Author: Gayathri Menon

Some say it’s the future, some say it’s just a scam, others call it ‘Magic Internet Money’. But what is it exactly? What is cryptocurrency and why it is taking the world by storm? Well, to begin with, Cryptocurrency is defined as the mediums of exchange, they are a means of carrying transactions, digitally. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Cryptocurrency is incomplete without three terms – Blockchain, Bitcoin, and Ethereum. But before that, let’s dive into the history of crypto. HISTORY With systems…

1. HODL: The term which went viral, is popularly abbreviated for ‘Hold On For Dear Life’. It refers to the common sentiment among Bitcoin enthusiasts to hold on to their investments in the face of market volatility. 2. ALTCOINS: Coins that are not Bitcoin are usually known as Alt(ernative) coins. In reality, this coin serves no true unique purpose and should, in a fair market, fall back to their original low value. 3. FUD: FUD is the short form for ‘Fear, Uncertainty and Doubt’. Just like rumours, FUD is baseless negativity spread intentionally by someone who wants the price of…

BITCOIN The first ever cryptocurrency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. RIPPLE Is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions and it is an iterative consensus process which makes it faster than Bitcoin but also makes it vulnerable to hacker attacks. NEM A peer-to-peer cryptocurrency and blockchain platform which is used in a commercial blockchain called Mijin, which is being tested by financial institutions and private companies in Japan and internationally.…