Cryptocurrencies: The Future of Finance?

Bitcoin is disrupting long-established financial systems. You may be asking what this means for the future of finance if you are an investor, entrepreneur, policymaker, or simply interested in money. Cryptocurrencies are a type of decentralized digital currency based on blockchain technology. The crypto market is volatile because cryptocurrencies are unregulated. As a result, crypto trading has become a lucrative source of revenue. People have become millionaires overnight, according to reports. Two of the most well-known digital currencies are Bitcoin and Ethereum. Cryptocurrencies are a particularly safe way to conduct online transactions since blockchain technology is equipped with specialized end-to-end encryption. Satoshi Nakamoto, the creator of Bitcoin, established a new monetary currency in digital form. People grew so convinced that they now see it as a superior alternative to existing currencies. However, when it comes to the future of cryptocurrencies in India, it becomes a cause for concern. Bitcoin is often regarded as the sole reason for the current popularity of cryptocurrencies. Then there’s DeFi. DeFi, pronounced ‘dee-fye,’ is an abbreviation for decentralized finance. It is a financial system that does not rely on centralized entities such as banks and other traditional financial infrastructures. There are no bricks and mortar because everything is done digitally. Instead, it intends to use cryptocurrencies t...