Points to remember before you participate in this discussion:
|Akansha Jain said: (Sep 26, 2022)|
|Future of cryptocurrencies in India is very bright and I feel that in future we all use digital currency as it takes very less time and use peer to peer network and it is also secure.|
|Vikram said: (Sep 20, 2022)|
|As per my opinion.
Cryptocurrency is a digital currency and in India cryptocurrency was banned at 2018 the supreme court of the removed ban on cryptocurrency in India in 2020 and then India created a rule for cryptocurrency that any transaction related to cryptocurrency will be subject to 30% of tax so because of that rule you have to pay 30% tax of your cryptocurrencies transaction to the government of India.
|Asheesh Yafav said: (Aug 19, 2022)|
|Cryptocurrency is a digital and virtual currency it is rapidly in India because it will save our time and it will increase the ceaseless economy also but in India lack of digital literacy lack ok proper knowledge hackers hack the money and in this transaction, the government will not take any interface and it also increase illegal activity as terrorist use in bad direction and rbi also will not participate.|
|Chitranshi Choudhary said: (Feb 26, 2022)|
In my perspective, cryptocurrency is a digital currency. Most popular cryptocurrency are Bitcoin, Dodge coin, Ripple, and many more. It was banned in 2018 but was relaunched in 2020.
Cryptocurrency transactions recorded in public ledger called block chain. Blockchain is a decentralised technology because it is not manipulated by any government. It is maintained by users through peer to peer networking by this it very secure and fast.
|Rasmita Sahu said: (Jan 30, 2022)|
Cryptocurrency is a virtual currency whose transaction details are stored in blockchain. This blockchain technology is based on the decentralised systems concept, meaning that no single person/company has the sole authority. Also, the data stored in these blocks are immutable, so the chances of data loss are negligible.
These technologies make cryptocurrencies a more secure way of transaction that anybody can trust. As we all know online transactions of money are increasing, hackers and frauds also have evolved and found their way to fraud people and take their hard-earned money.
So far cryptocurrencies are a solution for this and if more people get aware of it, this will be a boon for our future generation.
|Krishan said: (Dec 25, 2021)|
Cryptocurrency is a virtual currency which do not have any governing body.
There are many advantages of cryptocurrency.
1) It is very important for the economic development of a country.
2) In cryptocurrency transactions we do not permit any governing body.
3) Time taken is less in cryptocurrency transactions.
|Rahul Kumar said: (Dec 23, 2021)|
As all know about cryptocurrency. It is a virtual currency that is based on blockchain technology. Cryptocurrencies are of different types some of them are BITCOIN, DOGECOIN, ENTHEREUM etc.
In 2009, Cryptocurrency came into the market. This is digit currency we can buy or sell in the national as well as international market. Is a convenient way to invest.
|Harshad K V said: (Dec 11, 2021)|
|Hello, I'm happy to initiate this discussion.
Crypto-currencies were once known by very fewer people but today most of the young minds like us are involved directly in investment. In future, this knowledge will be spread to even the young fellow who possibly to complete their schooling.
|Loden said: (Nov 20, 2021)|
|In an increasingly digitalised world where the Internet is the place to be and digitalised environments like Facebook's Metaverse are fast taking precedence over normal lives, cryptocurrencies are "the" currency mainly used for most transactions.
Cryptocurrencies are on the rise due to its inherent security and ease of use. While the prices fluctuate and some authorities remain reluctant, cryptocurrencies definitely represent the future.
|Banda Aravind said: (Nov 19, 2021)|
|Every new technology has its own advantages and disadvantages for the world.
At first, I will discuss the advantages of Cryptocurrencies:
I) It is a decentralised system which means it eliminates intermediary people like banks, financial institutions that charge for transactions and who keeps track of each and every transaction done by us.
Now let's talk about disadvantages:
I) Lot of people don't have prior knowledge about crypto.
II) It can be used by terrorists for reinforcements.
It will have a future if it is regulated by laws.
|Sai Rohit said: (Sep 16, 2021)|
|Crypto currencies are the future of payments because of the transaction speed and security it provides and that is the biggest advantage and we don't need the banks of we base our transactions on cryptos and recently we heard the a South American country named El Salvador has accepted cryptos as official currencies it has benefited the people of that country cause there will be very less transaction cost for transferring money which will help the people to save more and spend more which would see the economy flourish.|
|Rani said: (Sep 14, 2021)|
Cryptocurrency is the virtual currency that enables us to make money transactions without a governing body (eg: RBI in India).
1. Helps in better economical development in a country like India.
2. No need of seeking permission from a governing institute to make transactions.
3. Faster money transfer.
1. It is not under any governed body so chances are that there might be illegal activities that can cause us risk.
2. Employment opportunities of the bank sector decreases.
3. Lack of awareness about cryptocurrencies among the public.
What can be done:
1. Educating the public about cryptocurrency.
2. Enhancing technological accessibility so as to practise usage of cryptocurrency.
3. Ensure to have a strong set of rules which prevents fraud activities.
In a nutshell, chances are that cryptocurrency can be a future revolution. It can become widely used flexible currency in future by overcoming the few setbacks mentioned above.
|Lokesh said: (Jul 8, 2021)|
|Everything has 2 aspects positive and negative if look to the positive side;
Cryptocurrency is very good for countries like India because there is less value of rupees in the international market by using cryptocurrency this can be eliminated.
Interfere of the third party may stop not need to take the permission to a transaction.
The need of currency exchange can be stopped so that we can buy and sell everything all over the world.
Due to this, jobs in the banking sector will drastically reduce.
There is no one to take responsibility if any fraud happens.
It will not be easy to start in developing counties like India because of a lack of knowledge of a common person.
|Nadeer P K said: (Jun 19, 2021)|
|Crypto currencies will only remain a purchasable asset and of limited utility until there's sustainable solutions to the energy demands it carries. Without reasonable regulations on the matter of energy usage, this emerging technology could only cause more and more environmental damage.|
|Vinay S S said: (Jun 3, 2021)|
|Cryptocurrencies have made an important role in the current trend, in this Covid crisis many of them do not go to the bank they made an easy payment online and it will remove the black money or corruption, in my point of view cryptocurrencies are good for the better future.|
|Priyal Shrivastava said: (Jun 1, 2021)|
|Cryptocurrency is based on blockchain technology which is good for not only the banking sector but also for other sectors also so in future there is chance that cryptocurrency compete with the other financial institutions and also contribute in the growth of economy of India.|
|Suraj said: (May 22, 2021)|
|Crptocurrency is on trend nowdays everybody is listening about digital currency from media and other platforms.
Well let me give you a short info about cryptocurrency: It is the digital currency first of all and the main aim of this currency is to decentralised the money transfer as now a days we are making payments by using the third party apps like paytm, gpay and other apps so basically when me make transcations it need to be approved by the central agency or we can say by banks and they have the power to see your transcations.
And to overcome this thing cryptocurrency have been made.
By this you don, t need a central aggecy to aprrove your transctions and you can make transctions anywhere in the world. Another good thing about this you can check where your currency has been gone and how it is been used.
In market there are diffrent types of cryptocurrency are available some of them are BITCOIN, DOGECOIN, ENTHEREUM.
Crypto has a good future ahead but it has disadvantages to like human errors, Hacking, Using for illegal activities but it can be overcome with the advacements of the technology in future.
|Ravi Prakash said: (May 10, 2021)|
Cryptocurrency is a digital and virtual currency. It works only on mobile, computer, or any android digital system. It is a decentralized monetary system all over the world there is no governing body like the banking system.
It is purely digital so no third party is involved between the buyer & seller & if any fraud or cheating has happened then no one is responsible. But still day by day the people are attracting to virtual currency. Even many countries, industry and a lot of organizations are officially accepting this digital currency.
In cryptocurrency, A number of digital currencies are available may be their number will be in thousands or more above. In one of them now Bitcoin is on the top in the market. Overall on the basis of data and current condition, the future will be cryptocurrency.
|Manisha Jadhav said: (May 5, 2021)|
First of all, we will see what is meant by cryptocurrency, it is the digital currency in the form of bitcoin, ether and Bitcoin. In 2009, cryptocurrency came into the market. This digital currency we can buy and sell in the international market and for it internet is required. Like everything in the world have two sides hence it also has positive points and also some negative points.
It is a faster process as it linked with the international market.
It is a convenient way for investment.
One can do this as a business and earn some profits.
No third party is involved so no hidden and other charges.
We can anytime buy or sell this cryptocurrency.
It is a decentralized currency.
Government authority or any banks are not involved in cryptocurrency so the risk of security is there and also we can't complain about any fraud to these authorities.
There is a high risk involved in this business as it is linked with the international market so sometimes loss occurs.
RBI didn't support it so no legal organization is there to keep watch on it.
Cybersecurity is not so strong.
Mostly this type of currency is used by terrorists and other such organizations.
Chances of corruption are there.
The conclusion is that in future government authority will give legal permission to it as its use is increasing day by day and also works on its negative points.
Thanks a lot.
|Poonam said: (Jan 8, 2021)|
We have topic to discuss here that is future of crypto currencies
Crypto currency is digital money with user can buy or sell goods without third party or bank involvement.It has no base or any legal authority to regulate.it is fastest ,unstable,high risky,high return ,irreversible form of transaction.its value is in the form of bitcoin whose value drastically increases or decreases in a day.
In 2018 for data security,as seeing increased public interest in bitcoin ,RBI banned banks to do transaction with digital currency.RBI said that it has base to regulate and it is decentralised body so it is unsafe to use as currency. But SC removes RBI ban under article 19 (1) which allows citizen to do any type of trade or business.Users of digital currency are increasing day by day without knowing it's origin and working.
As per prediction crypto currency capture entire world although users are increasing because gov have right to ban digital currency due to its many disadvantages
1.It decentralised body, no third party or bank is involved in between to solve transaction issue or any fraud. It has no regulatory body.
2. Transaction is irreversible.
3 .No data security
4.mostly digital currency is used in terrorism,illegal activities
5.Digital currency is unpredictable and volatile .
In my opinion it highly risky to use digital currency. It has no legal authority to cross check any misuse or fraud.for the safety of person which uses digital currency,there is need of legal regulatory authority to keep check on transaction activity .
|Chinnari said: (Jan 7, 2021)|
|Cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange. It works on by cryptography which is a method of using encryption and decryption to secure communications in the presence of third parties with all intent.
Future of cryptocurrency is:
The conflict between regulation and anonymity.
Futurist believes that by 2030 cryptocurrencies would occupy 25% of national currencies.
Increased acceptance by merchants and customers.
It will continue to have a volatile nature.
|Ryan Gadhwal said: (Dec 28, 2020)|
My name is Ratan Gadhwal.
According to me, Cryptocurrency a digital currency that allows transaction to remain anonymous while confirming its valued.
It is a type of peer to peer transaction in which block chain technology is used.
Facebook also launched it's own cryptocurrency LIBRA.
|Jhabar Mal Goswami said: (Dec 28, 2020)|
|Cryptocurrency is an international level, and digital currency so that you no need to have money in the pocket. As we need that we have secure service then it will be a bright future. Thanks.|
|Chhotelal Kumar said: (Dec 17, 2020)|
|This is Chhotelal.
I come to the topic future of cryptocurrency.
Cryptocurrency first introduced in 2009.
This is digital money. It is medium of exchange. Friends we all know very well that every coin has two aspects, yes I am telling about the negative and positive aspect.
Its positive aspect is that.
It is used as an international level & also it is faster. We do not need to go the bank and no need to stand in a long queue. We make a transaction online at home.
The disadvantage is that to access it we need a computer or mobile but it is not affordable for some people. The security problem is also. If a bank is rupt then not sure to return your money.
In last, my conclusion is that if these all problem are eliminated then it is our bright future.
|Km Deepika said: (Oct 31, 2020)|
1. Fully secure.
2. Your details are fully safe.
3. Peer to peer transactions and everyone can see each transaction.
1. Payment is not reversible.
2. If you lose the wallet, there is no way to recover it back.
|Ritesh said: (Sep 21, 2020)|
|We can consider crypto currencies as a digitalization of transaction. In crypto currencies typically we store money form of Bit coin. Everything has some advantages and disadvantages, so similarly crypto currencies has some advantages and disadvantages.
Some advantages are:
1. We can use it in international level.
2. It is faster.
3. We don't need to go to the bank and standing in a queue. It saves our time.
Some disadvantages are :
1. To access it need internet connection and some devices like mobile, computer, tablet etc. So it is not affordable for some people.
2. When using internet need to be aware in the internet nothing is secure. So be careful when access the internet.
At the end, my conclusion is apart of some security issues it has bright future.
|Payal Kumari said: (Sep 17, 2020)|
|Cryptocurrency refers to money in digital form through which one can do financal transaction internationally. It can be used for purchasing anything through online but it is not acceptable in.
Every country and quiet risky as digitalisation is revolving everywhere especially in this covid situation than we can say that it can have good future. But have security issues.
|Vinesh Kumar said: (Aug 13, 2020)|
|Today's topic is cryptocurrencies is used for foreign exchange. Or made a digital transaction easily. In Indian money cryptocurrency worth 6 lakhs so people can make a large amount of transaction very easy and transparent. But the disadvantages of cryptocurrency are this type of money not widely used, once you loss your bitcoin password as same you lose your money and the notable point is beware of the hackers.|
|Udayan Sharma said: (Jul 25, 2020)|
|Cryptocurrency uses decentralised technology which is based on mathematics or algorithms for secure payments and store money without even going to bank.
There is no middle man or a company which charges the transaction amount.
International transactions are faster.
Not widely accepted.
Unpredictable and Unstable.
If you lose the password you loose money.
So, basically, if all these risks are eliminated then only we can say that bitcoin or cryptocurrency has a better future.
|Divyansh said: (May 27, 2020)|
Today our topic is the future of cryptocurrency.
I consider that cryptocurrency is very beneficial for us. And cryptocurrency is a type of money transaction between the peoples. And we also consider it in the digitalisation. Cryptocurrency is a type of computer program that was made by use of algorithms in which there is only online transaction as much as you need. And there is not any type of notes and money everything is based on online payment. A few times ago, this is much popular in bitcoin. And bitcoin is a type of cryptocurrency. Which rates is increases and decreases in some times.
Finally, I totally agree with these and it is also secured in the field of hackers.
|Gurudatt Puranik said: (Apr 12, 2020)|
|Crypto currencies are basically digitised money that are used as a medium of exchange for financial transactions.
Everything on earth has pros and cons and so is it for crypto currencies. Advantages of crypto currencies are that they are easy to use, fast and unlimited transactions and transparency. Since crypto currencies are decentralised in nature (i. E, there are no legal authorities to control) , there are chances of bankruptcy and security issues. Investments in Crypto currencies are similar to that of stock market. They are highly volatile in nature and returns are not sure. The reason behind investors not showing interest in crypto currencies is that, if an organisation goes bankrupt, then there is no surety for investors in getting their returns back.
Future is safe with the help of digitalisation and at the same time not secure in the absence of basic facilities/needs.
|Anomie said: (Apr 7, 2020)|
|According to my point of view, every coin has two sides as the usual cryptocurrency has also two sides good one is that it stores all the records so that it prevents corruption but on the other hand, India is a village country most of the village have no appropriate facilities. They have no proper roadway, electricity as so on yeah it's future is good when the government provides them these basic facilities.
|Mangesh said: (Mar 22, 2020)|
|In my opinion, crypto currencies has great future. It has both merits and demerits. One of the best advantages of cryptocurrency, as it minimizes the corruption. It helps to reduce black money generation. The only point on demerits is its data security. As it is base on digital platform, the security of its transaction and delivery shall be considered. Till know bitcoin is a major player in cryptocurrency.|
|Divyamsi said: (Dec 9, 2019)|
|Well in my point of view cryptocurrencies have both positive answers negative assets.
The positive is to develop digitalization and do transactions easy and faster. But on the other hand of negative the corruption will grow and hackers collapse the cryptographic system. By these statements, we can understand it was observed that cryptocurrency may have a good future but its high risk.
|Anshoo said: (Oct 10, 2019)|
|We all know that everything has its merits and demerits. Like that cryptocurrency has also advantage and disadvantages.
The advantage is that it makes country cashless and disadvantage is that it increases corruption and security.
|Chaksu said: (Sep 9, 2019)|
The cryptocurrency was introduced in 2009, a digital currency used to make payments through decentralized organization. Today in markets cryptocurrency like bitcoins, ether, litcoins are used.
Looking into the current scenario, I believe the future of cryptocurrency will lead to quixotic situation. The main governing factor to decide value is its demand and supply. If demand will be more then the computer processing unit will be processing more transaction, therefore, raising its value and vice versa. Vagaries in prices of bitcoins were unbelievable, 1000$ in jan 2017 to 19000$ in the end of the year with 1400 percent raise and then dropping to 51 percent of its value in starting 2018, wiping out billions of dollar in the market. It leads to an economic bubble which bursts and created havoc among investors. Cryptocurrency is handled by decentralized organization, can lead to tax invasion and have potential to widens the economic gaps. There are other issues of cybersecurity too. In last, in the era of energy depletion where some individuals do not get even receive a proper meal of a day, depending on manmade gadgets to such an extant is not ethical and will lead energy mismanagement. I believe growth can be very gradually while considering all aspects of the market and society. Currently, cryptocurrency requires rules and regulations in its value else it can bring new digital manmade tsunami affecting millions of lives.
|Meet Patel said: (Jul 5, 2019)|
|Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography.
It is a digital currency that is not tied to a bank or government And allows users to spend money anonymously.
It has many disadvantages because of many people unaware of digital currencies.
Hackers used that information.
Crime increases as it has no involvement with the third party.
It can fluctuate so if it falls then people lose their money and suffers a crisis.
It leads to black money in the country so economy growth falls down.
|Sudha said: (Jul 1, 2019)|
|Crypto-currency will give good future May arrive in time so That's why I'm saying it's good for us. Almost, people want that type of opportunities.|
|Prateek Srivastava said: (Jun 27, 2019)|
|I think bitcoin will have a great future. This can be easily understood by;
* no third party involvement (which is central bank and government).
* easy to used and converted to physical objects as we know big companies were deals in crypto.
*as it is limited currency we know rate goes up having a max return or profit.
* the whole world having a single currency system that is crypto. If no competition between them But also having a large demerit which tends his future is worse.
*hacker used that.
* crime increases as it has no involvement of the third party.
* direct tax gets reduced.
*maybe the whole system gets crashed.
* government restrictions.
* not easily understand by a large group of peoples.
|Khushboo said: (Apr 13, 2019)|
|Good afternoon friends,
In the last couple of years, not only individuals but even major organizations have started accepting payments in the form of Cryptocurrency.
This led to a huge investment and mining boom with respect to bitcoins.
Coming to the present state of affairs, Finance Minister Arun Jaitley announced in February 2018 that the use of bitcoins will no longer be tolerated and they intend to get rid of the decentralized currency from the country.
Many countries like Russia, Bolivia, and Taiwan have already posed the restriction on usage of Cryptocurrency. The estimated amount of bitcoin distributed all over the globe is said to be 21 million and 4 million more left to mine. This indicates the future of bitcoins will soon be restricted to trading or exchange.
The case seems to be similar in India since the finance department of the country is not ready to accept this currency and RBI being the head and control of banking in India has also warned people about the usage of cryptocurrency and its risks involved.
|Lekshmy said: (Feb 5, 2019)|
|Hi. According to my opinion, definitely crypto currency has a bright future. Crypto currency is a digitalised form of money which makes the country cashless. It can be easily transfered from user to user. Bitcoin is an example for crypto currency and is worked on the basis of the process blockchain where data is mined and difficult puzzles is solved. But the most demerits of crypto currency is that it has no central authority to control and is not a legal currency. The only aspect of its popularity is based on its value. The value of the Bitcoin is a bit higher. So people feels to easily gain profits.|
|Shrutika said: (Jan 20, 2019)|
|Hello, Thanks for giving me chance to share my thoughts.
Cryptocurrency is basically encryption of currency. Nowadays Bitcoin is used by most people. Lots of consequences are there like hacking, fraud ND there is no legal policy. The government should give the best knowledge about this cryptocurrency to those people are uneducated. So it will help to make a good future. Thank you.
|Rishika said: (Dec 2, 2018)|
|Hello my panel members,
The topic of future of crypto currencies is the most discusses topic nowadays especially after the introduction of Bitcoin.
Cryptocurrencies are nothing but digitised form of money. Being a part of digitised world it is obviously prone to attacks cyber attacks. But also the advantages of cryptocurrencies cannot be ignored as it is the most convenient mode of currency.
Being in digitised form it encourages to make the country digitally equipped with electronic cash rather than paper cash. Ultimately leading to keep a track of all payments made it also reduces the conversion of black to white.
Hence future of cryptocurrencies are bright subject to attacks faced by digital economy.
|Vishal said: (Oct 20, 2018)|
|Good evening everyone.
Basically, what is Cryptocurrency? Cryptocurrency is the digital/virtual currency that is created for transfer of money peer to peer easily. It is a encryption by a Santosh Nakamotto in 2009.
The future of Cryptocurrency is bright in future. Because in 5year ago no one knows about Cryptocurrency but in nowadays people are aware of Cryptocurrency and also know how to transact and to operate. And many professional investors are trading in Cryptocurrency to earn more profit because profit comes from the high risk. And the price of Cryptocurrency highly fluctuates.
Every coin has a two side so Cryptocurrency currency has some merits and demerits.
1. Secure payment.
2. Easily operate.
3. Transfer anywhere in the world.
4. Cashless economy.
1. Fraudulent activities happen.
2. No legal interference.
3. Minimum possibilities of refund.
|Nandhini said: (Oct 3, 2018)|
First of all, cryptocurrency is a digital currency which is produced by the technology called cryptography which is nothing but an encrypted form of currency. There are many cryptocurrencies in the world nowadays. One of them is called bitcoin which is popularly circulating around the world. People too accept those currencies and trying to earn them.
Why people are interested in buying or gaining cryptocurrencies? because the value of bitcoin is that much higher. The cryptocurrency technology is an amazing technology through which nobody can hack them or stole them. But unlike other technologies in bitcoin, anyone can access this and can mine the data and gain bitcoin. For the data mining, Sample amount of data and electricity are required. In foreign countries, data mining centres for gaining bitcoin are separately run by the experts.
And now come to the point, this cryptocurrency technology is such a secured one as few banks in India accept it as a legal currency. The countries like USA, EU, Australia, Canada etc accept them as legal currency and countries like Iceland, Vietnam has banned them.
This bitcoin technology is a challenging one for the USA. Because the world's most valued currency American dollar has beaten by bitcoin. One bitcoin value at present is 6421 American dollar. And the values are fluctuating day to day. So the cryptocurrency if used in a right way it may reach a higher level.
|Vipul said: (Oct 2, 2018)|
The future of Crypto currrencies is very Bright because crypto currencies is rapidly increasing daybyday. The Bitcoin is a cryptocurrency, it is a electronic cash. It is decentralised by a digital currency. It is sent by a user to user peer to peer through bitcoin network with no central authority.
The author of bitcoin is satoshi nakamoto he creates open source network. In 9january 2009.
Nobody can control a bitcoin but we a part of bitcoin.
1. Fast peer to peer transaction.
2. Worldwide payments.
3. Low processing fee.
|Alok K Panday said: (Sep 30, 2018)|
|Bitcoin is most popular crypto currency. It is not legal and there is no authority control over it. It is independent of any other country currency like dollar, yen etc. Every one who is know about it can use it easily and profit. But everything has some bad effect it also does. It fluctuates and hacks by anyone easily. If it falls then people loss their own main money and suffer crisis. But. If rupee falls then it effects all the country means thing rate also falls but its not happen with crypto currency.|
|Dishani said: (Aug 22, 2018)|
|Cryptocurrency is a digital currency which is secured by cryptography (encrypted form). Bitcoin, Litecoin, Mintcoin are some types of cryptocurrency. Bitcoin is the First cryptocurrency generated in 2009 via open source software though solving difficult puzzles. It was first introduced by Satoshi Nakomoto.
It is not legal currency, there is no central authority to control it, its value fluctuates frequently.
However, it is encrypted but it is not secure and safe due to hacking and frequent losses due to its totality. Now, the government ban it in India because of its leads to money laundering, hacking etc.
|Tanya said: (Aug 11, 2018)|
A cryptocurrency is a digital or virtual currency that uses cryptography to secure and also cryptocurrency has no central authority.
According to me, cryptocurrency is not good for the society as the value of the cryptocurrency always keeps on fluctuating. Also, there is no governing body so as the cryptocurrency is hacked, no one will take responsibility to repay our money and if the value of cryptocurrency decreases if will affect more than the decrease in the value of dollar or Indian currency.
Ex -one of my friends invested 5000 in cryptocurrency and now its market value is only 1500.
|Ira said: (Aug 11, 2018)|
|Cryptocurrency is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.
I believe that cryptocurrency is not likely to take the world's monetary system in the near future due to the following reasons:.
1) There is no governing body.
2) No regulations thus a common man will never invest in such a thing knowing their hard earned money can anytime be STOLEN, DEVALUED. And no one can help you out of the situation.
3) Any unwanted or wrong transactions can never be refunded.
4) It can increase corruption and fraud.
5) People are not aware of how to use cryptocurrency and hence open themselves to the hacker.
6) If it becomes popular, it can alter the known national income of a country and can develop into a huge black market for things.
7) It can affect the known growth rate of a country.
8) In extreme cases, it can lead to recession and affect the entire world's economy.
|Abhijit said: (Aug 10, 2018)|
A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography.
Bitcoin first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.
Alternatives to Bitcoin.
Litecoin was founded in October 2011 as "a coin that is silver to Bitcoin's gold.
Ripple was launched by OpenCoin, a company founded by technology entrepreneur Chris Larsen in 2012.
Mintchip is actually the creation of a government institution, specifically the Royal Canadian Mint.
Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention. Bitcoin free from government manipulation or interference, the flipside is that there is no central authority to ensure that things run smoothly or to back the value of a Bitcoin.
Bitcoin's main benefits of decentralization and transaction anonymity have also made it a favoured currency for a host of illegal activities including money laundering, drug peddling, smuggling and weapons procurement.
Major thefts involving bitcoin 2012 - 2017.
December 2017, NiceHash, a marketplace for crypto-mining reported $63 million worth of bitcoin stolen.
November 2017, $31 million worth of tether tokens reported stolen and converted to bitcoins.
April 2017, 4, 000 bitcoins stolen from the YouBit exchange in April.
August 2016, about $65 million worth of bitcoin stolen in the Bitfinex hack.
May 2016, $2 million worth of bitcoin and ether stolen from the Gatecoin exchange.
January 2015, $5 million worth of bitcoin stolen from the Bitstamp exchange.
February 2014, the Mt. Gox exchange reports $480 million worth of bitcoin missing.
September 2012, the BitFloor exchange reported about $250, 000 worth of bitcoins stolen.
Cyber attack in 2018.
In May 2018 Bitcoin Gold (and two other cryptocurrencies) were hit by a successful 51% hashing attack by an unknown actor, in which exchanges lost estimated $18m.
In June 2018, Korean exchange Conrail was hacked, losing US$37 million worth of altcoin. The fear surrounding the hack was blamed for a $42 billion cryptocurrency market selloff.
On 9 July 2018, the exchange Bancor had $23. 5 million in cryptocurrency stolen.
There are some limitations that cryptocurrencies presently face " such as the fact that one\'s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker " may be overcome in time through technological advances.
But, if you are considering investing in cryptocurrencies, it may be best to treat as an investment option.
|Adeeba Fatima said: (Aug 10, 2018)|
|A cryptocurrency is 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.
Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies can be more difficult for capture by law enforcement. This difficulty is derived from leveraging cryptographic technologies.
The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed their use and trade, others have banned or restricted it.
Cryptocurrencies are a potential tool to evade economic sanctions for example against Russia, Iran, or Venezuela.
It is shown that bitcoin has some characteristics more like the precious metals market than traditional currencies.
Talking about the attacks on cryptocurrency, there is the latest news on 9 July 2018 the exchange Bancor had $23.5 million in cryptocurrency stolen.
Cryptocurrency if secure enough and being authorized by the government can have a better future but if not, will get lost one day.
|Sid said: (Aug 9, 2018)|
It's a digital form of currency which uses cryptography to transfer coins and the transactions are independent of government.
Banks can't charge money when we send or receive bitcoin.
Bitcoin is the earliest form of cryptocurrency and it was founded by a mystery person named Satoshi Nakamoto in 2009.
Even though cryptocurrency makes peer to peer transcations easier, there is no sense of security and one can't sleep peacefully knowing that the value of cryptocurrency might fall the next day.
It fluctuates way more than normal currency and atleast the normal currency's deflation has an impact on the consumer goods too. But Bitcoin has no such impact.
There is no proper governing body and if your money gets hacked, you won't get repaid.
I can't see cryptocurrency replacing normal ones in the near future because of the high risk involved. But there's a slight chance, if we improve the security and the threats of hackers are eliminated.
|Sruthi said: (Aug 5, 2018)|
Cryptocurrency is a digital currency.
Cryptocurrency is readily available to the general public. Almost anyone can make use of it. It is a decentralized operation and investors from all over the world have easy access to them. Even there is no need for a third party like a bank whom you need to trust in.
1. There is a possibility of losing your wallet. If you have stored the money in the form of digital currency on your phone or computer, you better remember your password and not lose those devices. Losing your coins means you won\'t be able to retrieve it, even with the help of legal assistance.
2. If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid.
|Sushree said: (Aug 4, 2018)|
Crypto currency is a virtual or digital currency whose transaction is secured and controlled by cryptography. As this is a decentralized monetary system govt has no authority on it and it's averse towards inflation so it is more likely to gain huge attention in future, but this may lead to an increase in corruption due to its anonymous nature, illegal activities like weapon procurement also can be done by this easily but this is going grow tremendously in future for sure.
|Shagun Jaswal said: (Aug 2, 2018)|
Cryptocurrency can be a big game changer.
1. Country will go cashless.
2. Transfer of money will be made easy and faster.
1. Corruption will grow.
2. There was news that Russian hackers were behind the Bitcoin that is a type of cryptocurrency.
3. Risk of getting hacked.
|Dauth said: (Aug 1, 2018)|
Nowadays Cryptocurrency is going in a plan to create all financial things in digital format, I think cryptocurrency will have good future.
|Siddhant Raj said: (Aug 1, 2018)|
|Crypto currencies have turned out to be a major player in the market of money, politics and almost everything now. Having such a thing can prove to be fatal too.|
Future of Crypto Currencies
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