Blockchain is a virtual chain of blocks each of which contains a set of transactions and other information. It records the data and keeps track of the transactions sent via the network. All this depends on a public ledger technology type that is called, “blockchain”. The price volatility, alleged use in criminal activities that may not be easy to map and high energy consumption for mining of the coins are considered some of the key challenges to the acceptance of cryptocurrencies besides these coins not having any sovereign guarantee or approval.Ĭryptocurrencies act as a medium for value storage or exchange. It does not crumble at a single point of failure. The decentralized system of cryptocurrency makes it faster and cheaper to transfer money. Based on blockchain technology, many cryptocurrencies are decentralized networks.Ī cryptocurrency is a digital currency based on a network that is scattered across a huge number of computers. What is Cryptocurrency?Ĭryptocurrencies are not regulated by any central government authorities, which makes them immune to any government interventions. The Indian government is piloting its own digital currency and does not endorse the existing cryptocurrencies. Please invest carefully, your capital is at risk
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