World is evolving rapidly and so is the mode of exchange. Each country has their own currency but when trade is to be done across borders, then there is no common currency and so transaction has to be leveraged upon Dollars which is again the currency of US.
Digital technologies have virtually connected the world via internet. Blockchain is one such technology through which decentralized digital currency or virtual currency has came into existence. These virtual currencies are nothing but timestamp based cryptographic identities generated using very distinct algorithm. These algorithms are very secure and keeps detailed traces of each transaction within Blockchain ledgers. This has made economists and technology experts rely on virtual currencies generated by Blockchain technology. As these currencies are generated digitally using cryptographic algorithms, they are also known as Cryptocurrency.
Bitcoin is the first cryptocurrency that came into existence from 2009. After its worldwide acceptance various other virtual currencies were launched with little enhancement over bitcoin. Till the end of year 2017, there were more than 100 such virtual currencies in existence out of which few popular ones are Ethereum, Litecoin, Ripple, IOTA and BitcoinPower.
Each physical currency has a code: USD for dollar, EUR for euro, INR for rupees, etc. Similar code is applied for virtual currency: BTC for bitcoin, ETH for ethereum, LTC for litecoin, XRP for ripple, etc.
Similar to stock exchange available for stock market, there are several apps and sites that handles currency exchange along with currency wallets.
Even though virtual currencies are not yet made legal by most of the countries, but multinational enterprises have started upgrading their applications to accept cryptocurrencies as a mode of exchange. US and Japan have started using cryptocurrencies since long and other countries are also working on this digital revolution to tie it their taxation policy. Government of India has warned their citizens that transactions in cryptocurrencies are not legal, but they have not said that these transactions are illegal. Government has given clear indication that they are amending their taxation policies to restrict unauthorized inflow/outflow of funds so that such transactions can be legalized.
Though it is not necessary to start doing transactions in cryptocurrencies on immediate basis, but it is better to keep account ready to operate it whenever opportunity grows. Here is a list of few exchanges where cryptocurrencies can be bought in Indian rupees:
Digital technologies have virtually connected the world via internet. Blockchain is one such technology through which decentralized digital currency or virtual currency has came into existence. These virtual currencies are nothing but timestamp based cryptographic identities generated using very distinct algorithm. These algorithms are very secure and keeps detailed traces of each transaction within Blockchain ledgers. This has made economists and technology experts rely on virtual currencies generated by Blockchain technology. As these currencies are generated digitally using cryptographic algorithms, they are also known as Cryptocurrency.
Bitcoin is the first cryptocurrency that came into existence from 2009. After its worldwide acceptance various other virtual currencies were launched with little enhancement over bitcoin. Till the end of year 2017, there were more than 100 such virtual currencies in existence out of which few popular ones are Ethereum, Litecoin, Ripple, IOTA and BitcoinPower.
Each physical currency has a code: USD for dollar, EUR for euro, INR for rupees, etc. Similar code is applied for virtual currency: BTC for bitcoin, ETH for ethereum, LTC for litecoin, XRP for ripple, etc.
Similar to stock exchange available for stock market, there are several apps and sites that handles currency exchange along with currency wallets.
Even though virtual currencies are not yet made legal by most of the countries, but multinational enterprises have started upgrading their applications to accept cryptocurrencies as a mode of exchange. US and Japan have started using cryptocurrencies since long and other countries are also working on this digital revolution to tie it their taxation policy. Government of India has warned their citizens that transactions in cryptocurrencies are not legal, but they have not said that these transactions are illegal. Government has given clear indication that they are amending their taxation policies to restrict unauthorized inflow/outflow of funds so that such transactions can be legalized.
Though it is not necessary to start doing transactions in cryptocurrencies on immediate basis, but it is better to keep account ready to operate it whenever opportunity grows. Here is a list of few exchanges where cryptocurrencies can be bought in Indian rupees:
These are two mobile apps that can also be kept handy:
Open source, peer-to-peer, community driven decentralized cryptocurrencies are also available that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment. This means anyone holding such currencies in their wallet will receive interest on their balance in return for helping maintain security of the network.
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