Crypto Currency: An Illusion

International Journal of Economics and Management Studies

© 2018 by SSRG - IJEMS Journal

Volume 5 Issue 1

Year of Publication : 2018

Authors : Amarnath DG

10.14445/23939125/IJEMS-V5I1P105

How to Cite?

Amarnath DG, "Crypto Currency: An Illusion," SSRG International Journal of Economics and Management Studies, vol. 5,  no. 1, pp. 24-33, 2018. Crossref, https://doi.org/10.14445/23939125/IJEMS-V5I1P105

Abstract:

as the economy develops; there will be new inventions and innovation. Over the period of time the mode of exchange like, money, currencies have changed. The currencies in the forms of gold, copper, steel, aluminum coins, paper money, plastic money and now online tradable currencies. The modern versions of currencies which are traded and exchanged only through computer system are called as crypto currency. It is newly introduced by an unknown person and being in to existence since 2009, a decentralized digital cash system. This is an online transaction between peer to peer (P2P) and managed by miners, who in turn get crypto currency for their services. It is very confidential, works only through secret passwords. It has a distinct feature, advantages, and disadvantages. There are many types of crypto currencies across the globe, but most known are Bit coin and Ripple. Seeing its disadvantages many countries have banned from circulation in their countries, some argue that these are not the currencies but are commodities. These are not regulated and hence there is no approval from Indian Central government and RBI. Crypto currencies are very volatile; hence Indian Government has warned people not to trade in Bit coin. A committee has been set up to study the merits and demerits, to introduce in India in the name of Laxmi Crypto currency, for making cash less society. This paper will throw light about the meaning, features, risks involved, trading system, advantages and disadvantages of crypto currencies.

Keywords:

Bit Coins, Exchanges, Wallets, miners, virtual currencies (VC).

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