What is Cryptocurrency? Bitcoin? Is it legal? Blockchain simple explanation.
Kranti: In today’s Net Mitra episode, let us talk about Cryptocurrency. What is Cryptocurrency? Nowadays referred to as Crypto? Jyotindra What is crypto?
Jyotindra Zaveri: Crypto is a digital currency. It is a universal currency. They are accepted in any country globally over the internet, digitally.
It is unique because it is recorded in a separate ledger based on blockchain technology. All account transactions are recorded automatically in this ledger and are codified.
K: What is blockchain?
JZ: Transaction of any kind stored in a database. The transaction is called a block, and the database is called a chain. So the name blockchain. What is unique about such information stored in a digital ledger is that it is highly secure.
In simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers in a network, in which the transactional records are stored based on actual purchases.
The most important fact is that anybody can see the data but not hack it. No technology can corrupt it.
K: Why Blockchain is used in crypto? Explain by example that an ordinary person can understand.
JZ: Suppose I want to transfer money to you from my bank account. I would log in to online banking and transfer the amount to you using your bank account number. When the transaction is done, your bank will update the transaction records.
What if I do not want to involve any bank? No other third party, no payment gateway. Money transfer direct from me to you. That is crypto.
For example, bitcoin transactions use blockchain technology.
K: What is the difference between blockchain and crypto?
JZ: Blockchain is the process of a cryptographically secured chain of blocks with timestamps that could not be tampered with. Whereas Crypto is the currency created using Blockchain technology.
The absence of any centralised authority and is maintained through distributed networks
The system maintains records of cryptocurrency units and who owns them
Blockchain in healthcare:
Securing Patient Data. Keeping our critical medical data safe and secure is the most popular blockchain healthcare application at the moment, which isn't surprising.
Real estate is also a domain that is affected by blockchain applications, and in the future, people are going to sell and buy property over the blockchain.
Using blockchain in logistics systems and supply-chain can help you handle help you track down freight more easily.
In short, blockchain is a technology that will be the backbone of all future technology and applications.
Crypto is one such application.
K: Is it safe to buy crypto. Is it legal
JZ: The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 are likely to be introduced in the winter session of the Parliament. It is a bill that would regulate Cryptocurrency in India.
K: How does one go about purchasing and selling crypto?
JZ: You can download many apps and start purchasing and selling crypto. KYC is necessary.
- COINSWITCH KUBER: Over one crore (10 million) Indians are trading in Cryptocurrencies.
- ZebPay, India’s most-loved Bitcoin की दुकान.
- COINDCX. It is amongst the multifaceted trading apps for crypto assets in India. You can buy or sell more than 200 trade coins on the app.
- UNOCOIN. It is one of the oldest cryptocurrency exchange apps.
- WAZIRX. It is one of the most popular cryptocurrency exchange apps that allows you to invest using INR, BTC, US dollar,
K: Is there any known leader or industrialist who has invested and supports Crypto.
JZ: Yes. Elon Musk
Elon Musk's crypto portfolio consists of Bitcoin, Ethereum and Dogecoin.
Elon Musk is one of the richest men and great industrialists globally.
Sixty-five million followers on Twitter. His Tweet can make marketing swing.
K: In conclusion, we can say that cryptocurrency is a virtual currency secured by cryptography. It is a peer-to-peer digital payment system that doesn’t rely on banks to verify transactions. It is here to stay. But like the stock exchange, there will be up and down, which is also equally risky. So be very cautious.
There is no quick rich formula here. It is a gamble and game of demand and supply. Like in all gamble higher risk higher gain or loss! What do you say?
Watch YouTube Video about Crypto
December 09, 2021. Host: Kranti Shah. Episode 41. WhatsApp +91 9552946949.
Previous Episodes:
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