THE CULT OF CRYPTO CURRENCY

In this contemporary world, we constantly chance upon some terms like bitcoin, cryptocurrency and many more. However, the knowledge of this digital currency, in contrast to what it should be, is seen rarely among people. In these days of extraordinary digital excellence, one must have an equally exceptional knowledge of digital entities, especially when it happens to be a form of entity which equalizes money. 

A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Bitcoin is the name of the best-known cryptocurrency, the one for which block chain technology was invented.

One common way cryptocurrencies are created is through a process known as mining, which is used by Bitcoin. Mining can be an energy-intensive process in which computers solve complex puzzles in order to verify the authenticity of transactions on the network. As a reward, the owners of those computers can receive newly created cryptocurrency. Other cryptocurrencies use different methods to create and distribute tokens and many have a significantly lighter environmental impact. Crypto currencies don't have a central issuing or regulating authority, instead they use a decentralized system to record transactions and issue new units.

For most people, the easiest way to get cryptocurrency is to buy it, either from an exchange or another user.

Absence of any centralized authority and maintenance through distributed networks makes crypto a beneficial currency. Moreover, 'crypto' in itself signifies encryption, which indicates a secured network. Nonetheless, these merits do not seem to attract the investments by many renowned investors. Mr. Gates, the fourth-richest person in the world, said that he does not see any value in crypto investments. 

Against this backdrop of pros and cons lies a fact which reveals the whopping value of bitcoin, which is about 23,55,279.40 INR. It means that if you possess one bitcoin, it will be the same as owning about 23 lakh rupees.

Indeed, cryptocurrency is evidence of the emergence of a new and digital form of money. This emphasizes our progress towards an absolute digital world.

Ayush Tiwari

Class XI