Introduction to Cryptocurrency: An Overview

  • R Govindasamy Assistant Professor, Department of Economics, Bharathiar University, Coimbatore, Tamil Nadu, India https://orcid.org/0000-0001-7013-0298
  • S Pooja Vardhini Ph.D Research Scholar, Department of Economics, Bharathiar University, Coimbatore, Tamil Nadu, India
  • Dhanya Sai Das Ph.D. Research Scholar, Department of Economics, Bharathiar University, Coimbatore, Tamil Nadu, India
Keywords: Cryptocurrency, Digital Money, Legal Status, Token, Coins

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.

Published
2022-06-01
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How to Cite
Govindasamy, R., Pooja Vardhini, S., & Sai Das, D. (2022). Introduction to Cryptocurrency: An Overview. Shanlax International Journal of Economics, 10(3), 9-13. https://doi.org/10.34293/economics.v10i3.4799
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Articles