksit Bharat@2047.

Thank you so much.

Cryptocurrency in India

 

Cryptocurrency introduced by Satoshi Nakamoto in 2008. Since then it has gained much significance and grew from $1 in 2010 to $65,000 in 2021. More than 2000 cryptocurrencies are there and still many more are developing everyday. Some of the famous cryptocurrencies are Bitcoin, Ethereum etc. There can be many reasons for its increasing popularity like easy transactions without third party involvement, transparent, decentralized, and one can make huge profits depending upon its value with minimum regulations.



So what is the Cryptocurrency?

Cryptocurrency like Bitcoin and Ethereum is a digital currency working as a medium of transaction between its user within a network. It doesn’t involve banks in its transactions. It uses a technology called ‘Blockchain technology’ which is a decentralized technology. Blockchain means a chain of block that manages and record every transaction between the users in public ledger. This is an intangible currency and you can keep your cryptocurrency in your digital wallet.

The data is available publicly and is not control by a single entity. One can easily access his wallet by entering the private key into his account.

How to get a cryptocurrency?

There are few possible ways to get this digital currency and the major one is ‘Mining’. Mining is the process to introduce and add new coins to blockchain public ledger by solving computational puzzles. There are total 21 million bitcoins and 2.5 million are still left to mine.
Trading is the another method to own a cryptocurrency in which one can trade cryptocurrency in exchange of dollars, euros and any other currency.
Hodling refers to buy and hold strategy with respect to cryptocurrency. Buying a cryptocurrency when its price is low and don’t plan to sell it in future is what hodlers do.
Some other methods are ICO investing and Master nodes. But the above mentioned methods are the most followed.

How secure are these digital currencies?

Every transaction in blockchain technology requires a two-factor authentication process. E.g. While entering your username or password, you need to enter the authentication code that has sent to your phone. The digital ledger of cryptocurrency is almost impossible for hackers to deal with.


What is the situation of cryptocurrency in India?


Cryptocurrencies are not illegitimate in India. But in a Budget speech of 2018-19, Finance minister Nirmala Sitharaman made it clear that government in India does not consider cryptocurrency as a legal tender. Government is even trying to introduce Cryptocurrency and Regulation of official Digital Currency Bill, 2021 to create its own digital currency and banning the existing one. However, no official ban yet because Indian investors are already holding 10,000 crore in digital currency. Perhaps, it is not possible to completely ban crypto from India. Crypto transactions are already taxable in India.



What is the RBI’s position on Cryptocurrency?

Back then in 2018, RBI hold a more restrictive position. It had warned people who invest in cryptocurrency in past time and advised all the entities (banks or individuals) to not to deal in virtual currencies. However, the Supreme Court verdict in March 2020 overruled the RBI’s circular, allowing banks to handle virtual currencies transactions and exchanges.
In may 2021, RBI made it clear that It will not block 10,000 crore of digital currency of Indian investors. and also said that banks cannot take action against investors who are investing in virtual currencies. This changing position of RBI shows us the cryptocurrencies like Bitcoin are becoming an integral part. The government doesn’t want to be left behind in the new era of tech revolution. Now RBI is working on its virtual currency.

If you are planning to invest in cryptocurrencies, you need to be ready for the volatility. So be ready for the ups and downs. Investment in digital currency may look a good option right now, but one thing we need to remember that it is still in its initial stage. Do research before making any plan for investment in cryptocurrency.

TOP FIVE VALUABLE CRYPTOCURRENCY

 

CRYPTOCURRENCY

A cryptocurrency are the one of the currency which used to transfer money by peer-to-peer network which referred as blockchain. Cryptocurrency are working by blockchain technology. This blockchain technology are the technology which is decentralized. This technology are used in many computers across the world. This decentralized technology will manage and identify the transaction and the mankind. Many people in the world are investing cryptocurrency for their future intentions.

BITCOIN

Bitcoin was initiated for transferring funds from one to another without any third party. In the platform many people are transferring money from one to other without any third party. It is also a decentralized technology to sent and receive money in digital platform. many billionaire are investing in the decentralized technology.

Symbol of bitcoin

ETHEREUM

Ethereum is also a decentralized money which helps in transferring money from one to another. Ethereum is developed by the blockchain technology by Vitalik Buterin https://en.wikipedia.org/wiki/Vitalik_Buterin in 2013. This technology is developed by the blockchain technology from transferring money to another. This technology may change the digital transaction for the next decades. This is second largest cryptocurrency platform and it is the open source blockchain technology. This technology is included in one of the top five cryptocurrency

RIPPLE

It is the currency for the exchange for the real-time gross settlement. It is created for the transfer money from one to another. It is created for the transfer money from one to another without any thirds-party. Ripple is monetary system that was decentralized and could effectively empower individuals and communities. The Ripple is also known as XRPhttps://ripple.com/xrp. And also Ripple i tied up with Securities and Exchange Commission (SEC) for legal transaction. you can invest or trade in the ripple now-a-day with many platforms.

FOUNDER OF RIPPLE

BINANCE COIN

Binance coin are the cryptocurrency exchange which works with the biggest cryptocurrency, bitcoin and similar to ALTCOIN cryptocurrency . It was founded by Changpeng Zhoa(CZ) in 2017. This coin website is https://www.binance.com/en. This will one of the gem for the future investment.

CARDANO

Cardano was founded by Ethereum co-founder Charles Hoskinson. It is the decentralized platform. Main theme of the coin is to cardano is peer-to-peer transaction. It is one of the more balanced and sustainable cryptocurrency. It is an open-source project and does not conduct any independent diligence. Cardano facilitated as third generation cryptocurrency. It cryptocurrency wants to solve three big pain points of the current generation: Scalability, Interoperability, sustainability.

Subscribe to get access

Read more of this content when you subscribe today.

One-Time
Monthly
Yearly

Make a one-time donation

Make a monthly donation

Make a yearly donation

Choose an amount

1 ₹
2 ₹
3 ₹
5 ₹
15 ₹
100 ₹
5 ₹
15 ₹
100 ₹

Or enter a custom amount


Your contribution is appreciated.

Your contribution is appreciated.

Your contribution is appreciated.

DonateDonateDonate

Bitcoin And Cryptocurrency

 Bitcoin price volatility makes everyday shopping difficult. The vast majority of Bitcoin transactions take place on cryptocurrency exchanges, not for transactions with merchants. Typically, you create an account with an exchange, and then you can transfer real money to buy cryptocurrencies like Bitcoin or Ethereum.

Coinbase is a popular cryptocurrency exchange where you can create a wallet and buy and sell Bitcoin and other cryptocurrencies. If you are willing to take the risk of owning bitcoins, there are a growing number of digital currency exchanges, such as Coinbase and FTX, where you can buy, sell, and store bitcoins. Any investor can buy cryptocurrencies through cryptocurrency exchanges such as Coinbase, Cash app, etc. Investors can profit from cryptocurrencies by mining bitcoins or simply selling their bitcoins for a profit.

Bitcoin is by far the most popular cryptocurrency followed by other cryptocurrencies such as Etherum, Litecoin and Cardano. Bitcoin is the largest cryptocurrency by market capitalization and a good indicator of the cryptocurrency market in general as other coins like Ethereum (and smaller altcoins) tend to follow trends.

Bitcoin prices have been negatively impacted by numerous hacks or thefts from cryptocurrency exchanges, including Coincheck in January 2018, Bithumb in June, and Bancor in July. As of December 2017, approximately 980,000 bitcoins have been stolen from cryptocurrency exchanges. Bitcoin has been controversial since its inception in 2009, and so have cryptocurrencies that followed.

Bitcoin is a digital currency that operates without any central control or oversight from banks or governments. At the core of the appeal and functionality of Bitcoin and other cryptocurrencies is blockchain technology, which is used to keep an online record of all transactions ever made, thus providing a data structure for this book that is sufficiently secure and public. coordinated by the entire network of one node or by the computer that stores a copy of the registry. In this way, Bitcoin acts as an incentive to add valid transactions to the ledger, eliminating the need for a central trusted authority.

Both Bitcoin and Ethereum experienced short-term price increases, while Musk, Dorsey, and Wood discussed wider institutional adoption of the cryptocurrency. Musk detailed his holdings in cryptocurrencies — Bitcoin, Ethereum, and Dogecoin — at The B Word conference on Wednesday. If you are looking for a tutorial on bitcoin and cryptocurrencies, you are in the right place.

We explore the early days of bitcoin and provide survey data on consumer familiarity, usage, and more. Let’s take a look at the most commonly used aspects of Bitcoin in the real world, such as Bitcoin wallets, wallet mechanisms, mining, transactions, and governance. We present the Ethereum virtual machine and Turing’s idea of ​​completeness and explore some of the major protocol differences between Bitcoin and Ethereum such as the UTXO model and functionality versus accounts. Let’s take a look at how FS companies are using blockchain and how we expect blockchain technology to evolve in the future.

Blockchain also has potential applications far beyond Bitcoin and cryptocurrencies. The first blockchain-based cryptocurrency was Bitcoin, which remains the most popular and most valuable. Bitcoin’s success has spawned a number of competing cryptocurrencies, called “altcoins,” including Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, and EOS. This year, Bitcoin — and cryptocurrencies in general — has penetrated deep into financial services and culture, gaining a foothold in folk art, commerce, and other mainstream fields.

For an overview of cryptocurrencies, start with 2015’s Money Isn’t the Problem. Read the Robinhood review * Seven cryptocurrencies including Bitcoin, Bitcoin Cash, and Ethereum. Read TradeStation Review * Offers trading in five cryptocurrencies including Bitcoin, Bitcoin Cash, and Ethereum.

What You Should Know About Cryptocurrency Investing Cryptocurrency is a highly volatile speculative investment. Here’s how you can invest wisely, regardless of news or bitcoin price fluctuations.

Cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but an online ledger with strong encryption is used to secure online transactions. Bitcoin [a] (BTC) is a cryptocurrency invented in 2008 by an unknown individual or group of individuals named Satoshi Nakamoto. The value of bitcoin or this cryptocurrency remains highly uncertain. Cryptocurrencies such as bitcoin, ethereum, and litecoin show significant price fluctuations due to high levels of uncertainty.

In addition, cryptocurrencies are not ordinary shares of companies and are not traded on the stock exchange. As NerdWallet authors point out, cryptocurrencies like bitcoin may not be as safe, and some prominent members of the investment community are advising novice investors to avoid them. There are concerns that cryptocurrencies like bitcoin are not based on any tangible asset.

For those considering cryptocurrencies such as Bitcoin as the currency of the future, it should be noted that currencies need stability so that merchants and consumers can determine what a fair price for goods is. While buying and selling Bitcoin is legal, many aspects of the industry, such as tax issues for investors, remain in a gray area that could be vulnerable to future regulatory and/or enforcement actions. The rules and bans that apply to Bitcoin are likely to apply to similar cryptocurrency systems.

Other countries have completely banned the use of bitcoin and other cryptocurrencies, and there are severe penalties for anyone who makes cryptocurrency transactions. Some countries have imposed restrictions on the use of bitcoins, and banks have banned their customers from making transactions in cryptocurrency. The Bank of Indonesia, the country’s central bank, has adopted new rules banning the use of cryptocurrencies, including bitcoin, as a means of payment from January 1, 2018.

The State Bank of Vietnam said it is illegal to issue, supply, and use bitcoin and other cryptocurrencies as means of payment, with fines ranging from VND 150 million (EUR 5,600) to VND 200 million (EUR 7,445). ). On April 16, 2021, the Central Bank of the Republic of Turkey issued a regulation prohibiting the direct or indirect use of cryptocurrencies, including Bitcoin, to pay for goods and services. The European Union has proposed regulation of private crypto transactions in an attempt to stop crypto crime. In July last year, the Federal Reserve launched an investigation into whether to launch its own digital currency.

The Federal Reserve Chairman says the US may need more regulation of cryptocurrencies, but long-term holders of large coins like Ethereum and Bitcoin probably don’t need to worry about changing their strategy, according to experts. As the Fed continues to investigate the digital dollar, which will create competition for major cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP and BNB, the congressman wants to ban state-backed digital currencies. While Fed Chairman Jerome Powell has said that private cryptocurrencies can coexist with central bank-issued digital currencies (CBDCs), the congressman argues that a CBDC would allow the Fed to control Americans, which defeats the very purpose of a decentralized cryptocurrency.

Cryptocurrency simplified

 In the simplest of terms cryptocurrency is a digital currency used to make transactions. It is currently not being used to make transactions but can be potentially used to do so. Before jumping to cryptocurrency let’s clear our basics.

Understanding currency 

Think of cryptocurrency as any other currency, we use currency to fulfil our needs and we exchange currency because we are aware that we will be provided with goods and services in return. Now, this currency is not limited to just notes or coins but can be anything. Like in olden times barter system existed where people would exchange goods and services for other goods and services in return but this concept had a lot of limitations so currency started evolving. We moved to commodity money i.e., gold, silver then to metal money then paper money then plastic money(cards) and now we are moving towards crypto. These currencies evolved because the previous methods of transaction had their own drawbacks.

Like any other method, the method of transaction that the world operates on now also has drawbacks like centralisation, elasticity, the ease with which it can be issued to name a few.

Need for Crypto

Now, this is where cryptocurrency comes into play. It is a virtual form of currency that uses blockchain technology. Blockchain technology is a virtual decentralised ledger that keeps a record of transactions. Cryptocurrency is secured by cryptography which is a secure communication technique.

Now, keep in mind that it does not physically exist, one can’t hold up a bitcoin because it is based on a network distributed across computers. So you don’t have to carry it around, kind of like net banking or online transactions but online transactions are made through banks and can be monitored by any authority. Now, imagine you want to transfer your friends 5 bitcoins. You can do it without a bank or an intermediary interfering. It can be done anonymously with your privacy being protected. And since no authority controls it, that currency cannot be altered either. 

With paper currency, the government can print as much money as they want because they control it and printing a lot of money causes inflation but that is not the case with cryptocurrency because  only a limited number exists. 

For example, only 21 million bitcoins exist on the web. Bitcoin is a form of cryptocurrency created allegedly by a Japanese fellow Satoshi Nakamoto. Now , this could be a pseudonym or perhaps more than one person was involved in the development of said currency. However, for the most part that person’s identity still remains anonymous.  

Now,  this number of 21 million cannot be changed, it is constant. There will always exist 21 million bitcoins and can be found out through miing. This is done by solving puzzles. The more puzzles you solve, the more bitcoin you get. As more and more bitcoins are mined, the puzzles get tougher. These bitcoins are not easy to find and it is definitely not easy to solve the puzzles. Perhaps, that is why Bitcoin is so valuable. 

It is possible that somewhere in the not so far future we would not be using paper currency but crypto. For now, cryptocurrency is highly volatile and is used only for investing money.

Cryptocurrency Heist

 Programmers behind one of the greatest ever advanced coin heists have presently returned about all of the $610 million (generally Rs. 4,530 crores)-plus they stole, Poly Organize, the cryptocurrency stage focused on prior this week by the assault, said on Thursday. The stage, which was small known some time recently Tuesday’s heist, pronounced the programmer on Twitter as a “white cap,” alluding to moral programmers who by and large point to uncover cyber vulnerabilities, upon the return of the reserves.

Poly Arrange, which encourages peer-to-peer token exchanges, included that the tokens were exchanged to a multi-signature wallet controlled by both the stage and the hacker. The as it were remaining tokens however to be returned are the $33 million(roughly Rs. 245 crores) in tie stablecoins solidified prior within the week by cryptocurrency firm Tie, Poly Organize said.

The reimbursement prepare has not however been completed. To guarantee the secure recuperation of client resource, we trust to preserve communication with Mr. White Cap and pass on precise data to the open,” said Poly Arrange on Twitter. A individual claiming to have executed the hack said Poly Organize advertised him a $500,000 (generally Rs. 3.7 crores) bounty to return the stolen resources and guaranteed that he would not be responsible for the occurrence, agreeing to computerized messages shared on Twitter by Tom Robinson, chief researcher and co-founder of Elliptic, a crypto following firm. Poly Arrange, which permits clients to exchange or swap tokens over distinctive blockchains, said on Tuesday it had been hit by the cyberheist, encouraging the guilty parties to return the stolen stores

The still as however unidentified programmer or programmers show up to have misused a powerlessness within the computerized contracts Poly Arrange employments to move resources between distinctive blockchains, agreeing to blockchain forensics company Chainalysis. On Wednesday, the programmers begun returning the stolen coins, driving a few Blockchain examiners to guess that they might have found it as well troublesome to wash stolen cryptocurrency on such a scale. Later on Wednesday, the programmers said in computerized messages moreover shared by Elliptic that they had executed the assault “for fun” and needed to “uncover the defenselessness” some time recently others could abuse it which it was “continuously” the arrange to return the tokens.

At $600 million (generally Rs. 4.460 crores), in any case, the Poly Organize burglary distant surpassed the record $474 million (generally Rs. 3,520 crores) in criminal misfortunes that were enrolled by the whole decentralized fund (DeFi) division from January to July, concurring to crypto insights company CipherTrace. The burglary outlines the dangers of the for the most part unregulated DeFi segment, said crypto specialists. DeFi stages permit clients to conduct exchanges, more often than not in cryptocurrency, without conventional watchmen such as banks or trades.

CRYPTOCURRENCY – A FASCINATION

 Ever since evolution, we humans have made tremendous advancements in every field we have created and known till today. Over time, humans have realized that they cannot be self-sufficient or totally independent in terms of resources, products and services. Hence, we made a suitable arrangement of exchange of products. Earlier, goods and services used to be traded in exchange of other goods and services, known as the barter system. When loopholes were found in this system, these discrepancies were resolved with the invention of currency. Currency was identified as the common exchange medium for any particular product or jobs and the currency price of the particular commodity or service was fixed on its value. Thus, currency was an easier mode of exchange, but eventually it was realized that different regions or kingdoms had different currencies and values attributed to them. With development, inventions and globalization, currencies were compared on their value offerings and certain prices were fixed for comparing these different currencies pertaining to their regions. Today, trading money has a centralized system and its definition and diversification have vastly transitioned with humankind’s needs and wants.

With the inception of modern technology, internet and its expansion, we have now become global citizens. Online banking has become quite hassle-free, safer and more secured than its primitive form. Recently over a decade ago, digital currency became a new form of global currency with new incentives and perks, and we were introduced to the concept of ‘cryptocurrency’. Cryptocurrency broadly defined is virtual or digital money that takes the form of tokens or coins. This form of digital currency stays on a distributed and decentralized ledger meaning that the crypto in cryptocurrency refers to cryptography which allows for the creation and processing of digital currencies and their transactions across decentralized systems. This provides portability, transparency and is not easily prone to inflation related problems. Cryptocurrencies were initially designed with the motive of being independent from any governmental currency or connect, but their huge popularity has led to governments intervening with rules and regulations on their usage and utility. Yet, the world of cryptocurrencies is rapidly expanding, and new ones are released every other month. A cryptocurrency is digitally handled and owned, and governed by specific protocols and processes. It is an asset based on a network distributed over a large number of computers. This is what helps it stay free from government and centralized systems’ control. The network is secured through encryption techniques. Cryptocurrency works through blockchains, which ensure the integrity of transactional data in the organization. The cryptocurrency system allows for secure transactions online, and this is denominated in terms of virtual tokens represented by ledger entries in the system internally. These entries are kept safe through encryption algorithms and cryptographic methods.

The working system of cryptocurrency is a bit complicated for beginners, but with time, handling and experience, it is hassle-free and easier to handle in the long run. As more and more people turn towards this form of currency, we are headed towards a better world in terms of globalization. With inception of cryptocurrency into numerous sectors, we will be equipped to use it in a more versatile way. As we walk towards an advanced future, cryptocurrency is amalgaming with modern technology and systems to become a ubiquitous phenomenon of tomorrow.