Cryptocurrency: An Innovative Investment

Abstract

Abstract: Other than the paper currency or physical currency, the innovative developments have lead to the emergence of a virtual currency, referred to as cryptocurrency. It can be briefly described as a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. For crypto currencies to become more widely used, they have to first gain widespread acceptance among consumers. While the number of merchants who accept crypto currencies has steadily increased, they are still very much in the minority. The concept is still unknown to many except for the technologically adept. The study aims at analyzing the future of cryptocurrency, especially Bitcoin in India. It also tries to review it as as Innovative investment alternative alongwith the risk associated with it. The paper provides further scope for analyzing the invasion of digital currency on a continuum basis.