Introduction to Cryptocurrency: An Overview

R Govindasamy, S Pooja Vardhini and Dhanya Sai Das
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R Govindasamy: Bharathiar University
S Pooja Vardhini: Bharathiar University
Dhanya Sai Das: Bharathiar University

Shanlax International Journal of Economics, 2022, vol. 10, issue 3, 9-13

Abstract: Cryptocurrency is one of the safest digital money. The currency has broader usage. Bitcoin and different sorts of tokens in addition to coins with all forms of cryptocurrency were utilized in India for a long term now. Cryptocurrency has no fund transfer limit, account of the people cannot be hacked and also there is no central point of failure. The transactions of these sites cannot be handled by a third party. Therefore this paper mainly focuses on secondary data to understand the concept, types, advantages, disadvantages, and legal status of cryptocurrency in India. The study found that cryptocurrency brought out an effective advancement to the sectors like e-business and e-payment. Nevertheless, the cryptocurrency had lack of trust yet. It is must to take adequate steps by the India Government to administer for making it safer, transparent and more trustworthy.

Keywords: Cryptocurrency; Digital Money; Legal Status; Token; Coins (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:acg:journl:v:10:y:2022:i:3:p:9-13

DOI: 10.34293/economics.v10i3.4799

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