CRYPTO CURRENCY FORUM

Volatile Nature: Cryptocurrency is speculative. Investing in high amounts leads to Market Volatility, meaning prices fluctuate and people may suffer big losses as a result. Reliability and Security: Cryptocurrency for its characteristic of be a digital mode of transaction, it has become a very common platform for hackers, terror finance, and drug transaction. This has brought tiredness among the people to a larger extent as it brings lesser security and lack of reliability. For example, Wannacry virus was used by criminals to make ransom payments in Bitcoin. Lack of Regulatory Framework: The Indian government is following a wait and watch policy towards cryptocurrencies. Absence of regulatory authority has led to increased chances of fraud threat to investor protection and movement of money in the economy. Flooding Advertisement: There has been an explosion of advertising in the crypto market to lure people into speculating, because it is seen as a quick way to make money. However, there is concern that these efforts are to mislead youth through “overpromising” and “non-transparent advertising". Stock-Market Issues: The Securities and Exchange Board of India (SEBI) has pointed out that it does not have control over cryptocurrency "clearing and settlement" and cannot provide counterparty guarantees as it does for stocks. In addition, cryptocurrency has not been defined as either a currency, commodity, or security. Scalability Concern: The scalability of crypto remains a major concern, since it is based on blockchain technology. In blockchain technology, the data storage mechanism is append-only, that means it cannot be modified, and since the demand is growing, storage capacity remains limited. Money Laundering: There is a huge possibility that people might start investing in money laundering and it is very easy as one can send money from country to country without any accountability. Possibility of Economic Disbalance: Rising crypto currency market can disbalance the circular flow of money in the Indian Economy. The creation of cryptocurrency is very different from how actual cash is created in the economy.

Defining Cryptocurrency: Cryptocurrencies should be explicitly defined as securities or other financial instruments under the relevant ... national laws. Linking Startup Ecosystem with Crypto: India's startup ecosystem can be revitalised by cryptocurrency and blockchain technology, which can create job opportunities, from blockchain developers to designers, project managers and business analysts to promoters and marketers. Lynchpin for International Cooperation: Because crypto assets transcend national borders, they serve as a lynchpin for international coordination of financial markets governance. However, crypto-asset regulation is still in its infancy in many emerging and developing economies (EMDEs) like India. A risk-based and context-specific international cooperation to regulate cryptocurrency flow is crucial.  more

Cryptocurrency has grown in size and popularity among investors to facilitate the financial activities such as buying, selling and trading trading in India and around the world. According to the United Nations Conference on Trade and Development Report 2021, 7.3% of Indians owned cryptocurrency in 2021. As much appreciable as it is that India is rapidly moving towards digitisation in almost every aspect of life, an underlying concern that needs immediate attention is that at present, India does not have any regulatory framework to govern the crypto assets market. The absence of a regulatory framework not only creates uncertainty for businesses looking to enter this space, but also exposes investors to avoidable frauds. An unregulated ecosystem can also facilitate money laundering, fraud and terror financing.

Crypto Price Today Live: Bitcoin holds $20,000; Solana, Avalanche & Polygon shed up to 11% Major crypto tokens were trading with big cuts as Solana plunged 11 percent, followed by Avalanche which was down over 9 per cent. Polygon and Bitcoin dropped 8 per cent each. XRP and Ethereum shed 6 per cent each. 14 Sep, 2022, 11.24 AM IST

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A big question to answer is what precisely an NFT can represent. Can it only be digital items or real-world artworks too? While it's not as common, physical collectibles can be represented by NFTs. In these cases, the private key to a wallet containing the NFT is usually inbuilt or provided with the piece.

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Immutable X (IMX) is a layer-2 scaling solution for NFTs on Ethereum. It offers quick transaction confirmation and near-zero gas fees for minting and trading NFTs.

An initial coin offering (ICO) is the cryptocurrency industry's equivalent to an initial public offering (IPO). A company seeking to raise money to create a new coin, app, or service can launch an ICO as a way to raise funds. Interested investors can buy into an initial coin offering to receive a new cryptocurrency token issued by the company. This token may have some utility related to the product or service that the company is offering, or it may just represent a stake in the company or project.