Cryptocurrencies- The Revolution of Digital Payments

A Cashless Economy is in its early stages of development in India. After the sudden demonetization in India in the year 2016, a large group of the society started depending upon on virtual payment methods and mobile wallets such as PayTm. Even though the crowd is not much familiar about how the online currency works, its importance is no less. Cryptocurrency is money of the future, it’s a digital asset developed to work as an exchange medium that uses the concept of cryptography to protect the transactions. Digital currencies are formed by the joined effort of software and hardware engineers along with the strategies of business administrators. So in order to learn about how cryptocurrency works one needs profound knowledge in engineering as well finance administrations.
Best Engineering Colleges in India provide Cryptography along with network securities as specialization subjects. Cryptography also known as cryptology is the study which ensures or deals with communications in a secure environment in the presence of adversaries. It is basically information security, which ensures data confidentiality, and non-duplications. Keeping this aspect apart one must have good knowledge in finance, and this knowledge can be gained by doing a PG in MBA specialized in Finance, one can choose a gull time Post Graduate program and one with time constraints can go for Distance education, there are some Best Distance MBA Colleges in India which provide value for money education.
Moving on to Cryptocurrency, the most popular and important cryptocurrency in the market is Bitcoin. Invented by an unknown person or group who calls themselves Satoshi Nakamoto. From its launching in 2009 Bitcoin has gained so much popularity. Even though it was invented as a system to allow direct cash transaction between individuals, the founders had no idea they were creating a crypto currency. Bitcoin system works without an administrator which means they have a decentralized transaction system where all the transactions takes place directly between the users with the help of cryptography without the involvement of an intermediary. All the transactions are recorded and saved in the database of the public distributed ledger called block chain. All transactions are verified by network nodes. Each node represents a personal computer; all the computers have the same complete copy of all the information stored in the network.

Each user in connection with the block chain network has a secret key and a public key. A user account is cryptographically connected such that identification is likely in only single direction using the private key. The main advantage of Bitcoin is that it won’t be effected by Inflation since the amount of Bitcoin generated is limited to 1 million, but it is prone to deflation. Conventional currencies are valued based on gold and silver i.e. theoretically we get equal amount of gold from the money we give to the bank, but digital currencies don’t work like that. Digital assets and payments will replace the physical money in the not too distant future. Even when Bitcoin is notoriously imminent to threats and scams, it does provide some great opportunity for investments and savings.

India Is Not Banning Cryptocurrency, Here's What It Is Doing Instead

It has been a tumultuous week for cryptocurrencies across the globe. While China has blocked crypto exchanges, U.S. banks are steadily declining cryptocurrency purchases. Meanwhile, Indian finance minister Arun Jaitley, during the national finance budget, stated that the country does not recognize Bitcoin as legal tender and steps would be taken to penalize crypto payments, sending cryptocurrency enthusiasts and investors in a tizzy. Shortly after the minister’s statement, the price of Bitcoin fell to a two-month low of less than $7,000.
Jaitley’s comments managed to invoke doubts in India’s crypto community again about legitimacy of trading, except this time, authorities have decided to steer the debate clear of controversy for good.
Shortly after the budget announcement, secretary of economic affairs SC Garg said that the government will set up a panel to examine trading of crypto assets in unregulated exchanges. The panel is expected to submit its findings in a report by the end of March 2018.

Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee (BACC) of Internet and Mobile Association of India (IAMAI) is one among the many people in India working towards spreading awareness on cryptocurrency in India. Following the finance minister’s comments, Khurana revealed that he was happy that cryptocurrency at least found a mention in the country’s national budget. “I recognized that it was a step in the right direction. Having the finance minister say that cryptocurrency isn’t legal tender is perfectly logical –-- every nation barring Japan has taken this stance. It doesn’t mean crypto trading is illegal, but comes with its own risks like any other investment asset in the market.”
What happened after was unprecedented. Widespread coverage on media outlets seemed to indicate that the Finance Minister had stated that cryptocurrency was illegal, causing a tumult in investor circles. Since February 1 (when the national finance budget was announced), Khurana has been fielding calls to assuage harrowed investors and curious buyers of the government’s stance and the value of crypto assets.
Bitcoin Experts Seek To Educate Indians About Cryptocurrency

The knee-jerk reaction to the minister’s statement and the consequent fall in Bitcoin prices could be attributed to a lack of awareness about Bitcoin itself. “Right now, the general understanding of the term Bitcoin in India is vague. There are a lot of people in India who are intrigued by the technology but don’t understand it well enough,” said Khurana.
Regardless, India’s cryptocurrency trading volumes have been on the rise. While there are no official figures, Khurana says there are at least five million active traders in India, transacting via regulated banking channels.
With India’s leading cryptocurrency exchanges such as Zebpay, Unocoin, Coinsecure, Coinome and Bitxoxo among others reporting a marked increase in user interest every day, IAMAI has been focusing on increasing user awareness outreach programs such as educational videos and reading material, becoming one of the first industry bodies in the world to do so, said Khurana.
In addition, IAMAI is also working on putting together an online course using input from industry experts and Bitcoin exchanges as well as developing a self-assessment test. “There are multiple dimensions to Bitcoin such as the technology, security and privacy. It is important to be aware of every aspect, to understand Bitcoin better and make informed decisions while trading,”