Cryptocurreny

Scope
A crypto currency is a digital currency which is a medium of exchange that uses cryptography
for security. It is difficult to counterfeit because of this security feature. Bitcoin was the first who
came into picture. Not only Bitcoin there are several others virtual currency which intervene in
this market such as Ethereum, Litecoin, Zcash, Dash, Ripple, Monero. The fate of Bitcoin and
other crypto currencies will always be under constant speculation due to the high volatility and
lack of regulation at this time. There will be distinction between the crypto as mentioned above
and there market capitalization.

Executive Summary

Cryptocurrency a hot currency in today’s e-world is a type of digital asset, which is a

medium of exchange in different types of transactions using cryptography. This medium of
exchange also helps in controlling the creation of additional currency units. Bitcoin, an
electronic coin, was the first cryptocurrency, which was introduced in the year 2009. Since
then, several different cryptocurrencies have sprung up and are making rounds in the
market. Bitcoin is a part of a decentralized and distributed digital cash system, which is
measured using the digital ledger known as the blockchain transaction database. How it
works ?. Cryptocurrency is a highly encrypted decentralized digital exchange, which uses
cryptography and serves as a medium of exchange; the transactions are recorded in a
digital ledger called blockchain . This process of tracking a cryptocurrency's transactions
in a blockchain is known as mining. Bitcoin does not need any bank to store or make
transactions.

It is intangible but talking about functionality it is similar to physical coins, which have
value and can be used for trading, such as purchasing services and goods online or as a
form of growing investment. Bitcoin can be traded from one person's wallet to another,
which is stored on the mobile phone, computer, or somewhere in the cloud.

In India, cryptocurrency dealers might have to face closure in coming days. A government has
recommended shutting down cryptocurrency dealers operating in the country to put an end to use
of cryptocurrencies such as Bitcoin.

And market experts believe that closing down cryptocurrency dealers or exchanges is not the
way to stop use of cryptocurrencies. Government will have to put a stop on buying and selling of
cryptocurrencies in cash.

The development comes at a time when Bitcoin, the oldest and most popular cryptocurrency in
the world, is on the scene. The cryptocurrency has seen its value skyrocketing with respect to
every major currency on positive global signs. Coming to India though, even the Reserve Bank
of India (RBI) has refused to accept cryptocurrency citing security reasons.

The Future of Cryptocurrency

Over the years it has been observed that the cryptocurrencies have been highly volatile
This volatility mainly depends on the decisions taken by the United States' financial
regulators on the usage of Bitcoin. Due to its increasing popularity, Bitcoin users predict
that by 2024, around 94% of different types of Bitcoin will be released as mentioned in
article by flat world solutions. A forecast by Jeremy Liew, Snapchat's first investor, estimates
Bitcoin to hit a staggering $500,000 by 2030. The popularity of this form of currency is expected
to grow exponentially, as it is decentralized, safe, and anonymous. Maximum section of
technology-savvy individuals and companies are wholly favoring different forms of encrypted
currencies that indicates the future of cryptocurrencies as a whole is going to be bright.
Current Scenario

The record that bitcoin had broken the $10,000 barrier shows the way that mainstream investors
have been plunging to cryptocurrencies over the past year. But this is happening not because of
real investors, there is continuous intervention of black source of money. Due to this it
encourages malicious transactions that leads to threatening of people.

Evidence shows that there are Indian investors too, this is even as there are no regulations
governing bitcoins in India. It may be recalled that the Reserve Bank of India had in February
this year advised that it has not given any licence/ authorization to any entity/ company to
operate such schemes or deal with bitcoins or any virtual currency.

Globally Used Cryptocurrencies

ETHEREUM (ETH) Decentralized computing platform which features its own Turing-
complete programming language. The blockchain records scripts or contracts that are run and
executed by every participating node, and are activated through payments with the native
cryptocurrency ‘ether’. Officially launched in 2015, Ethereum has attracted significant interest
from many developers and institutional actors. As of April 2017, the following cryptocurrencies
are the largest after bitcoin in terms of market capitalization:

DASH Privacy-focused cryptocurrency launched in early 2014 that has recently experienced a
significant increase in market value since the beginning of 2017. In contrast to most other
cryptocurrencies, block rewards are being equally shared between miners and ‘master nodes’,
with 10% of revenues going to the ‘treasury’ to fund development, community projects and
marketing.
MONERO (XMR) Cryptocurrency system that aims to provide anonymous digital cash using
ring signatures, confidential transactions and stealth addresses to obfuscate the origin, transacton
amount and destinations of transacted coins. Launched in 2014, it saw a substantial increase in
market value in 2016.

RIPPLE (XRP) Only cryptocurrency in this list that does not have a blockchain but instead
uses a ‘global consensus ledger’. The Ripple protocol is used by institutional actors such as large
banks and money service businesses. A function of the native token XRP is to serve as a bridge
currency between national currency pairs that are rarely traded, and to prevent spam attacks.

LITECOIN (LTC) Litecoin was launched in 2011 and is considered to be the ‘silver’ to bitcoins
‘gold’ due to its more plentiful total supply of 84 million LTC. It borrows the main concepts from
bitcoin but has altered some key parameters (e.g., the mining algorithm is based on Script instead
of bitcoins SHA-265).

Price & Market Cap. Of Cryptocurrency

Cryptocurrency Price in USD Price in BTC Market Cap

$ 10,965.03 1 BTC $ 183,136,620,930

Bitcoin 16,701,886 BTC

$ 460.91 0.042 BTC $ 44,286,812,661

Ethereum 96,086,027 ETH

$ 1,401.43 0.128 BTC $ 23,573,022,223

Bitcoin Cash 16,820,642 BCH

$ 98.59 0.009 BTC $ 5,333,144,731

Litecoin 54,091,933 LTC

$ 767.03 0.07 BTC $ 5,925,092,561

Dash 7,724,751 DASH

$ 189.44 0.017 BTC $ 2,922,392,086

Monero 15,426,551 XMR

$ 0.246 0.000022 BTC $ 8,601,055,935

Ripple 34,920,190,690 XRP
Source: https://bitinfocharts.com/cryptocurrency-exchange-rates/