Cryptocurrency Market—An Overview

Abstract

Cryptocurrency is a new type of digital currency creating by using the cryptography technology. Cryptocurrencies are not controlled by a single person or a government, it follows the decentralized control system. The first cryptocurrency was Bitcoin, created by Satoshi Nakamoto who built its decentralized control system also. It was mined by millions of people from different parts of the world. These Bitcoins were open to all, and its transactions were supposed to be anonymous. At the time of inception, the promise was given that, Bitcoins were the Universal Electronic Currency that passed around the world in minutes. Bitcoins have the quality of to treat this as a coin and a store of value and a network of payments. In this paper an attempt is made to explore the working of cryptocurrencies, its different types, benefits, drawbacks, ways to protect from digital frauds and the perspectives of Cryptocurrency at the global level in detail.