What is the issue?

Thousands of Indians are flocking to these digital assets and pumping in crores of rupees and there comes a need to know about cryptocurrencies before joining them.

What is a cryptocurrency?

Satoshi Nakamoto is said to have conceptualised an accounting system in the aftermath of the 2008 financial crisis which has mooted the idea of blockchain.

A cryptocurrency is a medium of exchange, such as the rupee or the US dollar, but is digital in format and uses encryption techniques to both control the creation of monetary units and to verify the exchange of money.Bitcoin is the largest in the world according to market capitalisation, followed by Ethereum.With cryptocurrencies, a chain of private computers (a network) is constantly working towards authenticating the transactions by solving complex cryptographic puzzles.For solving the puzzles, these systems are rewarded with cryptocurrencies and this process is called mining.A blockchain wallet is used to store the cryptocoins which facilitate smooth exchanges and secure transactions as they are cryptographically signed.