World is evolving rapidly and
so is the mode of exchange. Each country has their own currency but
when trade is to be done across borders, then there is no common
currency and so transaction has to be leveraged upon Dollars which is again the currency of US.
Digital technologies have virtually connected the world via internet. Blockchain is one such technology through which decentralized digital currency or virtual currency has came into existence. These virtual currencies are nothing but timestamp based cryptographic identities generated using very distinct algorithm. These algorithms are very secure and keeps detailed traces of each transaction within Blockchain ledgers. This has made economists and technology experts rely on virtual currencies generated by Blockchain technology.
As these virtual currencies are generated digitally using cryptographic algorithms, they are also known as Cryptocurrency.
Bitcoin is the first cryptocurrency that came into existence from 2009. After its worldwide acceptance various other virtual currencies were launched with little enhancement over bitcoin. Till the end of year 2017, there were more than 100 such virtual currencies in existence out of which few popular ones are Ethereum, Litecoin, Ripple, IOTA and BitcoinPower.
Each physical currency has an acronym: USD for dollar, EUR for euro, INR for rupees, etc. Similarly acronym is also specific for each virtual currency: BTC for bitcoin, ETH for ethereum, LTC for litecoin, XRP for ripple, etc.
Similar to stock exchange available for stock market, cryptocurrency exchange websites also exist. Through these cryptocurrency exchange you can buy, sell or exchange cryptocurrencies with other digital currencies or traditional currency like dollar or euro. Coinbase, Kraken and Bitstamp are the most popular cryptocurrency exchange websites where you can create account and start trading.
Even though virtual currencies are not yet made legal by many countries, but multinational enterprises have started upgrading their applications to accept cryptocurrencies as a mode of exchange. World giants like US, Japan and Canada have started using cryptocurrencies since long and other countries are also working on this digital revolution to amend their taxation policy.
India has not yet legalized the cryptocurrency transactions as its impact on economy is still being analyzed by experts and economists. Its government has given clear indication that they are amending their taxation policies to restrict unauthorized inflow/outflow of funds so that such transactions can be legalized.
Though it is not necessary to start doing transactions in cryptocurrencies on immediate basis, but it is better to keep account ready to operate it whenever opportunity grows. Here is a list of few exchanges where cryptocurrencies can be bought in Indian rupees:
Digital technologies have virtually connected the world via internet. Blockchain is one such technology through which decentralized digital currency or virtual currency has came into existence. These virtual currencies are nothing but timestamp based cryptographic identities generated using very distinct algorithm. These algorithms are very secure and keeps detailed traces of each transaction within Blockchain ledgers. This has made economists and technology experts rely on virtual currencies generated by Blockchain technology.
As these virtual currencies are generated digitally using cryptographic algorithms, they are also known as Cryptocurrency.
Bitcoin is the first cryptocurrency that came into existence from 2009. After its worldwide acceptance various other virtual currencies were launched with little enhancement over bitcoin. Till the end of year 2017, there were more than 100 such virtual currencies in existence out of which few popular ones are Ethereum, Litecoin, Ripple, IOTA and BitcoinPower.
Each physical currency has an acronym: USD for dollar, EUR for euro, INR for rupees, etc. Similarly acronym is also specific for each virtual currency: BTC for bitcoin, ETH for ethereum, LTC for litecoin, XRP for ripple, etc.
Similar to stock exchange available for stock market, cryptocurrency exchange websites also exist. Through these cryptocurrency exchange you can buy, sell or exchange cryptocurrencies with other digital currencies or traditional currency like dollar or euro. Coinbase, Kraken and Bitstamp are the most popular cryptocurrency exchange websites where you can create account and start trading.
Even though virtual currencies are not yet made legal by many countries, but multinational enterprises have started upgrading their applications to accept cryptocurrencies as a mode of exchange. World giants like US, Japan and Canada have started using cryptocurrencies since long and other countries are also working on this digital revolution to amend their taxation policy.
India has not yet legalized the cryptocurrency transactions as its impact on economy is still being analyzed by experts and economists. Its government has given clear indication that they are amending their taxation policies to restrict unauthorized inflow/outflow of funds so that such transactions can be legalized.
Though it is not necessary to start doing transactions in cryptocurrencies on immediate basis, but it is better to keep account ready to operate it whenever opportunity grows. Here is a list of few exchanges where cryptocurrencies can be bought in Indian rupees:
These are two mobile apps that can also be kept handy:
Open source, peer-to-peer, community driven decentralised cryptocurrencies are also available that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. This means anyone holding such currencies in their wallet will receive interest on their balance for helping them maintain security of the network.
Refer this article on how to buy Bitcoin, Ethereum and Ripple in India.
Refer this article on how to buy Bitcoin, Ethereum and Ripple in India.
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