The latest cryptocurrency news Cryptocurrency is the subject of a lot of news. Most authorities, including all the RBI, are considering prohibiting it while applauding the blockchain technology that underpins cryptocurrencies
Source PTI: Cryptocurrency is the subject of a lot of news. Most authorities, along with the RBI, are considering prohibiting it, while applauding the blockchain technology that underpins cryptocurrencies. And besides, how makes this technology so unique that it is being encouraged to be used? Let us state unequivocally there were no restrictions or guidelines in place in India when it comes to the usage of cryptocurrencies.
What is Blockchain, and how does it work?
Experts believe that with blockchain technology, papers may be digitally safeguarded. Nobody else can meddle with it or change that in any kind. Blockchain, as per CA Manish Kumar Gupta, is just a technology that can be used to make anything digital and keep track of it. This is a digital technology of some type.
What’s the difference between Bitcoin and Ether?
Ether, like Bitcoin, seems to be a privately held cryptocurrency that might not be regulated. A digital medium can be used to describe such currencies. Another platform that allows people to purchase and trade. This is incorrect to call it currency, according to Manish Gupta, because it has no long-term value.
Benefits of Blockchain
The RBI believes that Blockchain technology may be utilized to improve the security of the banking sector’s network. Risks such as network hacking and identity theft can also be prevented by employing blockchain technology. Cloud storage may potentially benefit from this technique. This technique is also being used in India to digitize government papers.
Paytm was one of the supporters
Furthermore, Vijay Shekhar Sharma, the creator of Paytm, has stated that the cryptocurrency would be maintained with lots of criticism. Such virtual money, as per him, will not be phased out. Sharma stated that cryptocurrencies are money cryptography-based, the research of secure communication technologies while speaking at an ‘online event hosted by the industry organization Indian Chamber of Commerce (ICC).
Credit – Komal Sharma