Yuva - India

An era of shift-to crypto: Beneficial or to be banned?

Cryptocurrency has been the most widely used term nowadays. The extreme use of this crypto currency or the virtual currency has no more leverage on the demarcation of a particular currency.

The term virtual currency has been very common nowadays. The idea of virtual currency had been in use since a long time as this concept is well secured in comparison to others. There are about more than two thousand cryptocurrencies in the world and one of them is most common as well as famous, named bitcoin. The change in rates of the assets according to cryptocurrency creates a huge difference in the market.

The notion of this virtual currency is known to make secured economic transactions and the term “cryptocurrency” was coined in 1998. These cryptocurrencies are not issued by the government. It is associated with the terms of technology via private encrypted databases. These are known as block chains. This use of technology has made investments possible in an easy and secure way. Today even Facebook is known to have created its own cryptocurrency called Libra.

From cryptographic systems called e-cash or Digi-cash, developed by the American, we have faced the common use of cryptocurrency, the most popular one being bitcoin.

There are other cryptocurrencies also like ethereum, lite coin, doge coin, Tether etc. but bitcoin and ethereum are supposed to be the most trustworthy one today. The reason behind this is the seasonal pump of the cryptocurrencies.

Certain other coins undergo seasonal pumps to raise their value in the market that would attract a lot of traffic. In case of ethereum and bitcoin, there are higher chances of profit as they are least likely to be dependent on seasonal pumps.

More the profit, more the investment. Hence with the rising demand of assured credits in the market, bitcoin has been a hot topic to be discussed nowadays. Last year, the value of this coin was around three lakhs and now the price has risen to around forty lakhs. The people who would have invested in bitcoin last year must have faced enormous profit from certain investments. Sudden rise in the value from three lakhs to forty lakhs was quite unexpected but still acceptable. This is the reason why the craze of bitcoin has increased among the people.

Now the question is how much will the craze for bitcoin increase? Before a few days, Tesla invested in 1.2 billion bitcoins, resulting in its high jump and burgeoning demand. A similar approach was expected from the “Apple” company. Large organizations undergo dumping of virtual currencies as they want to invest more and more in cryptocurrency and earn profit.

With the increase in use of technology, the craze will be increasing among the people and has least chances of loss. This is how the market works, buy at low price and sell at high price and that too without any risk. All one needs to do is invest at the right time. Because of a recent tweet by Elon Musk, there was also a craze of dogecoin at a time.

Tweets by great personalities are also one of the reasons for creation of good panic in the market. There was a sudden increase in the price of dogecoin and then it also became famous. But the practice of tweeting and dumping of certain cryptocurrencies is now stated illegal, creating a probability of it being banned. So dogecoin, could not be in high demand for a long time.

Cryptocurrency is now widely used by the people in different fields and also on different platforms. We have different apps for these things like wazirax, coin switch, kuber etc. who want to go for virtual exchange of credits. Not only this, there are many people who also love to get a part of their salary in cryptocurrency. The transaction for companies become easy, faster and secured. The employees also benefit from potential appreciation.

Using cryptocurrency had already created a huge craze among the public. With the coming generation, we will soon be used to several technological terms where most of the things will get converted as virtual payment. The netizens are more circumspect than before and will welcome the use of new technologies. As far as the technology uses prudent and legally secured ways it could be beneficial and a significant step towards digital India.

Supriya Rani

Intern, Goa Chronicle
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