Know Some Important facts about Cryptocurrency in 2022

Following statements by RBI Governor Shaktikanta Das and several Financial experts that cryptocurrency can affect the financial stability of the Indian economy. In India, the speculation of enacting a law to ban this digital currency has started gaining momentum again. What is a cryptocurrency, how is it made, and what is the intelligence related to it, it explores all the aspects.

What is the situation of Digital currency or Cryptocurrency in India?

The Center banned banks and financial institutions from doing business in cryptocurrencies in the year 2018, but the Supreme Court lifted the ban last year. However, when the government again indicated to enact legislation in Parliament to ban it. Recently, Union Finance Minister Nirmala Sitharaman said in response to a question in the Rajya Sabha that a high-level committee has suggested a ban on all private cryptocurrencies in India. The committee has said that only e-currency issued by the government should be approved in India. RBI Governor Shaktikanta Das has also said that cryptocurrency can affect the financial stability of the Indian economy. RBI has expressed its concern about digital currency many times in the past. It is feared that it may read money laundering cases and terrorists may be fouled. Therefore, the government should recognize only the authorized currency of India by banning it.

Some Important facts about cryptocurrency- what is a cryptocurrency

Gold is the oldest currency in the world. In order to get it, one has to dig on the fallow. Cryptocurrency is the most modern currency. It is a digital currency, also known as virtual currency. One has to do mining to get it, but it is completely different from mining gold. This mining is virtual mining. To get cryptocurrency one has to solve complex digital puzzles. Solving this puzzle requires its own algorithm (programming code) as well as more computing power. Therefore, technically, one can say that anyone can make cryptocurrency, but in practice, it is very difficult to make it.

How did you get popularity?

The cryptocurrency gained popularity with a currency called Bitcoin, which was first created in 2009 by a virtual manufacturer named Satoshi Nakamoto. Bitcoin is one of the main Important facts of  Cryptocurrency. But if we go into the history of cryptocurrency, then the first currency was created by David Yamp of America in the year 1983. Its name was - Kesha can be a total of 21 crore bitcoins in the world and by 24 February 2021 186 crore bitcoins have been created out them. Now the tricky thing is that the fewer bitcoins that are left to make, the more complex the digital puzzle will become.

How hard is it now?

In the beginning, it was very easy to make. Even sitting at home computer, someone could make it. But now it is not as easy. Earlier, fewer people used to make it, but now their number has increased a lot. Its mining has become so difficult. This can only be gauged from the fact that while there was only one deficit level in the year 2009, it increased to 13 trillion (13 lakh crore) in November 2019. Therefore, it may still take more than 100 years to mine the remaining bitcoins.

How many computers-using microprocessors?

Now many programmers try to create bitcoin (or any similar cryptocurrency) together. Many microprocessors, graphics card systems, and other technical things are used for this. Not only on their computers but using the Internet, they also use the power of computers of you and others like us for this purpose. On most occasions, we do not know that someone is using the power of our computer to celebrate cryptocurrencies.

If you cannot make it, how can you achieve it?

Bitcoin or any similar cryptocurrency can be purchased from a cryptocurrency exchange. If a business is carried out, it can declare that from now on it will also accept payment in cryptocurrency (provided that the cryptocurrency transaction is validly allowed in that country). If the price of the preferred cryptocurrency rises then it is seen as an investment. Can. Unfortunately, if it happens. There are similar exchanges for buying and selling cryptocurrencies such as stock exchanges for the transaction of shares.

How dangerous to the environment?

If one thinks that cryptocurrency is a virtual currency then it is eco-friendly. but it's not like that. That is because the more complex and lengthy the computational computation, the more power the microprocessor has to exert and the computing power and power required. The amount of electricity spent in gold mining can be multiplied by the value of cryptocurrency. Some independent researchers of the world estimate that 17 megawatts of power will be needed to produce bitcoins for the price of only one dollar. The pollution caused by this is even more worrisome. It is said that in all the bitcoins made between 2016 and 2018, in the process of manufacturing them, about 3 million to 130 million tons of carbon dioxide were produced. It is equal to the amount of pollution caused by the smoke emanating from about one million cars in the same period.

Why are governments upset?

Most governments and central banks and financial institutions around the world are troubled by cryptocurrencies. The reason for this is that it is a currency that has been developed as an alternative to government currency. Governments and central banks have little control over it because there is nothing to do with the banks, from building it to doing business and keeping accounts.

Popular cryptocurrencies other than bitcoin

Ether/Ethereum

Ether is the second most popular cryptocurrency. It was produced in 2015 by Jitalik Youtarit. He developed the Waria Nagakalakan platform. This platform is not just limited to a virtual currency called Ether.

Ripple

Ripple, it was developed in 2012 to make the process of international level pulldown transactions easier. This is done by a company called Ripple Labs, which has half the total Ripple prints.

Litecoin

LiteCoin, a former Google employee, built it in 2011. Bitcoin's own blocked platform was used in this work. The aim was to make a light pulp mold.

Neo

Neo or Neo Smart Economy, China Made this Cryptocurrency. Its biggest feature is the speed of its transactions. Its ten thousand transactions can be done in a second. Whereas one transaction of bitcoin takes up to ten minutes.

How secure is the transaction?

Cryptocurrency Security management system is too secure & these important facts about Cryptocurrency to become popular. The details of the owner of each bitcoin and the complete series of their transactions are kept in millions of computers spread across the world. This can be seen as a digital laser. How many copies of it have been kept around the world? It may be associated with the environment related to the environment and its negative impact on the economy, but due to the large number of computers involved in its construction, the Harleneden is absolutely safe. No one can hack the entire blockchain even if he wants to. In addition, the cryptocurrency Kalenden is instant, regardless of where it is sent to any place in the world.