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Essay on Cryptocurrency in English
Cryptocurrency Essay
Essay on Cryptocurrency 250 Words
Cryptocurrency is an encrypted digital currency that is processed and validated through data mining. The term has got wide popularity in recent times has it has become stronger by 400 percent of its initial value.
The process of using cryptocurrency for transaction is complex. There is no third party involved between the two who are transacting. Once a request is generated, a minor has to solve a complex problem after which the transaction is validated and kept in a public ledger. Public ledgers are like a storage bank where all the confirmed transaction are kept. The identity of the individuals is kept confidential.
Bitcoin is one such cryptocurrency. It was the brainchild of Satoshi Nakamoto who in 2009 invented Bitcoin. Bitcoins are infused in the market through miners. Once a transaction is validated miners got Bitcoins as rewards. More number of transactions means more number of Bitcoins in the market.
Recently RBI issued guidelines to banks and Non-Banking Financial Institution (NBFI) saying that any entity dealing in Cryptocurrency should be done away with. As there is a possibility that money through this can be channelled to fund terrorist activities, money laundering and other fraudulent activities. However RBI has not completely banned Cryptocurrency.
Given, the rising tensions between superpower and uncertainty about dollar fluctuation, Cryptocurrency can provide an alternative source. These can be made more secure through global norms. Recently Venezuela started Petro virtual currency in order to deal with the economic breakdown. The growing presence of virtual currency can’t be ignored.
