Cryptocurrency: The Present and the Future Scenario

Abstract

Abstract: Cryptocurrency is a digital means of exchange of non-physical or digital currencies. It is a universal currency system which resolves the problem of currency exchange between two different nations with different currencies. Thus, cryptocurrencies have risen as imperative financial software systems in various countries. It is dependent on a secure distributed ledger data structure for the transactions. The exchange rates on the cryptocurrencies are not stable and keep changing with time, thus it is exploited the most by the traders. Mining is a method through which new units of cryptocurrencies are generated and earned. It also adds past transactions to the distributed and open ledger among the users known as the blockchain. In this paper, we shall discuss the mining techniques, growth of cryptocurrencies and the associated risks and returns. Keywords: Types of cryptocurrencies, Mining, Factors of its growth, Risks and returns, Challenges and problems