Legal Perspective of Cryptocurrency and Benefit to Economy and Society

Abstract

Cryptocurrency is a unique digital signature which is allotted to every individual that is a part of this whole network. This digital signature is used to identify which users have participated in the transaction. The capacity of each block is almost 1 Mb so each block can store in its thousands of transactions. At present time used some crptocurrencies Bitcoin (CRYPTO:BTC); Ethereum (CRYPTO:ETH);Tether (CRYPTO:USDT);BinanceCoin(CRYPTO:BNB);USDCoin (CRYPTO:USDC);XRP(CRYPTO:XRP);Terra (CRYPTO:LUNA);Solana (CRYPTO:SOL); Cardano(CRYPTO:ADA);Avalanche (CRYPTO:AVAX) Bitcoin is considered the first cryptocurrency created, and other individual cryptocurrencies are known as “altcoins” (a combo word derived from "alternative coin").The concept of Crypto-currency and bitcoin were first proposed in 2008 by someone using the pseudonym Santoshi Nakamoto,who described how cryptology and an open distributed ledger can be combined into digital currency application(Nakamoto 2008).The main aim of this research paper to conclude that how much extent benefit to the economy and society from the crypto-currency. And secondory aim is to judge legal acceptance of the cryptocurrencyin the various countries.