Speaking about the importance of
cryptocurrencies, Ronish Baxter said, “What’s the thing that comes
to mind instantly when we talk about digitalization? Of course, mobile phone
connectivity, Aadhaar, Jan-Dhan accounts, etc. but how many of us think of
crypto currency?
Only a few maybe, but with growing popularity of this virtual
currency, people in India are also slowly getting to know cryptocurrencies.
It’s presently one of the most secure and independent exchange forms to trade
and transact with.
Transactions at Low Cost
The best thing about cryptocurrency is that, transactions
can be done from anywhere almost instantaneously. Also, transactions can be
carried out at a fraction of a unit, which means that for sending money to
anywhere across the globe, it would no more be a burden on the pocket.
Secure and Safe
It is a de-centralized model where data can be accessed from
different computers. Thus, even if a single record is meddled with, it wouldn’t
go un-noticed since the blocks are interconnected. This additionally means
that, all the blocks need to be changed to get away with the crime. Whenever, a
record is manipulated, its digital signature becomes void and users are
immediately notified.
Cryptocurrencies are Far Reaching
Not bound by any boundaries,
cryptocurrencies are surely global. This means, easy transactions and secondly,
absence of 3rd party dispels any threat of an account being blocked in case, it
is being misused. The owner of a cryptocurrency holds its private key and a 3rd
party cannot take money away unless the private key is been lost.
Blockchain Technology
Blockchain technology most effectively running
over the new payment solutions like bitcoin will revolutionize the world. It
has been suggested in the beginning there will always be people who will try to
misuse it, however technology has always been and continue to be a double edged
sword, it depends on us and the Indian government how to strike the right
balance.
