In recent times we have been hearing a lot about cryptocurrency. The whole discussion about cryptocurrency is seen everywhere, even among investors and on social media. Investors are also worried about the RBI ban. A man from Telangana also committed suicide after losing Rs 70 lakh in crypto. Is there any trading going on right now? Will it be allowed in the future? Also ban trading? What is the status of the money invested if prohibited? Various questions like this, various doubts .. What exactly is this cryptocurrency? How does it work? Is it legal?
Cryptocurrency is a digital currency. Records of its transactions are verified by a decentralized system called cryptography. Then & lsquo; Ledger & rsquo; The records of these transactions are stored in the database & zwnj; Every transaction we make through cryptocurrency is stored in this ledger. They use blockchain technology.
News about cryptocurrency has been around since the 1980s. Bitcoin, however, was the world’s first decentralized cryptocurrency. Bitcoin, which hit the market in 2009, was an unexpected success and more cryptocurrencies emerged. In June of this year, El Salvador passed a bill for the first time accepting bitcoin as a legal tender. Cuba then made a similar decision.
However, in September of this year, China imposed a complete ban on cryptocurrency. It completely banned cryptocurrency transactions as well as mining. This means that even if crypto mining is done in China, prison swells have to be counted. It remains to be seen what decision will be taken in our country. But given the current state of affairs, it may soon be time for a ban or stricter sanctions.
Are some countries giving legal tender to crypto? Investors may wonder why. However, there are countries that have completely banned legal tender as well. In addition cryptocurrency is very difficult to track. Most cryptocurrencies are used for illegal transactions.
To be clear, the rupee is the Indian currency and the dollar is the US currency. What is the currency of cryptocurrencies like Bitcoin? To be precise, no one still knows who created Bitcoin. Elon Musk’s Tesla electric car company announced earlier this year that it would accept Bitcoin as payment. Then the value of the bitcoin reached an all time record. But it was not until a few years later that he reversed his decision.
No company conducting transactions in our country is likely to say that. But not so for such currencies. Decisions can be made by accepting these as payment. The decision can be reversed when not desired. These have no stability.
There are also scams going on in cryptocurrency. Recently, the Korean web series Squid Game was released and became a super hit. A coin called a squid was put into circulation in the name of the series. However, its value soon rose to $ 2,800 (over Rs 2 lakh in local currency). Within five minutes, however, its value returned to zero. This means that the person who created the coin took the money and flipped the board over. Former RBI Governor Raghuram Rajan had earlier said that 90 per cent of the cryptocurrency currently in circulation would soon be depleted. That is why governments are cautious about this. Will cryptocurrency be banned in our country? It remains to be seen what decision will be made on these. There are also those in our country who have invested crores of rupees on cryptocurrency. So those who want to start a new crypto trading should wait a bit until the government decides on it and then make a decision.
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