Crypto Currency

About Crypto Currency:

• After the U.S. and Turkey, India has the third highest number of registered downloads of crypto exchange apps.
• As of June 2022, there were over 30 million crypto exchange app downloads in India.
• But in terms of downloads per capita, India features among the countries with the lowest number of downloads.
• This is because of its vast population and crypto awareness being mostly limited to urban pockets.
• Countries such as the U.S., Canada, Australia and the U.K. rank much higher in terms of per capita downloads.
• India also features among those countries with the lowest average monthly app usage per 1 lakh people.
• According to the study 73%-81% of the users would have lost money. A median investor would have lost $431, corresponding to 48% of the total $900 invested.

Cryptocurrency:

• Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds.
• These currencies operate independently of a central bank.
• The economic transactions underlying cryptocurrency are decentralized, distributed and disbursed.
• The first and most famous cryptocurrency, bitcoin was introduced in 2009.

Technology:

• Most cryptocurrencies of the world are built on blockchain technology.
• Blockchain is a decentralized and distributed database on a peer-peer network which works on the basis of a consensus mechanism involving every node (computer) on the network.
• Blockchain is a peer-to-peer distributed network that records a public history of transactions without actually recording identities of the parties or the transaction details.