Points to remember before you participate in this discussion:
|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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