Cryptocurrency- a new dimension in the global economy

Cryptocurrency is a digital currency based on use of cryptography to secure transactions, control creation of additional units and also verify transfer of assets. Each “cryptocurrency” has a unique set of features and cannot be analyzed or understood by making general observations. The term is used as a generic representation of all such tokens which are generated through cryptography. In current parlance convertible, decentralized virtual currencies are referred as “cryptocurrencies”.

One estimate puts the number of cryptocurrencies at around 6700, with a total market capitalization of an astonishing 2.5 trillion USD as of Oct 25, 2021. Bitcoin, Ethereum, Binance Coin, Cardano, Solana, Ripple, Polkadot are amongst the leading names as of 2021. There is a large variation in characteristics of the cryptocurrencies which are also evolving over time due to evolution of unique features of each such instrument.