CRYPTO CURRENCIES

WHAT IS CRYPTOCURRENCY? 

The word “crypto currency” is derived from the encryption techniques which are used to secure the network. A crypto currency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities. Block chains, which are organizational methods for ensuring the integrity of transactional data, are an essential component of many crypto currencies. BITCOINS Bitcoin is a digital currency created in January 2009. Bit coin is a type of crypto currency. There is no physical bitcoin, only balances kept on a public ledger that everyone has transparent access to. Bit coin is not issued or backed by any banks or governments, nor is an individual bit coin valuable as a commodity. Bitcoin is very popular and has triggered the launch of hundreds of other crypto currencies, collectively referred to as altcoins. Bitcoin performance in the last few Months – Bitcoin: On Monday, August 9, Bit coin price opened at roughly Rs. 33.14 lakhs, up 0.67 percent, after it last closed at roughly Rs. 32.87 lakh. This is the highest Bitcoin has touched since May 17 when the digital token was valued at $43,541 (roughly Rs. 32.65 lakhs). After several ups and downs, the digital asset appears to have regained quite a bit after hitting $29,793 (roughly Rs. 22.34 lakhs) on July 20, its lowest in the last two months. DOGECOIN Doge coin is a crypto currency based on the popular "Doge" Internet meme. Doge coin is a Litecoin fork. Introduced as a "joke currency" on 6 December 2013, Doge coin quickly developed its own online community and reached a capitalization of US$60 million in January 2014. Compared with other crypto currencies, Doge coin had a fast initial coin production schedule: 100 billion coins were in circulation by mid-2015, with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Doge coin had been mined. To purchase Doge coin, it involves downloading a crypto wallet, setting up a crypto exchange account and then trading away for your desired crypto currency. Doge coin performance in the last few Months - Doge coin: . On August 9, Doge coin price in India was at Rs 18.31, down 8.9 percent from Rs. 20 the previous day. On May 9, the currency was valued at $0.568 (roughly Rs. 42). Since then, the digital currency took a hit, only to shows signs of recovery in the first week of August when it was valued at $0.261 (roughly Rs. 19.5). On June 21, Doge coin had touched its lowest value at $0.17 (roughly Rs. 12.75). ETHEREUM Ethereum is a block chain platform with its own crypto currency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity. Ethereum was launched in July 2015 by a small group of block chain enthusiasts. Ethereum is an open-source block chain-based platform that creates and shares business, financial services, and entertainment applications Ethereum has its own associated crypto currency, Ether or ETH. Ethereum performance in the last few Months - Ethereum: Ethereum usually follows the same trajectory as Bitcoin. On August 9, the second most popular digital currency opened at roughly Rs. 2.25 lakhs, down 2.97 percent from its previous closing at Rs. 2.31 lakhs. It was only on August 7 that Ethereum price crossed the $3,100-mark (roughly Rs. 2.32 lakhs) after May 18 when it was valued at $3,377 (roughly Rs. 2.53 lakhs). It hit its lowest value on July 20 when it opened at $1,786 (roughly Rs. 1.33 lakhs). KEYWORDS Altcoins Block chain Digital Currency Initial Coin Offering Public Ledger CONCLUSIO Crypto currency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Crypto currencies work using a technology called block chain. Block chain is a decentralized technology spread across many computers that manages and records transactions.