Future of Crypto Currencies

Hello everyone,

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.

Thank you.

Good evening everyone.

Basically, what is Cryptocurrency?

Cryptocurrency is the digital/virtual currency that is created for the transfer of money from peer to peer easily. It is an encryption by Santosh Nakamotto in 2009.

The future of Cryptocurrency is bright in future. Because in 5 years ago no one knew about Cryptocurrency but in nowadays people are aware of Cryptocurrency and also know how to transact and to operate it. 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 two sides so Cryptocurrency currency has some merits and demerits.

Merits:
1. Secure payment.
2. Easily operate.
3. Transfer anywhere in the world.
4. Cashless economy.

Demerits:
1. Fraudulent activities happen.
2. No legal interference.
3. Minimum possibilities of refund.

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 shortly 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

Hello everyone
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 .

Good morning.

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.

Hello friends,

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.

Thank you.

Hello everyone,

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.

Positive 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.

Negative points-.

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.

The future of cryptocurrency in India is currently uncertain, as the Indian government has taken various steps to regulate the use of digital currencies in the country. In April 2018, the Reserve Bank of India (RBI) issued a circular prohibiting financial institutions from providing services to businesses dealing in cryptocurrencies. However, this ban was later lifted by the Supreme Court of India in March 2020.

Since then, there have been various discussions and debates regarding the regulation of cryptocurrency in India. Some officials have expressed concerns about its use for illegal activities such as money laundering, while others have promoted its potential benefits, such as increased financial inclusion.

It is likely that the Indian government will continue to closely monitor the use of cryptocurrencies and may implement regulations in the future to ensure their safe and secure use. However, it is also possible that the government may eventually recognize the potential benefits of digital currencies and take steps to encourage their growth in the country.

Overall, the future of cryptocurrency in India remains uncertain and it is difficult to predict what direction the government will take.
However, it is clear that cryptocurrencies are gaining in popularity and it is likely that they will play a significant role in the future of finance, both globally and in India.

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.

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. It operates independently of a central authority like a government or bank. The most well-known cryptocurrency is Bitcoin, but there are thousands of others like Ethereum, Ripple (XRP), Litecoin, and Dogecoin.

Key Features of Cryptocurrency:

1. Decentralised – No central control; operates on a blockchain (a distributed ledger).
2. Secure – Transactions are verified through cryptographic algorithms.
3. Anonymous – Identities of users are hidden behind wallet addresses.
4. Global – Can be used across borders without exchange rates.
5. Transparent – All transactions are recorded and publicly viewable on the blockchain.


Advantages:

* Low transaction fees
* Fast global transfers
* No need for intermediaries (banks)
* High potential for investment returns


Disadvantages:

* High price volatility
* Used in illegal activities (due to anonymity)
* Regulatory uncertainty
* Risk of hacking or scams

Summary:
Cryptocurrency is revolutionising the financial world, offering a new way to store and transfer value.
But it also comes with risks and challenges, especially for new users.

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.