The world is evolving rapidly and so is the mode of exchange. Each country has its own currency but when the trade is to be done across borders, then there is no common currency and so the transaction has to be leveraged upon Dollars which is again the currency of the US.
Digital technologies have virtually connected the world via the internet. Blockchain is one such technology through which decentralised digital currency or virtual currency has come into existence. These virtual currencies are nothing but timestamp-based cryptographic identities generated using a very distinct algorithm. These algorithms are very secure and keep 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 virtual currencies are generated digitally using cryptographic algorithms, they are also known as Cryptocurrency.
Bitcoin is the first cryptocurrency that came into existence in 2009. After its worldwide acceptance, various other virtual currencies were launched with little enhancement over bitcoin. Till the end of the 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 an acronym: USD for dollar, EUR for euro, INR for rupees, etc. Similarly, an acronym is also specific for each virtual currency: BTC for bitcoin, ETH for ethereum, LTC for litecoin, XRP for ripple, etc.
Similar to the stock exchange available for the stock market, cryptocurrency exchange websites also exist. Through these cryptocurrency exchange, you can buy, sell or exchange cryptocurrencies with other digital currencies or traditional currency like the dollar or euro. Coinbase, Kraken and Bitstamp are the most popular cryptocurrency exchange websites where you can create an account and start trading.
Even though virtual currencies are not yet made legal by many countries, but multinational enterprises have started upgrading their applications to accept cryptocurrencies as a mode of exchange. World giants like the US, Japan and Canada have started using cryptocurrencies for long and other countries are also working on this digital revolution to amend their taxation policy.
India has not yet legalised cryptocurrency transactions as its impact on the economy is still being analysed by experts and economists. Its government has given a clear indication that they are amending their taxation policies to restrict unauthorised inflow/outflow of funds so that such transactions can be legalised.
Though it is not necessary to start doing transactions in cryptocurrencies on an immediate basis, it is better to keep the account ready to operate whenever the 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 the internet. Blockchain is one such technology through which decentralised digital currency or virtual currency has come into existence. These virtual currencies are nothing but timestamp-based cryptographic identities generated using a very distinct algorithm. These algorithms are very secure and keep 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 virtual currencies are generated digitally using cryptographic algorithms, they are also known as Cryptocurrency.
Bitcoin is the first cryptocurrency that came into existence in 2009. After its worldwide acceptance, various other virtual currencies were launched with little enhancement over bitcoin. Till the end of the 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 an acronym: USD for dollar, EUR for euro, INR for rupees, etc. Similarly, an acronym is also specific for each virtual currency: BTC for bitcoin, ETH for ethereum, LTC for litecoin, XRP for ripple, etc.
Similar to the stock exchange available for the stock market, cryptocurrency exchange websites also exist. Through these cryptocurrency exchange, you can buy, sell or exchange cryptocurrencies with other digital currencies or traditional currency like the dollar or euro. Coinbase, Kraken and Bitstamp are the most popular cryptocurrency exchange websites where you can create an account and start trading.
Even though virtual currencies are not yet made legal by many countries, but multinational enterprises have started upgrading their applications to accept cryptocurrencies as a mode of exchange. World giants like the US, Japan and Canada have started using cryptocurrencies for long and other countries are also working on this digital revolution to amend their taxation policy.
India has not yet legalised cryptocurrency transactions as its impact on the economy is still being analysed by experts and economists. Its government has given a clear indication that they are amending their taxation policies to restrict unauthorised inflow/outflow of funds so that such transactions can be legalised.
Though it is not necessary to start doing transactions in cryptocurrencies on an immediate basis, it is better to keep the account ready to operate whenever the 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 decentralised 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 in investment. This means anyone holding such currencies in their wallet will receive interest on their balance for helping them maintain the security of the network.
Refer to this article on how to buy Bitcoin, Ethereum and Ripple in India.
Refer to this article on how to buy Bitcoin, Ethereum and Ripple in India.
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