BITCOINS - The Evolution And Revolution In Currency Market

Abstract

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units independently from a central bank using algorithms and blockchains. The main feature of crypto currency is that any central authority does not control it. Bitcoin was the first cryptocurrency in India. Each bitcoin is basically a computer file which is stored in a digital wallet app on smartphone or computer. This paper attempts to understand how crypto currency works and also to understand the awareness among the general public and thereby to understand the impact of bitcoins on the global economy. I would aim to conclude a new age technology will be difficult to replace the existing financial scenario globally.