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The Dangers of Cryptocurrency to our Economic Systems
Essay On Cryptocurrency - Words | Bartleby
Cryptocurrencies, also known as Digital Currency or Virtual Currency are world-wide, decentralized, user-to-user used payment platforms. Satoshi Nakamoto in the year of Former Finance Minister , Mr. In , RBI banned all the functions and entities which is related to the sale and purchase of cryptocurrencies. In July , the Inter-ministerial panel recommends completing the ban on all cryptocurrencies. As per the Cryptocurrency and Regulation of the official Digital Currency Bill, , the Indian Government wants to create an official digital currency to be issued by the reserve banks of India and it also prohibits all the other private cryptocurrencies in India. Despite all the risks, the encrypted technology in cryptocurrency can prove to be an asset for the financial marketplace.
The Bitcoin is a revolution for the economy that is impacting our day-to-day lives and changing the way we connect with one another through the exchange of money. We have seen the Internet change the way we communicate, we have seen Google change the way we find information and now we will see the Bitcoin change the way we trade. This system has been used for centuries and much until the money was invented.
These form a private, hidden and secure currency. Cryptocurrency is a decentralized currency that uses peer-to-peer technology, which enables all functions such as currency issuance, transaction processing and verification to be carried out collectively by the network. Cryptocurrencies are highly secure electronic currencies that run on blockchain technology. Origin: Despite the origins of the technology dating back to the s, cryptocurrencies as we know them are a relatively new development.