SUBMITTED BY:

SHIVAM
SSS
AGRAWAL

MINI PROJECT REPORT

ON CRYPTOCURRENCY
ON THE SUBJECT OF INFORMATION TECHNOLOGY
SUBMITTED TO
DR. DINESH KUMAR SINGH
(HEAD OF THE DEPARTMENT)
MASTER OF BUSINESS ADMINISTRATION
(IST SEMESTER)
UNDER THE GUIDANCE OF
MR.LUVKUSH GUPTA

ALIGARH COLLEGE OF ENGINEERING AND TECHNOLOGY

AFFILIATED TO DR. APJ ABDUL KALAM TECHNICAL UNIVERSITY

LUCKNOW

2022
HP
Hewlett-Packard
 ACKNOWLEDGEMENT

I extend my gratitude to Mr. D.K. Singh, Head of Department,

Management, Aligarh College of Engineering and
Technology, Aligarh, Uttar Pradesh, for providing me with
excellent infrastructure and awesome environment that laid
potentially strong foundation for my professional life.

I am really grateful for this project opportunity and would

sincerely thank Mr. Luvkush Gupta for trusting me with this
project. He has proved to be a guiding light in my entire
journey and his valuable insight has helped me improve and
make this project a success.

Besides this, I would like to express my gratitude towards the

lab staff members to provide us with the correct equipment
needed to fulfil this project.

SHIVAM AGRAWAL

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 TABLE OF CONTENTS
 INTRODUCTION 3

• HISTORY 6

• WORKING OF CRYPTOCURRENCY 8

• BLOCKCHAIN 10

Blocks
Miner
Nodes

• COVID-19 IMPACT ON CRYPTOCURRENCY 13

• EXAMPLES 15

• ADVANTAGES 17

• DISADVANTAGES 18

• CHALLENGES AND ISSUES 19

• FUTURE OF CRYPTOCURRENCY 21

• CRYPTOCURRENCY IN INDIA : TAX REGIME 22

• REFERENCES 23

• CONCLUSION 24
2
 INTRODUCTION

Cryptocurrency is a digital payment system that doesn't rely on banks to verify

transactions. It’s a peer-to-peer system that can enable anyone anywhere to send
and receive payments. Instead of being physical money carried around and
exchanged in the real world, cryptocurrency payments exist 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.

Cryptocurrency received its name because it uses encryption to verify

transactions. This means advanced coding is involved in storing and
transmitting cryptocurrency data between wallets and to public ledgers. The aim
of encryption is to provide security and safety.

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The first cryptocurrency was Bitcoin, which was founded in 2009 and remains
the best known today. Much of the interest in cryptocurrencie s is to trade for
profit, with speculators at times driving prices skyward.

A cryptocurrency is a tradable digital asset or digital form of money, built on

blockchain technology that only exists online. Cryptocurrencies use encryption
to authenticate and protect transactions, hence their name. There are currently
over a thousand different cryptocurrencies in the world, and their supporters see
them as the key to a fairer future economy.

Individual coin ownership records are stored in a digital ledger, which is a

computerized database using strong cryptography to secure transaction records,
to control the creation of additional coins, and to verify the transfer of coin
ownership. Despite their name, cryptocurrencies are not necessarily considered
to be currencies in the traditional sense and while varying categorical treatments
have been applied to them, including classification as commodities, securities,
as well as currencies, cryptocurrencies are generally viewed as a distinct asset
class in practice. Some crypto schemes use validators to maintain the
cryptocurrency. In a proof-of-stake model, owners put up their tokens as
collateral. In return, they get authority over the token in proportion to the
amount they stake. Generally, these token stakers get additional ownership in
the token over time via network fees, newly minted tokens or other such reward
mechanisms.

Cryptocurrency does not exist in physical form (like paper money) and is
typically not issued by a central authority. Cryptocurrencies typically
use decentralized control as opposed to a central bank digital currency (CBDC).
When a cryptocurrency is minted or created prior to issuance or issued by a

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single issuer, it is generally considered centralized. When implemented with
decentralized control, each cryptocurrency works through distributed
ledger technology, typically a blockchain, that serves as a public financial
transaction database.

A cryptocurrency is a digital or virtual currency that is secured by

cryptography, which makes it nearly impossible to counterfeit or double-spend.
Many cryptocurrencies are decentralized networks based
on blockchain technology—a distributed ledger enforced by a disparate
network of computers. A defining feature of cryptocurrencies is that they are
generally not issued by any central authority, rendering them theoretically
immune to government interference or manipulation.

KEY TAKEAWAYS

• A cryptocurrency is a form of digital asset based on a network that is

distributed across a large number of computers. This decentralized
structure allows them to exist outside the control of governments and
central authorities.

• Experts believe that blockchain and related technology will disrupt many
industries, including finance and law.

• The advantages of cryptocurrencies include cheaper and faster money

transfers and decentralized systems that do not collapse at a single point
of failure.

• The disadvantages of cryptocurrencies include their price volatility, high

energy consumption for mining activities, and use in criminal activities.

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HISTORY
Cryptocurrency existed as a theoretical construct long before the first digital
alternative currencies debuted.

Early cryptocurrency proponents shared the goal of applying cutting-edge

mathematical and computer science principles to solve what they perceived as
practical and political shortcomings of “traditional” fiat currencies.

Cryptocurrency’s technical foundations date back to the early 1980s when an

American cryptographer named David Chaum invented a “blinding” algorithm
that remains central to modern web-based encryption.

The algorithm allowed for secure, unalterable information exchanges between

parties, laying the groundwork for future electronic currency transfers.

About 15 years later, an accomplished software engineer named Wei Dai

published a white paper on b-money, a virtual currency architecture that
included many of the basic components of modern cryptocurrencies, such as
complex anonymity protections and decentralization.

However, b-money was never deployed as a means of exchange.

The late 1990s and early 2000s saw the rise of more conventional digital
finance intermediaries.

Chief among them was PayPal, which made Tesla founder and noted
cryptocurrency advocate Elon Musk’s first fortune and proved to be a
harbinger of today’s payment technologies that have exploded in popularity
over the past 10 years.

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But no true cryptocurrency emerged until the late 2000s when Bitcoin came
onto the scene.

Cryptocurrencies are a type of digital currency decentralized and not controlled

by any government. The history of cryptocurrencies can be traced back to the
1980s, when they were called cyber currencies. These coins started gaining in
popularity in 2008 with the introduction of Bitcoin, which was created by an
anonymous programmer or group of programmers under the name Satoshi
Nakamoto.

Since the launch of Bitcoin in 2009, cryptocurrencies have been all the rage.
Over the past few years, their popularity has only grown, with more and more
people investing in them. But what are they? And where did they come from?

The cryptocurrency was first mentioned in 1989, and a few years after in 1980,
American cryptographer David Chaum invented digital cash, which relied on
cryptography to secure and verify transactions. But it was only in the early
1990s that cryptographic protocols and software began to be developed that
would make possible the creation of a truly decentralized digital currency.

In October 2008, a paper by Satoshi Nakamoto (a pseudonym) titled Bitcoin: A

Peer-to-Peer Electronic Cash System outlined a system for creating a digital
currency that did not require trust in any third party. Nakamoto’s paper
effectively launched the cryptocurrency revolution.

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WORKING OF CRYPTOCURRENCY

Cryptocurrencies run on a distributed public ledger called blockchain, a record

of all transactions updated and held by currency holders.

Units of cryptocurrency are created through a process called mining, which

involves using computer power to solve complicated mathematical problems
that generate coins. Users can also buy the currencies from brokers, then store
and spend them using cryptographic wallets.

If you own cryptocurrency, you don’t own anything tangible. What you own is
a key that allows you to move a record or a unit of measure from one person to
another without a trusted third party.

Although Bitcoin has been around since 2009, cryptocurrencies and applications
of blockchain technology are still emerging in financial terms, and more uses
are expected in the future. Transactions including bonds, stocks, and other
financial assets could eventually be traded using the technology.

While there are thousands of cryptocurrencies, many with unique traits, they all
tend to work in similar ways. It's hard to avoid some jargon when discussing
cryptos, but the concepts can be relatively easy to understand.

A cryptocurrency's block chain is a digital record of all the transactions

involving that crypto. Copies of the blockchain are stored and maintained by
computers around the world. They're often compared to general ledgers, part of
traditional double-entry bookkeeping systems where each transaction leads to a
debit and credit in different sections of the books.
"It works like a general ledger — it's that simple," says David Donovan,
executive vice president, financial services, at the digital consulting firm

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Pubcilis . Perhaps you start with two coins and send one to someone. "On the
blockchain, it would say I'm sending you one coin, and I now have one coin,
and you have one coin."

Each grouping of transactions is turned into a block and chained to the existing
ledger. Once a block is added it can't be reversed or altered — which is why
people describe blockchains as "immutable."

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BLOCKCHAIN
Blockchain is a system of recording information in a way that makes it
difficult or impossible to change, hack, or cheat the system.

A blockchain is essentially a digital ledger of transactions that is

duplicated and distributed across the entire network o f computer
systems on the blockchain. Each block in the chain contains a number
of transactions, and every time a new transaction occurs on the
blockchain, a record of that transaction is added to every participant’s
ledger. The decentralised database managed by multiple participants is
known as Distributed Ledger Technology (DLT).

Blockchain is a type of DLT in which transactions are recorded with an

immutable cryptographic signature called a Hash.

A simple analogy for understanding blockchain technology is a Google Doc.

When we create a document and share it with a group of people, the document
is distributed instead of copied or transferred. This creates a decentralized
distribution chain that gives everyone access to the document at the same time.
No one is locked out awaiting changes from another party, while all
modifications to the doc are being recorded in real-time, making changes
completely transparent.

Blockchain consists of three important concepts: blocks, nodes and miners.

Blocks

Every chain consists of multiple blocks and each block has three basic elements:

• The data in the block.

• A 32-bit whole number called a nonce. The nonce is randomly
generated when a block is created, which then generates a block
header hash.

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 • The hash is a 256-bit number wedded to the nonce. It must start with
a huge number of zeroes (i.e., be extremely small).
When the first block of a chain is created, a nonce generates the cryptographic
hash. The data in the block is considered signed and forever tied to the nonce
and hash unless it is mined.

Miners

Miners create new blocks on the chain through a process called mining.

In a blockchain every block has its own unique nonce and hash, but also
references the hash of the previous block in the chain, so mining a block isn't
easy, especially on large chains.

Miners use special software to solve the incredibly complex math problem of
finding a nonce that generates an accepted hash. Because the nonce is only 32
bits and the hash is 256, there are roughly four billion possible nonce-hash
combinations that must be mined before the right one is found. When that
happens miners are said to have found the "golden nonce" and their block is
added to the chain.

Making a change to any block earlier in the chain requires re-mining not just the
block with the change, but all of the blocks that come after. This is why it's
extremely difficult to manipulate blockchain technology. Think of it as "safety
in math" since finding golden nonces requires an enormous amount of time
and computing power.

When a block is successfully mined, the change is accepted by all of the nodes
on the network and the miner is rewarded financially.

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Nodes

One of the most important concepts in blockchain technology is

decentralization. No one computer or organization can own the chain. Instead, it
is a distributed ledger via the nodes connected to the chain. Nodes can be any
kind of electronic device that maintains copies of the blockchain and keeps the
network functioning.

Every node has its own copy of the blockchain and the network must
algorithmically approve any newly mined block for the chain to be updated,
trusted and verified. Since blockchains are transparent, every action in the
ledger can be easily checked and viewed. Each participant is given a unique
alphanumeric identification number that shows their transactions.

Combining public information with a system of checks-and-balances helps the

blockchain maintain integrity and creates trust among users. Essentially,
blockchains can be thought of as the scalability of trust via technology.

Blockchain’s most well-known use (and maybe most controversial) is in

cryptocurrencies. Cryptocurrencies are digital currencies (or tokens), like
Bitcoin, Ethereum or Litecoin, that can be used to buy goods and services. Just
like a digital form of cash, crypto can be used to buy everything from your
lunch to your next home. Unlike cash, crypto uses blockchain to act as both a
public ledger and an enhanced cryptographic security system, so online
transactions are always recorded and secured.

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COVID-19 IMPACT ON CRYPTOCURRENCY MARKET
Coronavirus or COVID-19 has created havoc in the history of humankind. It's
no less than a disaster we are going through. Sustaining in this time seems the
only way to survive.

While the pandemic caused several commodities and assets to lose their value,
the cryptocurrency market, on the other hand, was found immune to
coronavirus.

From approximately $7000 in March 2020 to more than USD 54,000 to date,
Bitcoin has boomed and astonished the whole world.
Investors have doubled or tripled their fortune. Some made millions in a year,
and some became Billionaires.
It's absolutely inappropriate considering this global epidemic as the reason for
the growth of the crypto market. It's important to look at the facts and figures
and analyse every corner.

So let's see how COVID-19 has impacted the overall Crypto Market.
The volatility of the market is inevitable. Still, people were buying
cryptocurrency that has made the crypto market appealing among the crowd.

● The prices had gone down to half in March 2020, alleviating as low as $
3,780. Since then, Bitcoin has gained so much wealth and popularity in the
pandemic.
● Sentiments have been way too bullish that pumped the Bitcoins and Altcoins,
surpassing several existing records. As of now, the market cap of Bitcoin has a
staggering of $1.1 TN, comprising half of the cryptocurrency market, which is
over $2 TN.

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● While other commodities were losing worth, cryptocurrencies, on the other
hand, were proving themselves as a reliable asset in these tough times.
● Despite this deadly outbreak, Cryptocurrency exchanges in India kept on
expanding their business and their figures. Also, this led to the opening of new
Bitcoin Exchanges in India as well.

Months back, RBI had banned cryptocurrency since the illegality was the
reason. But soon, the Supreme court of India quashed the ban stating that these
aren't regulated yet but aren't illegal too.Despite the threat revolving over
cryptocurrency, the volume in India itself is 8 million holdings up to 100 billion
rupees corresponding to tokens held by Indian investors.

In the beginning, speculation analysis helped investors to book profits. But as

time passed by, people realised that it's more secure and a safer means of
exchange and can be a reliable asset in worst cases.

Cryptocurrency Exchange in India like WazirX, CoinDCX, and

CoinSwitchKuber started expanding their business and doubled their fortune.
Several Bitcoin Exchanges in India opened up that allowed newbies to invest
and trade Bitcoins.

The market is quite nascent as of now. It's because the value and consideration
had swelled amid the pandemic. But it can lose its worth anytime since the
scams and liquidation issues exist till now.

The result is still awaiting. If it's legalised, it can peak and cross its all-time
highs, and if the rules go against the favour, it can severely affect the world.

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EXAMPLES OF CRYPTOCURRENCY
• Bitcoin (BTC)

One of the most commonly known currencies, Bitcoin is considered an

original cryptocurrency. It was created in 2009 as an open-source
software. The author of the whitepaper that established this digital
currency was under the pseudonym Satoshi Nakamoto.

• Litecoin (LTC)

Litecoin was launched in 2011 as an alternative to Bitcoin. Like other

cryptocurrencies, Litecoin is an open-source, global payment network
that is completely decentralized, meaning there are no central authorities.

• Ethereum (ETH)

Created in 2015, Ethereum is a type of cryptocurrency that is an open

source platform based on blockchain technology. While tracking
ownership of digital currency transactions, Ethereum blockchain also
focuses on running the programming code of any decentralized
application, allowing it to be used by application developers to pay for
transaction fees and services on the Ethereum network.

• Bitcoin Cash (BCH)

Bitcoin Cash is a type of digital currency that was created to improve

certain features of Bitcoin. Bitcoin Cash increased the size of blocks,
allowing more transactions to be processed faster.

• Ethereum Classic (ETC)

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 Ethereum Classic is a version of the Ethereum blockchain. It runs smart
contracts on a similar decentralized platform. Smart contracts are
applications that run exactly as programmed without any possibility of
downtime, censorship, fraud or third-party interface. Like Ethereum, it
provides a value token called “classic ether,” which is used to pay users
for products or services.

• Zcash (ZEC)

Zcash is a digital currency that was built on the original Bitcoin code
base. Conceived by scientists at MIT, Johns Hopkins and other respected
academic and scientific institutions, it was built on a decentralized
blockchain. A core feature and differentiation of Zcash is an emphasis on
privacy.

• Stellar Lumen (XLM)

Stellar lumen is an intermediary currency that facilitates currency

exchange. Stellar allows a user to send any currency they own to
someone else in a different currency. Jed McCaleb founded the open-
source network Stellar and created the network’s native currency in 2014.

• Chainlink (LINK)

Launched in June 2017, the Chainlink was designed to incentivize a

global network of computers to provide needed external data to smart
contracts running on top of blockchains.

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ADVANTAGES

1. Easy Transactions
Crypto transactions can be made easily, at low cost, and in a manner more
private than most other transactions. Using a simple smartphone app, hardware
wallet and exchange wallet, anyone can send and receive a variety of
cryptocurrencies.

2. Incredible Security
Because they are based on cryptography and blockchain security, decentralized
cryptocurrencies tend to make for secure forms of payment. This might be one
of the most certain benefits of cryptocurrency.

3. Short Settlement Times and Low Fees

While some people only want to invest in cryptocurrency for price appreciation,
others might find benefit in the ability to use crypto as a medium of exchange.

4. Exponential Industry Growth

The cryptocurrency industry has been one of the fastest-growing markets that
most of us have seen in our lifetimes. Being involved now might reasonably be
compared to being involved with companies on the leading edge of the internet
back in the 1990s and early 2000s.

5. Portfolio Diversification
Cryptocurrency has become known as a non-correlated asset class. Crypto
markets largely function independently of other markets, and their price action
tends to be determined by factors other than those affecting stocks, bonds, and
commodities.

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DISADVANTAGES

1.Scalability
Probably the biggest concerns with cryptocurrencies are the problems with scaling
that are posed. While the number of digital coins and adoption is increasing rapidly,
it is still dwarfed by the number of transactions that payment giant, VISA, processes
each day.

2. Cybersecurity issues
As a digital technology, cryptocurrencies will be subject to cybersecurity breaches,
and may fall into the hands of hackers.

3.Price volatility and lack of inherent value

Price volatility, tied to a lack in inherent value, is a major problem, and one of the
specifics that Buffet referred to specifically a few weeks ago when he characterized
the cryptocurrency ecosystem as a bubble.

4.Regulations
Even if we perfect the technology and get rid of all the problems listed above, until
the technology is adopted by federal governments and regulated, there will be
increased risk in investing in this technology.

5.Tax Hassles
Since cryptocurrencies are relatively new, there is still a lack of clarity about
how the gains from these investments need to be taxed. Since the rules are not
completely clear. Most countries in the world do not have tax gains from
cryptocurrencies mentioned in their tax code. Even though this mention has not
been explicitly done, investors are supposed to mention the income and pay
taxes on them.

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CHALLENGES & ISSUES

• Cryptocurrencies are qualitatively diverse, not interchangeable:

The first issue that risk managers must deal with is the fact that
cryptocurrencies are fundamentally different and not interchangeable. The
confusing array of cryptocurrencies differs in a variety of ways, most
notably in terms of security, programmability, and governance.
BTC, the first cryptocurrency, is a pretty simple structure. It's intended to
be used to transfer, receive, and store value in a virtual and encrypted
format, with functionalities similar to those of money and gold.

Cryptocurrencies like stablecoins, whose value is pegged to fiat money,

add to the complication (such as USD). By converting national currencies
into non-stable cryptocurrencies, these digital assets give a fixed exchange
rate. The nuances involved with the issuance and control of
cryptocurrencies further complicate the picture.

• Cryptocurrencies need to face legal dilemmas:

Investors and speculators are keeping a close eye on worldwide events as

governments respond to cryptocurrencies in a variety of ways, ranging
from hostile to apathetic.

It's easy to see why crypto and Block chain have taken more than a decade
to adapt in an environment where they've had to deal with issues at the
very heart of how our economy and society work.

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• Cryptocurrencies are still developing technologies:

Risk managers may not have the data they need to anticipate future bitcoin
exposures and hazards. Indeed, a lack of transaction data makes it difficult
to analyze the elements that influence bitcoin risk and returns, as well as
compute basic measurement metrics like stress testing, VaR, and ES.

Cryptocurrencies are very volatile and may be traded 24 hours a day, 7

days a week, all over the world. Cryptocurrency marketplaces give a
thorough but limited data set of real transaction prices, which is
insufficient for modelling purposes. In fact, because there is no consensus
on cryptocurrency pricing, return, or an equilibrium-generation function,
modelling and predicting these digital assets is similar to a guessing game.

• Cryptocurrencies need to face trading costs:

In comparison to regular markets, the bitcoin market is often less liquid

and more costly. Because the supply of many cryptocurrencies is
restricted, with fresh units distributed on a pre-determined schedule, it
should come as no surprise that cryptocurrency values are very volatile.

The fact that cryptocurrencies are untraceable is one of several problems

that governments are attempting to solve through increasing regulation.
The bitcoin market is sometimes less liquid and more expensive than
traditional marketplaces. It should come as no surprise that cryptocurrency
values are extremely volatile because the supply of many cryptocurrencies
is limited, with new units released on a pre-determined timetable.

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 FUTURE OF CRYPTOCURRENCY
If recent headlines are any indication, then the future of cryptocurrency is a very
promising one.

• Elon Musk, founder of SpaceX, recently announced that his

company Tesla invested $1.5 billion in bitcoin and plans to start accepting the
currency as payment.
• Users of Apple Pay, Google Pay and Samsung Pay can now make transactions
with cryptocurrency using BitPay.
• Mastercard has indicated that it will begin supporting select cryptocurrencies
on its payment network, while PayPal already allows its users to buy, sell and
hold cryptocurrency.
• Social media giant Facebook continues to work on its blockchain-based
payment system and cryptocurrency known as “Diem” (it was previously called
“Libra”).
• The oldest bank in the United States, Bank of New York Mellon, announced
recently that it will begin financing bitcoin and other digital currencies.
• One of the oldest insurance companies in the US, Massachusetts Mutual Life
Insurance, bought $100 million into bitcoin in December 2020.
• Germany’s biggest bank, Deutsche Bank, has already created a Deutsche Bank
Digital Asset Custody prototype, “a fully integrated custody platform for
institutional clients and their digital assets, providing seamless connectivity to
the broader cryptocurrency ecosystem.”

Avivah Litan, distinguished analyst and VP at Gartner, who also co-authored its
report, Predicts 2022: Prepare for Blockchain-Based Digital Disruption,
told ZDNet that you'll see cryptocurrencies being used for retail payments in
about three to five years.

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CRYPTOCURRENCY IN INDIA : TAX REGIME
The long awaited clarification on taxation of cryptocurrency has been brought
in the Finance Bill 2022. Virtual Digital Assets (VDAs) will be taxed at 30%.
VDAs mainly include crypto currencies, non-fungible token (NFT), etc. Prima
facie, this excludes digital gold, central bank digital currency (CBDC) or any
other traditional digital assets, and hence aimed at specifically taxing
cryptocurrencies.

The VDAs will be taxed at a special rate of 30% of the gain on sale of such
assets. Benefit of basic exemption limit is also not available. No deduction in
respect of any expenditure other than cost of acquisition shall be allowed. Also,
TDS at 1% shall be deducted on the transaction value from 1 July subject to
certain conditions.

Let’s decode the above provision with some examples. Ram Kapoor acquired
cryptocurrency A in July 2020 for ₹5,000. Suppose, Ram transfers this
cryptocurrency A for ₹65,000 in August 2022 and TDS deducted is ₹650. The
gain will be determined as ₹60,000. Tax at 30% plus cess will be payable
i.e. ₹18,720. Of this, ₹650 TDS has already been deducted. Hence, balance tax
payable in this transaction will be ₹18,070.

It is pertinent to note that the above announcements made in the Finance Bill are
progressively applicable from 1 April onwards. Assume that the crypto currency
A is valued at ₹45,000 as on 3 February. Ram should transfer the crypto
currency A at ₹45,000 and book profit of ₹40,000.

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 REFERENCES
en.wikipedia.org

investopedia.com

kaspersky.com

gadgets.ndtv.com

coinmarketcap.com

livemint.com

economictimes.indiatimes.com

timesofindia.indiatimes.com

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 CONCLUSION

The cryptocurrencies are a hot topic in the global financial system. There is
great volatility of cryptocurrencies exchange rates. With this, there is a high risk
of trading these cryptocurrencies. Their growth has been able to gain the
attention of many speculators. They are easily portable. It is only after the
required trust in the cryptocurrencies after which they will be used on a wider
scale. If the cryptocurrencies fail to gain that trust, then their boom might
decline. They are still in their infancy, and it is not sure as to when they will be
maturely traded in the markets globally.

Many different cryptocurrencies have gained the required attention. Some

nations have started to issue national cryptocurrencies (Hofman, 2014). It is
quite possible that shortly, the bitcoins might have a way for cryptocurrencies to
flourish. Despite the flaws, bitcoins are still considered tour-de-force in the
digital currency. It has provided an alternative currency for the less developed
countries and has opened the doors of economic transformation. In this way, it
gives the individuals more choices to manage their finances. Without regard to
bitcoins accomplishing the lofty transformations, the cryptocurrencies are seen
to be entering the financial stage and changing the global financial landscape
forever.

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