The concept of virtual currency is almost a decade old now.
Virtual currency, or cryptocurrency, is a currency based on computer algorithms. This currency has no physical form. ‘Bitcoin’ came into existence by doing mathematical calculations in a computer program. Over the past decade, hundreds of cryptocurrencies have emerged in the computer world. As a decentralized system, no company or country has a monopoly on this virtual currency.
The use of virtual currency has been increasing for the last decade as there is no border of any country and there is no tax of any kind on them. As a result, the turnover of this virtual decade.
Hence the value of this currency is increasing day by day. This is where the virtual currency exchange market came from.
Encies is determined on a daily basis.
The value of the first virtual currency, bitcoin, has skyrocketed. Last year in April (2019), the price of one bitcoin had reached around 9,000. In Indian Rupee terms, one bitcoin can cost around Rs.
Another example of horse racing of virtual currencies like bitcoin can be given in the case of India itself. On 28 April 2019, the price of one bitcoin was 3 lakh 60 thousand rupees. The same price reached 6 lakh 6 thousand rupees on 28 May 2019. That is, if someone sells the bitcoin bought in April in May, then he can earn a huge amount of 3 lakh rupees in the month. So it is the growing empire of virtual currency. Even today it does not fit the law. Yet billions of dollars are traded in these virtual currencies.
Naturally, Facebook noticed this and decided to enter this new industry.
‘Facebook Credits’ can be used to purchase games played or apps used on Facebook. At that time, one dollar was getting ten Facebook credits. However, ‘Facebook Credit’ users have not been digested. There were two reasons for this. For one thing, Facebook was not as widespread as it is today, and for another, the concept of virtual currency had not become common until then. Today both these obstacles have been removed.
There is still widespread ignorance about cryptocurrency. Although virtual currency transactions such as Bitcoin have been approved in Western countries, the Reserve Bank of India has advised caution in such currency transactions. In such an environment, Facebook’s ‘Globalcoin’ is coming. There are signs that the use of ‘GlobalCoin’ will increase if Facebook users around the world see it.
On 8 November 2016, Prime Minister Narendra Modi decided to devalue the old Rs 500 and Rs 1000 notes. After that day, for almost four months, India was seen standing outside banks to exchange notes. What the central government has achieved may be a matter of controversy. But it cannot be denied that the sect has given a boost to the digital economy in the country. Before regulation, there were only a handful of digital payments banks or companies and they had a negligible number of users. However, after the denomination, the number of digital transactions increased, such as ninja, or the importance of cashless transactions. Nowadays if you want to fulfill the need for money of a friend, it can be fulfilled instantly with Paytm or PhonePe. Online transactions have also increased for online shopping. Overall, the digital economy, which has long taken root in the West, is deeply rooted in India as well.
One thing that will take this digital economy to the next level is going to happen in the coming year. That is, Facebook’s own virtual currency is about to knock in the market. The virtual currency, called ‘Global Coin’, is expected to launch in countries around the world in the first quarter of 2020. This virtual currency can be used to make purchases on e-commerce websites other than Facebook. Not only that, Global Coin will also be useful for sending money to each other via Facebook-owned WhatsApp. Facebook has also started talks with banks around the world, and the currency is expected to launch in dozens of countries around the year.
The concept of virtual currency is almost a decade old now. Virtual currency, or cryptocurrency, is a currency based on computer algorithms. This currency has no physical form. ‘Bitcoin’ came into existence by doing mathematical calculations in a computer program. Over the past decade, hundreds of cryptocurrencies have emerged in the computer world. As a decentralized system, no company or country has a monopoly on this virtual currency. The use of virtual currency has been increasing for the last decade as there is no border of any country and there is no tax of any kind on them. Hence the value of this currency is increasing day by day. This is where the virtual currency came from the exchange market.
The value of the first virtual currency, bitcoin, has skyrocketed. A few days ago the price of one bitcoin reached around $9000. In Indian Rupee terms, one bitcoin can cost around Rs. Another example of horse racing of virtual currencies like bitcoin can be given in the case of India itself. About a month ago on April 28, the price of one bitcoin was 3 lakh 60 thousand rupees. On May 28, it reached Rs 6 lakh 6,000. That is, if someone sells the bitcoin bought in April in May, then he can earn a huge amount of Rs 3 lakh in a month. If the farmer had bitcoin, the farmer would have bought good machinery, It is important for the farmer to have technology like a tractor.
So it is the growing empire of virtual currency. Even today it does not fit the law. Yet billions of dollars are traded in these virtual currencies. Naturally, Facebook noticed this and decided to enter this new industry.. ‘Facebook Credits’ can be used to purchase games played or apps used on Facebook. At that time, one dollar was getting ten Facebook credits. However, ‘Facebook Credit’ users have not been digested. There were two reasons for this. For one thing, Facebook was not as widespread as it is today, and for another, the concept of virtual currency had not become common until then. Today both these obstacles have been removed.
Yet Facebook’s ‘Global Coin’ is going to be quite different from other virtual currencies. The core concept of virtual currency is based on privacy and openness. No one has a monopoly on it (not even Satoshi Nakamoto, the creator of bitcoin!), as Magahi says. But this system is only for the reliability of the users. The blockchain works to verify that the virtual currency you are receiving actually exists. A ‘blockchain’ is a kind of invisible chain that represents the journey of bitcoin from one end to the other. The dots in this chain indicate the stages of a bitcoin transfer. However, he did not specify who the transferees were. However, Facebook’s concept of ‘Global Coin’ will be different. Basically, Facebook will control the business of ‘Global Coin’. so his behaviour
