Cryptocurrency consist of a digital currency that is not used for actual buying or transferring, but for speculation as well as trading. Like other currencies like rpi and euro, it is not controlled by any government or central authority. It is transacted through the power of algorithm, cryptography and a computer program. There is a growing demand for cryptocurrencies as a store of value because they reduce the chance of being hacked, and require a large chunk of transactions to be done in cryptos.

History of Cryptocurrency

Bitcoin began as an open source distributed ledger named bitcoin, that records all transactions between two wallets, causing doubts to emerge. Aesthetically, it has changed the course of history because no. of cryptocurrencies have ever gained the trust of the world-famous miners. Ethereum, the “least hype cryptocurrency”, claims to be the most influential cryptocurrency in use.

Cryptocurrency Price

Bitcoin, became one of the most effective cryptocurrencies due to its capitalistic nature and its use to transact money for individuals. It currently has the valuer Rs. 16,720 BTC, which is equivalent to Rs. 27.60 lakh, making it the most powerful cryptocurrencies available for investing. Bitcoin has made its name as one of the best cryptocurrencies because of its limited supply of money, because it can be bought and sold with a single machine even without a broker. The monthly average Cryptocurrency price is Rs. 4,239.24 and the yearly average is Rs. 11,681.19.

Types of cryptocurrencies

There are many cryptocurrencies available, and the truth is that there is always a cryptocurrency, that has the feature of untraceable storage of the transactions. These cryptocurrencies include:

Ethereum

Fancycoin

Easycoin

Satoshihoto

Trading Gold bought with Cryptocurrency

Equilibrium Gold

To buy Gold from either one of them, you have to initialize a trading account. After initializing the account, go to the company website and make payment. After initializing, you have to enter the address of the company you are buying Gold from, and make a deposit, which is different for every company. The amount of the deposit to be made is restricted by the company as a limit of 5% of the purchase price of the Gold.

Tax issues

Keeping digital money is not clear to everyone, and this is because there is no complete tax registration of digital money or cryptocurrency, making it difficult to make it tax-sheltered. Indians, including many businessmen, are using cryptocurrencies, but to be honest, it doesn’t affect the economy; because there is no data getting distributed via blockchain. Governments try to censor cryptocurrency but still have to learn about digital money, because no other currencies are available to the public. Nevertheless,

tax rate and monetary well-being in a certain nation will depend on the cryptocurrency tax rate. As already stated, the existence of cryptocurrencies hasn’t affected the economy for the past 10 years, but there is a physical impact of digital money on the GDP. Here are some factors that may impact the economy.

Increase in inflation:

If the currency is inflated by an increasing amount, most of the profit from the currency will be buried in debt. The salary of ordinary people has a direct relationship with income; if people are paid well, the salary of the people that are paid well, has an immediate impact on the economy, because the people that earn high salary also invest their earnings in it. Currency value has fluctuated an average of 0.61%.

Due to trade in the international currency, gold is affected by global interest rates. Each time the global economy gets weak due to a recession, the gold price increases. The easiest way to understand the global economy is to think about Europe as an example. If European debt gets strained, the European economies get weakened, and this is reflected in gold’s price.https://tinyurl.com/mb3th7rk (remove speces open link ) see more