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Impact of Cryptocurrency in India

Sunidhi Kashyap
Research Scholar
Maharaja Agrasen University, Barotiwala
Dr. Kuldeep Chand
Associate Professor
Maharaja Agrasen University, Barotiwala

Volume II, Issue I, 2019

Cryptocurrency is a digital coin money of a country which is established electronically in which methods are accepted for encoding and are recycled to manage the whole of created money and it is also beneficial to check the transaction of cash which are performing its function freely and without any restrictions of a central bank. One of the most ordinary instances of cryptocurrency is Bitcoin which is gaining popularity in India every now and then even with restrictions upon it to use in India. The main difficulty to use these cryptocurrencies is its safety controversy. These digital coins are not as much protected as the people think they are. The second difficulty faced by many people is the variation problem of the currency is not known to anybody as it is uncertain. Anything which varies so much is the most ineffective thing to use. There are many things which India needs to learn from this digital era are that some are for their benefit but some of them are to create tension and to worry about. Even though we all know that India is moving fast towards the era of Digital age and that day is not far away that India will also be considered as one of the most developed nation in the world. These virtual digital coins will be more popular in the coming future. However, there is no confirm institution to determine the number of bitcoins and to decide about the number for the production, keeping the document about how many are there and to interrogate in case of any issue. It can be considered as association of connections. They are controlled by the non-centralized network. Their actions are guarded by their owners and the highly strict codes are developed to safeguard their boundaries in which they work accordingly.

 

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