Cryptocurrency Archives - Xornor Technologies

What is Crypto Exchange Development and what is its Future?

Deepshikha — Mon, 24 Feb 2020 05:30:50 +0000

Many of us have heard the term cryptocurrency, but have a hard time truly understanding what it is all about. As you can’t invest in something unless you understand it, we end up not wanting to take the risk. However, as per the Crypto exchange development companies, cryptocurrency is a trend that’s not too easy to understand. Cryptocurrency works like digital currency created through the use of advanced encryption techniques such as cryptography. The concept which began as a mere concept has now become an industry worth millions of dollars. After beginning in 2009, through the creation of Bitcoin, this concept has taken over the world of business and finance, becoming an industry that revolutionized the way we trade and buy stocks. So what is crypto exchange development and why is it so important? Here’s a look at the importance of cryptocurrency, currency exchanges, and some of the top crypto exchange development companies in India.

What is cryptocurrency?

Cryptocurrency such as Bitcoin act as decentralized currencies that work on peer-to-peer technology, making it easier to process and verify the transaction. The concept is powered by blockchain technology and crypto exchange development companies which ensure maximum security and clarity. This also ensures that cryptocurrencies remain free from government manipulation and corruption. The downside to this, however, is that it makes it difficult to set standardized practices as there is no authority to provide guidelines. These coins and bits are mined through digital processes, and around 25 coins are mined every 10 minutes all around the world.

Future of Cryptocurrency

Experts believe that those advancements in technology will bring forth some major changes in the field of cryptocurrency. Furthermore, there are talks of such currencies entering the NASDAQ as a proper stock that buyers can buy and sell through the market. Such a move will also help in improving the reliability and credibility of blockchain and all such currencies. One of the biggest reasons people tend to stay away from such forms of currency is because they feel it is as “real” or trustworthy as conventional currencies. However, all this will change with the setting up of verifiable online exchanges which follow strict rules with regards to exchanges and trades.

Characteristics of Cryptocurrencies

Highly decentralized and not government-controlled.
No regulation from banks.
It requires an extremely robust and secure framework to trade.
No upper limit for issuance around the world.
No support mechanisms or insurance.
Value depends on the buyer’s intent and market standing.
Requires high-end processing.
It provides transaction anonymity.
Growing visibility.
Limited by the danger of security breaches.
Growing acceptance from local vendors.

Major Cryptocurrencies

Bitcoin- The one that started the whole cryptocurrency bubble way back in 2009. The most highly valued currency with the highest market share, this currency requires high processing power to mine.
Litecoin – Regarded Bitcoin’s biggest rival, Litecoin works well when it comes to processing smaller, shorter transactions at faster rates. It came out two years after the Bitcoin and requires lesser processing power to mine, making it a more accessible cryptocurrency to many.
Ripple – Ripple came out in 2012 and is headed by entrepreneur Chris Larsen. Just like the Bitcoin, Ripple works as both a currency and a payment portal, with the currency going by the name XRP.
MintChip – Powered by a governmental organization, unlike the rest, MintChip is an initiative of the Royal Canadian Mint. It comes with a smartcard which can be used for transactions, while also offering personal anonymity like the Bitcoin.

What do Crypto Exchange Development Companies do?

The ever-growing crypto market presents investors with an opportunity to make some quick money. Similarly, it is also very profitable to run a crypto exchange website, as these people get paid a commission fee for every transaction made through their website. Therefore, around the world, there is a huge competition when it comes to crypto exchange development companies and websites. These endeavors provide various services by utilizing their experience of working with Blockchain Technology. White label crypto exchange development services help you provide users with a highly secure platform to make their transactions on. Such development companies work with exchange owners to understand the needs of their users and then custom design a website that maximizes efficiency and accelerates processing time. Some of these companies also help businesses develop their own exchange from scratch!

Services Offered by Crypto Exchange Development Companies in India

Boost the Transaction per second rate to ensure better processing time.
Built-in trade engine which can streamline the entire transaction.
Secure storage of data.
Several layers of advanced security and encryption.
Various referral and reward schemes.
Multiple language support for people in need.
Security through HTTP authentication.
Protection from DoS, DDoS, SSRF, and CSRF attacks.

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Future of Cryptocurrency in INDIA

Deepshikha — Mon, 27 Jan 2020 08:53:42 +0000

The rapid growth of communication technologies and supporting hardware affected most of our day-to-day lives. With more and more companies taking their operations online, economies have turned more flexible and productive. Virtual growth turned viral in the last decade, with there being a huge rise in the number of online users. Hence, the newest business phenomenon to take the world by a storm is cryptocurrency. Crypto-currency is essentially virtual money that buyers can use electronically to carry out financial activities. The use of such virtual currency has become largely widespread and India is not too far behind. Here’s a look at the future of the crypto-currency market in India.

Recent Developments

Recently, a lot of talks is going on regarding the future of crypto-currency in India in the last few years. With talks of a ban on the horizon, the entire country is eager to know about the future of this economy within the country. Also, an RTI revealed that the RBI had neither researched nor consulted experts before filing for the ban on crypto-currency. Hence, the Government has refrained from clarifying the enforcing of this ban, and crypto-currencies future depends on this decision. Just last year, Mr. Subhash Chandra Garg, (Economic Affairs Secretary) said that his committee is developing a template to govern the crypto-currency influx.

The “Banning of crypto-currency Bill 2019” has proposed a 10-year sentence to people found transferring or dealing in such virtual money. Interestingly, crypto-currency cannot be banned as users have the option of holding it for as long as required. However, the RBI stated that virtual currencies can improve the existing financial system’s efficiency but may become a threat due to the lack of governing rules. Therefore, the board decided to ban the use of such currency for their dealings. But, the RBI has specified that entities providing such services may continue to do so for a stipulated time-frame. However, this is not the end of the crypto-currency market in India.

The Global Landscape

Even in 2018, the global market had over 1564 crypto-currencies and more than 9422 verified exchanges. The market value of all traded crypto-currencies soared over $275 Billion with the daily volume being around $18 million. The Bitcoin owns 45% of the market share at $142.2 Billion with a market price of Rs 5,35,767. India with more than 1 billion people has a flourishing and prospective economy that can greatly accelerate the growth of such crypto-currencies. As a country, India is undergoing an economic renaissance with the IMF hailing it as the fastest-growing emerging economy. Over 40% of India’s population uses the internet, making crypto-currency a viable financial asset.

Rise in India

As early as 2012, Bitcoin transactions were taking place within India, though the crypto-currency was still in its infancy. At this time, only crypto hobbyists dealt in Bitcoin. A year later, Bitcoin went viral, gaining a huge market in several countries around the world with a few businesses even beginning to accept Bitcoin payment. For instance, a pizza shop in Warli was the first restaurant to accept Bitcoin payments in India.

Within a small time-frame, cryptocurrency exchanges became a normal affair in India and pioneers such as BtcxIndia, Koinex, Unocoin, and Coinsecure began trading. Soon enough, Zebpay and Bitcoin-India joined them and the industry grew to a modest level in 2013 with Bitcoin ATMs springing up in major Indian cities.

Prime Minister Narendra Modi announced the demonetization policy in 2016, and many businessmen with large money holdings bought large orders of Bitcoin. The demonetisation also helped people realise that paper money isn’t exactly “real” as it has no support system. This belief led many Indians to look for alternative currency models.

The Future of Cryptocurrency

Cryptocurrency is now used to purchase virtual goods and even physical goods. Therefore, it offers great opportunities to companies and business people to monetize a lot of digital applications. Crypto-currency can become parts of social networks, social games, loyalty point schemes and even peer to peer networks.

The offer-based method of propagation allows online gamers to earn cryptocurrency by watching advertising videos, undertaking surveys, or even winning social games. Such implementations will help in the wide-spread use of crypto-currency as not just a financial token, but as a marketing method. By awarding users with crypto-currency for successfully completing a given task, companies can enforce an efficient and secure loyalty scheme.

To date over 600,000 Indians, use Bitcoin, and the number will grow exponentially in the years to come due to economic reforms. With India being the 7th largest economy in the world with a GDP worth over $2.5 trillion, it comes as no surprise that the future of crypto-currency looks bright in India and people are taking help from Crypto Exchange development companies in India in order to develop their cryptocurrency-based websites. In the future, the government looks all set to regulate Bitcoin in stages, and the economy will welcome these changes. With countless investment opportunities and avenues to choose from, with a little support from the government, cryptocurrency can develop to become a major player in India.

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