Cryptocurrency: Is The Digital Currency Here To Stay?

Investing in cryptocurrency has grown in popularity around the world in recent years, and India was no exception. According to recent research, the world’s second-most populous country is poised to be a major player in the global crypto market. If 2021 was a watershed moment for cryptocurrency investors, with massive increases across most major crypto assets, all eyes are now on what 2022 has in store.

- Shweta Srivastava

Someone in your life, whether it's your family, closest friend, or neighbour, is talking about cryptocurrencies. Perhaps you heard about it on the radio, on social media, or in the news. Either way, you want to learn more about the new technology that people are advising you to invest in. With many organisations around the world adopting cryptocurrencies as a form of payment and heavily investing in them, demand for these digital currencies is on the rise. The level to which the crypto sector has gained recognition over time is difficult to express in words.

The crypto market had a strong end in 2021. But the big question is - will we continue to see the increasing adoption of cryptocurrencies among institutions, investors, and even governments next year? Let's get to know about it:

What is cryptocurrency?

Cryptocurrency or crypto broadly defined, is virtual or digital money that takes the form of tokens or coins. It is a digital currency that doesn't rely on banks to verify transactions. It is a form of payment that exists virtually or digitally and uses cryptography to secure transactions. Crypto can be exchanged online for goods and services. Instead of being physical money carried around and exchanged in the real world, it exists purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.