In 21st Century most of the people are unaware about cryptocurrencies and most of the people, banks, government, companies know that how cryptocurrencies can bring biggest revolution in future and how can it be beneficial to humans.
In 2016, we are having a hard time finding that most of the banks, well known accounting firm, biggest software company’s or a government that did not research cryptocurrencies, publish a paper about it or start a so called block chain project.
After that press releases the overwhelming majority of people, most of the people from banks, consultants, scientists, and developers are not able to explain the basic concept of cryptocurrencies.
A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Emerging of cryptocurrencies
Very few people know that cryptocurrencies is emerged as a side product of another invention. Bitcoin is the first and still most important cryptocurrency was firstly developed by an unknown inventor “Satoshi Nakamoto”.
In late 2008, Satoshi has announced and said that I have developed “A Peer-to-Peer Electronic Cash System”
Satoshi has found the way to decentralize digital cash system. After seeing all the centralized attempts fail, Satoshi tried to develop a digital cash system without a central entity like a Peer to Peer network for file sharing.
That decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do.
Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s block chain transaction database in the role of a distributed ledger.
Cryptocurrencies are used primarily outside existing banking and governmental institutions, and exchanged over the Internet. While these alternative, decentralized modes of exchange are in the early stages of development, they have the unique potential to challenge existing systems of currency and payments. As of June 2017 total market capitalization of cryptocurrencies is bigger than 100 billion USD and record high daily volume is larger than 6 billion USD.
Crypto-Currency in India
The Reserve Bank of India is reportedly in the process of preparing a policy on the use of cryptocurrency in the country. This comes at a time when the price of Bitcoin, one of the most popular cryptocurrencies around, has surged to $5,800, despite being banned in China and potentially even Russia.
When asked whether the government is considering legalizing cryptocurrencies in India, the RBI Deputy Governor NS Vishwanathan said at a recent event in Kolkata, “I can’t comment on a policy which is still in the making.”