Cryptocurrencies: A Boon or A Bane

Abstract

Cryptocurrency is a form of digital money and is transmitted over the internet. Cryptocurrencies are not governed by the Reserve Bank of India and are protected by complex codes and are authenticated by encryption techniques which are used for generating the units of currency and the transfer of funds are verified.

All digital transactions are stored in a digital ledger (also known as Blockchain) or in other words, a computerised database with strong cryptography to secure transaction record entries, in turn they control the digital coin records, and verify the transfer of coin ownership.

Strong cryptography is a general term applied to cryptographic systems which are considered highly resistant to cryptanalysis i.e., to analyse information systems to study their hidden aspects.

Keywords: Cryptocurrency Exchange, Bitcoin, Cryptography, Cryptanalysis, Digital Asset, Blockchain, Economic Bubble