With evolution of time, apelike turned into fully grown ‘MAN’, vintage car turned into fast running fuel cars’ ,Here is the era where fiat currency is evolving into digital currency. With recent technological developments we are switching from fiat currency to highly secured and encrypted mode of transferring money. Crypto is new aged era currency.
But, What is cryptocurrency? Why is it so ,much in demand and what made it extra-ordinary? Well, certainly nobody has seen cryptocurrency for real because it has no physical existence ,it is just recorded in our processing systems. Cryptocurrency gained popularity when people showed interest in 2009 ,It was new age of blockchain technology and decentralized digital currencies but most people address ‘CRYTOCURRENCY’ as BITCOIN . It is first cryptocurrency that came into highlight and gained huge popularity , this is a hype we saw in a decade worth from peanuts to Kohinoor diamonds.
Cryptocurrency is virtual currency but highly encrypted which makes it impossible to cascade. Many cryptocurrency are decentralized and works on blockchain technology (digital asset based network that is distributed network between computer) this feature does not even allow government to intervene and other authorities. This is so secure that it could give a trembling effect to the law and specifically finance industry . It is new mechanism that to ensure secure payment online and it totally works on several algorithms and safe techniques to secure the entries with public-private keys and curve encryption. This could be new smell of new formation of business and new ’50 shades of breaking law’ . Acceptance of cryptocurrency in nation like India is particularly skeptible or might be considered as a taboo, we are still in developing age and we wish to move further but India is not prepared nor have to courage to admit this technology as a future. CRYPTO is the future but this wish is not going to be fulfill anytime soon.
Concepts like crypto makes other technology questionable ? As their so many pros and cons of this , If they are accepted by India ,it does not have any kind of route to track the transaction and that could give arise to new demonetization which can ultimately land on to new new currency or new law. Some finance industry giants take this as a serious potential for lower transaction cost by streamlining payment processing but they can be wiped out easily if the storage system gets damaged and moreover not backed up by any public- private keys. This could be a huge mess.
Talking about the views expressed above ,India is having futuristic approach and multiple formation of ideas , millennials have already started to explore the ocean of technology and crypto but it is still a antiquated to other generation ,Things will change precisely but surely , all it requires lit bit of patience, time and and bit of awareness .This could lead to something new and who knows with this speed we might be waiting for another wave of technology and our next generation will be using the ideas of 3050. That what makes crypto – a new aged currency and era.
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