Analyse various crypto currencies, their uses and concerns over their regulation and issues associated.
Cryptocurrency is a digital currency. Encryption techniques are used to regulate its use and generate its release.ï¿½It is not regulated or controlled by any bank, government or centralized financial authorities. It relies on the power of internet to guarantee its value and confirm transactions.
- Purchase of products and services
- Money Transfers and cryptocurrency tipping
- Get paid in cryptocurrency
- Investment opportunities
- Cryptocurrency mining and transactions can only happen on network, illiterate people will find it difficult to understand the working mechanism
- Cryptocurrency exchange rates can vary greatly, which means the amount you pay or receive one day could be wildly different next day
- These are prone to losses arising out of hacking, loss of password etc
- There is lack of any authorized central agency to regulate the payments
- These can easily be used for illegal activities anonymously
- There is no underlying asset for Cryptocurrencies, making the value a matter of speculation
ï¿½Some important cryptocurrencies are Bitcoins, Litecoin, Namecoin, Swiftcoin, Bytecoin, Gridcoin. Recently Facebookï¿½has announced a digital currency calledï¿½Libraï¿½that will roll out for use in 2020. In India the creation, trading or usage of cryptocurrencies including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.
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