Published Paper Details:

Abstract: Cryptocurrency is a decentralized digital currency that is based on blockchain technology. Blockchain is a system of technology that records data and information in a way that is very complicated and almost impossible to alter, hack, and deceive the system. A blockchain is a digital ledger of transactions that is duplicated and distributed across the whole network of computer systems on the blockchain, each block in the chain contains several transactions, and every time a new transaction occurs, a record of that transaction is added to every user's ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT). In the current scenario, we are most familiar with Bitcoin, Dogecoin & Ethereum but there are approximately around 5000 different private cryptocurrencies in the world in circulation. Cryptocurrency is a medium of exchange like centralized digital currency but absent of centralization unlike the Indian Rupee, US dollar, British Pound, Euro, etc. In this paper, we are going to understand how cryptocurrencies have evolved, their scopes and future opportunities, and also the regulation of cryptocurrency by the Indian government. We are also going to study in detail, how cryptocurrencies posses a serious threat to the World economy. Studying cryptocurrencies requires a multidisciplinary approach, considering their technical, economic, and social aspects. Cryptocurrencies have introduced a new paradigm for financial transactions and technological innovation. While they offer numerous advantages, they also require careful consideration of risks, regulatory frameworks, and responsible participation. As the cryptocurrency ecosystem continues to mature, it will be essential to monitor developments, adapt to changing regulations, and stay informed to make informed decisions in this dynamic and evolving landscape.