Future of Crypto Currencies
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Discussion:
72 comments Page 2 of 8.
Khushboo said:
6 years ago
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.
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.
(61)
Chitranshi Choudhary said:
3 years ago
Hello everyone,
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.
Thankyou.
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.
Thankyou.
(55)
Abdul Muqeet said:
3 years ago
Hello everyone,
Cryptocurrency is a digital currency and in India crypto currency was banned at 2018 Then After two years, the supreme court removed the ban on cryptocurrency in India in 2020. For any transaction related to cryptocurrency, we have to 30% Tax to the Indian Government. The most popular cryptocurrency is bitcoin, ripple, and many more it also contributes to the growth of the Indian economy. The future of cryptocurrency is very bright because it is rapidly increasing day by day.
Cryptocurrency is a digital currency and in India crypto currency was banned at 2018 Then After two years, the supreme court removed the ban on cryptocurrency in India in 2020. For any transaction related to cryptocurrency, we have to 30% Tax to the Indian Government. The most popular cryptocurrency is bitcoin, ripple, and many more it also contributes to the growth of the Indian economy. The future of cryptocurrency is very bright because it is rapidly increasing day by day.
(49)
Tanya said:
7 years ago
Hello everyone,
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.
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.
(48)
Rishika said:
7 years ago
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.
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.
(47)
Prateek srivastava said:
6 years ago
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.
* 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.
(44)
Anshoo said:
6 years ago
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.
The advantage is that it makes country cashless and disadvantage is that it increases corruption and security.
(42)
Abhijit said:
7 years ago
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.
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.
(41)
Arjun singh said:
2 years ago
Hello everyone.
Cryptocurrency is a digital and virtual currency. The craze of cryptocurrency.
Increases day by day. It is mostly used in digital markets like share markets.
We used it for national and international transactions also. It takes very less time and provides fast transection speed it it saves our time.
There are 4000+ cryptocurrency available in the market and the price of currency fluctuate from time by time.
In India the future of cryptocurrency is uncertain now we can't say anything about it. According to our government policy, we have to pay 30% tax to our government on transactions by crypto currency.
Cryptocurrency is a digital and virtual currency. The craze of cryptocurrency.
Increases day by day. It is mostly used in digital markets like share markets.
We used it for national and international transactions also. It takes very less time and provides fast transection speed it it saves our time.
There are 4000+ cryptocurrency available in the market and the price of currency fluctuate from time by time.
In India the future of cryptocurrency is uncertain now we can't say anything about it. According to our government policy, we have to pay 30% tax to our government on transactions by crypto currency.
(40)
Poonam said:
5 years ago
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 .
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 .
(39)
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