Why are Cryptocurrencies so Popular

History of cryptocurrency

A cryptocurrency is a digital or virtual currency protected by cryptography. It is a decentralized digital currency based on blockchain technology forex market. According to Coin Lore, there are more than 5,000 different cryptocurrencies in circulation. Bitcoin was the first cryptocurrency and everyone thinks it was invented by Satoshi Nakamoto in 2008 and Satoshi disappeared into the best currency trading  company in 2011best Forex Trading company . In total, only 21 million bitcoins can be mined. Currently around 18.5 million Bitcoins have been mined.



Why are cryptocurrencies so popular?

Cryptocurrencies like Bitcoin are considered the currency of the future and they are now rushing to buy them, probably before they rise in value. Other proponents like the technology behind cryptocurrencies, blockchain, because it is a decentralized registration and processing system and can be more secure than traditional payment systems.

Are cryptocurrencies legal?

They are legal in the United States, although China has basically banned their use and ultimately it is up to each country if they are legal.

How to mine Bitcoin?

Software wallet, for example Electrum, Coinbase, Trezor, etc.

Bitcoin is made up of mathematical and algorithmic equations.

Heavy servers to solve these equations.

Solve equations and get Bitcoin as a reward



Cryptocurrency Benefits

Inflation protection

Self-managed and managed

Safe and private

Currency exchange is possible without any problem.

Decentralized

Type of economic transaction

A fast way to send money

Disadvantages of cryptocurrency

Can be used for illegal transactions

Loss of data can cause financial loss.

Decentralized but still managed by one organization.

Some currencies are not available in other fiat currencies.

Negative impact of mining on the environment.

Vulnerable to hackers.

No refund or cancellation policy.

China's negative stance on digital currency and in particular Facebook's Libra currency

Cryptocurrencies must be centralized by the government. or central bank.

It is a threat to the sovereignty of China and other developing countries.

 Libra's disapproval of Facebook is a cash flow risk.

Rejection of Bitcoin due to the volatility of its market.

In 2019, it plans to introduce its own Digi currency called Digital Currency Electronic Payment (DCEP).

Cryptocurrency in India

Cryptocurrencies are not legal tender in India and although the exchanges are legal, the government has made it very difficult to operate the best Forex Trading company in the Globe.

In April 2018, the RBI informed all financial institutions on how to deal with currency holders and virtual exchanges.

Cryptocurrency exchanges have complained against RBI

In March 2020, SC lifts the ban and declares that it must pass the proportionality test under section 19 (1) g.


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