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 to replicate existing financial structures such as banks. This digital currency/cash is used to purchase products and services.
Cryptocurrencies and faster, more powerful financial technology are changing the way we think about money. The year 2021 was a game-changer in finance, and the year 2022 is shaping up to be even more so. The days of withdrawing cash at an ATM, applying for a mortgage at a bank branch, or shopping in a department store are long gone.
