Virtual currencies: a threat or boon to India?

Abstract

We all are living in an excessively active digital world, where actually everything is fostered by the internet. We have built a virtual world parallel to the real world, where virtual currency depicts a new asset division. Virtual currencies or a “cryptocurrencies” such as“bitcoins” are created by a series of steps called “mining” with the help of advanced computer software programmes.

In todays’ era virtual currencies are basically a globally accepted means of exchange that proceed through computer wallets and does not have any tangible structure.

But for the sake of security, each transaction can be apprehended and authenticated since it is based on “blockchain technology”. Each holder of currency is known by an account (computer wallet ID) and transactions can be made worldwide. This leads in savings of cost as there is no currency conversion charges or other transaction fees.

This paper provide a glimpse of role and functioning of virtual currencies contemporary domain.