Cryptocurrency, a new technology depended electronic currency, is seemed as business commodity for investment and medium of exchange to few number of people of the world. It has different forms in different countries even more different forms in the same country. Bit coin, the first and most popular cryptocurrency, is paving the way as a disruptive technology to long standing and unchanged financial payment systems that have been in place for many decades. In some countries, cryptocurrency has been recognized by the respective governments. While cryptocurrencies are not likely to replace traditional fiat currency, they could change the way internet-connected global markets interact with each other, clearing away barriers surrounding normative national currencies and exchange rates. Cryptocurrencies bear both some advantages and disadvantages in uses. Over the last few years, it has been gaining rapid popularity in the public eye. In India, recognition process has been started to come into mainstream of the public domain. In this article, a short analysis of cryptocurrency is presented, which illuminates some of the recent events and movements that could influence whether cryptocurrency contributes to a shift in economic paradigms. The article covers the original idea and motivation, the mode of operation and possible applications of Cryptocurrencies and block chain technology. We conclude the article mentioning the prospect of cryptocurrency in India as well as in the world.
Block Chain, Bit coin, Cryptocurrency, Virtual Currency, Wallets
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