Paragraph on Cryptocurrencies 250 Words
Cryptocurrencies or digital currencies is a concept that became widely known after the 2008 financial crisis where the banks played a crucial role in the crisis. People started loosing faith in central banks and this led to the birth of the first cryptocurrencies known as Bitcoin.The creator of Bitcoin who is known by the name of Satoshi Nakamotois known as the father of cryptocurrencies. People all over the world are engaging more and more in cryptocurrency. They were created so that the people will use it to transact instead of the regular fiat currencies . In India cryptocurrencies became widely popular after the news of single bitcoin that was not more than a thousand rupees grew to a staggering 50 lakhs became known to people. People saw potential in it , they found it better than regular investment such as bond market , stock market or fixed deposits. Newer and newer concepts related to cryptocurrency such as staking , NFTs , yield farming , smart contracts , DAOs became popular in Indian youths. Most of the crypto enthusiast find cryptocurrency very attractive as they provide massive return if they are well aware of the concept. Various cryptocurrencies exchanges in India such as Wazir X and CoinSwitch Kuber often see such huge surge in its users that often times their apps or websites crashes. Even though it’s was invented as a means to transact but because of the uncertainty of its security and misuse the Government of India does not recognise it as a legal tender.