CRYPTO-
CURRENCY
Introduction to Cryptocurrency
A cryptocurrency is a digital or virtual currency that Relevance in todays’s worls
is secured by cryptography which makes it nearly
The use of crypto for conducting business presents a
impossible to counterfeit or double-spend.
host of opportunities and challenges.
A defining feature of cryptocurrencies is that they
That’s why companies venturing to use crypto in
are generally not issued by any central authority. their businesses should have two things: a clear
Cryptocurrency is a digital payment system that understanding of why they are undertaking that
doesn't rely on banks to verify transactions. action and a list of the many questions they should
Cryptocurrency payments exist purely as digital consider.
entries.
News in the Field
Cryptocurrency is stored in digital wallets.
Indian prime minister Narendra Modi's Twitter
Cryptocurrency received its name because it uses account was hacked again in December, with
encryption to verify transactions. scammers claiming that India had adopted BTC as
national tender, and 500 TC are available for
The first cryptocurrency was Bitcoin.
immediate distribution to Indian nationals who sign
up via a phishing link.
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A Historical View of the Currency
Satoshi Nakamoto strove to show
that another time of currency is
Based on the eCash concept,
possible, allowing for The first crypto exchange, the
Chaum entered agreements with
international and decentralized New Liberty Standard, is
some smaller banks and financial
use without relying on any established. On this platform,
corporations.
financial institution. users can buy/sell Bitcoin.
1995: 1998: Crypto 2008: Economic 2009: Bitcoin 2009: New Liberty 2010: Bitcoin
1983: eCash
DigiCash is Coined Crisis Strikes Standard Valuation
David Chaum developed The term cryptocurrency The first Bitcoin sale
During this period, Bitcoin
eCash was officially established famously exchanged 10,000
went from being the only
The goal of the platform in 1998, the same year BTC for two pizzas. At
cryptocurrency anyone had
was to allow people to Digi Cash went bankrupt. current prices, that would
heard of to being the hottest
transfer money have been worth more than
new investment opportunity.
anonymously over the $300 million
internet
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Different Types Of Cryptocurrencies
Bitcoin
Ether (Ethereum)
Bitcoin is regarded as the first Ether is the token used to
decentralized cryptocurrency
facilitate transactions on the
using blockchain technology to Bitcoin Cash (BCH)
Ethereum network..
facilitate payments and digital Bitcoin Cash BCH holds an
transactions. important place in the history of
altcoins because it is one of the
earliest and most successful hard
Tether forks of the original Bitcoin.
XRP (Ripple)
Tether is what's known as a
XRP is a digital currency based
stablecoin, a currency tied to a
on the digital payments platform
fiat currency in this case, the
RippleNet, built by the company
U.S. dollar.
Ripple.
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Different Types Of Cryptocurrencies- Cotd
Tokens
Polkadot (DOT)
There are also blockchain-based Polkadot (DOT) is a unique PoS
tokens that are meant to serve a
cryptocurrency aimed at
different purpose from that of
delivering interoperability
money. among other blockchains. Dogecoin
Dogecoin has skyrocketed in
value, thanks to support from
Binance Coin (BNB) the likes of Tesla CEO Elon
Litecoin (LTC)
Musk and investor and Dallas
Binance Coin (BNB) is a utility
Litecoin , launched in 2011, was Mavericks owner Mark Cuban
cryptocurrency that operates as a
among the first cryptocurrencies
payment method for the fees
to follow in the footsteps of
associated with trading on the
Bitcoin and has often been
Binance Exchange.
referred to as “silver to Bitcoin’s
gold.”11
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Crypto’s Journey In India
2020- supreme court 2022- the budget 2022
2018- RBI asks banks to
removes the ban on 2023 gave a clarity on the
stop trading in crypto or
cryptocurrency trrade goverment ‘s view of the
providing services relating
imposed by RBI currency.
to it
2013 – RBI issues warning
against cryptocurrencies
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2017- 2018- the commitee
2020- it is concluded that
Crypto trading isn't a legal proposes a bill for
the currency needs to be
procedure regulation
regulated and not banned
A committee is formed to
discuss the ban or
regulation
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The Pros And Cons
Pros Cons
Protection from Inflation Illegal Transactions
Blockchain Technology Prone to Market Fluctuations
Self Governed and No Refund or Cancellation Policy
Managed and secure and Risk of Data Loss and No
private. regulations
Decentralized and Ease in
Buying NFTs with other tokens
Currency Exchange.
Vulnerable to hacks.
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