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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A Cryptocurrency Wallet is like an e-wallet or electronic wallet, that is used to buy, sell as well as manage the cryptocurrency balance by storing its private and public keys. To trade in cryptos, you are required to have a cryptocurrency wallet, as there has to be some medium to manage your digital currency. So cryptocurrency wallets do the task for you.

Most of the cryptocurrencies have their own crypto wallets, whereas there are many, that prefer using a third-party cryptocurrency wallet. The wallets that are owned by a single cryptocurrency can only trade that particular currency in exchange with similar cryptocurrency or with the fiat money. But the third-party cryptocurrency wallets allow you to trade in multiple digital currencies, along with the fiat currency. But not all the multiple-currency wallets support all the digital currencies.

Cryptocurrencies, like Bitcoin, Etherium, and Litecoin, have their own wallets, named Bitcoin Core Wallet, MyEther Wallet, and Litecoin Core Wallet, respectively. Whereas, the Coinomi wallet is the example of the wallet that supports multiple cryptocurrencies.

Though you can also keep your digital currency on the exchange, doing so is not secure for your cryptocurrency, as these are more are vulnerable to hacks. So using a wallet for the cryptocurrency is always best for you.

How do Cryptocurrency Wallets Work?

We all know that the digital currency or the cryptocurrency does not have a physical existence. It is electronic and is managed electronically. So the cryptocurrency wallet is the one that enables the users to carry out all the electronic operations related to the cryptocurrency.

So how does it actually work?

There are several types of cryptocurrency wallets out there, and every wallet works in almost a similar way. The wallets are not supposed to store the cryptocurrency but enable the users to send and receive the digital currency through a Blockchain exchange. For that, the wallet stores a secure digital code and public secure code. This secure digital code is none other than the private key and the other, as the name suggests, is the public key.

While sending the cryptocurrency, over a Blockchain exchange, to another person, you are sending the ownership of that particular crypto to that particular recipient. The private key acts as the secure code you will use to access your bank account (for instance) and the public key will act like the account number related to that secure code. When you transfer the crypto, the recipient should have the private key of the exact match as of your public key, in order to get the ownership of the crypto.

Like an important password, your private key should be secret, such that you are safe from any kind of theft or hack. The wallet also monitors the budget and keeps the record of every transaction you made through it. So it is also a kind of your ledger that keeps all the data related to your every transaction.

Types of Cryptocurrency Wallets: The cryptocurrency wallets are categorised into two types and that includes:

• Hot Wallet
• Cold Wallet

Hot Wallet: Hot wallets are the ones that are connected to a network and make use of the online platforms. These wallets are very common among the crypto owners, and the wallet providers are responsible for the security of the cryptocurrencies. These wallets can be run on a web browser or downloaded as an app on a smartphone. But, it is never safe to keep a large amount of digital currency in a hot wallet as these are always connected to the internet and are at high risk for hacking.

Most of the times, the hot wallets are free. These are easy to use and provides quick access.

Cold Wallet: Cold wallets are safer, as these are entirely offline. These can be a software or an app, that you can run on your smartphone, desktop or keep it in a plugin hardware device, like a USB. Since these are kept at a particular place, these do not provide instant access. To make transactions through a cold wallet, one needs to push a button which is not approachable for the hackers. Hence it becomes more secure than the hot wallet. The wallet is further secured by a pin or a password, enhancing the safety of the private and the public key stored in it. But since these provide the maximum security, these are expensive too.

There are following five types of cold and hot cryptocurrency wallets:

1. Online Wallet: The online or web wallets are cold wallets. These wallets are the most convenient as these reside in the cloud and can be accessed with the help of an internet connection, independent of the place and device you are using. But these are more vulnerable to theft and hacks. So you need to make sure you use extra security for these wallets.
2. Mobile Wallet: The mobile application that you download to your smartphone, and use to keep your private and the public key, is the mobile wallet. These can be both hot and cold wallets. If you are using an internet-connected mobile wallet, the security vulnerability is the same as for the hot wallet. But, if it is a cold wallet, these mobile wallets are more secure. These are quite handy too, as you can use them even at the physical stores to make payments.
3. Desktop Wallet: These are the cold wallets that you need to download and install on your PC. These are safer but not that convenient, as you need to open your desktop and use the installation device to use it to make even a single transaction. These can be at risk if your system is attacked by a virus or malware.
4. Hardware Wallet: The hardware wallets make use of the plugin devices to store the private and public keys for a cryptocurrency. These are the cold wallets, but when connected to the internet can act as the cold wallet as these are also compatible with the web. You can make both online and offline transactions using these wallets. These provide the maximum security to the crypto owners from any hack attacks, as these are also secure from the desktop viruses as well.
5. Paper Wallet: The paper wallets literally store the private and the public keys on a paper and are the safest to use. But since most of the cryptocurrencies do not offer the paper wallets, these are not that popular. Technically, the copy of your cryptocurrency is printed on a paper in the form of a QR code. When you want to make a transaction, you need to scan this QR code. So despite being the safest, these are not as convenient as the other wallets.

Atomic Wallet, Bread Wallet, Mycelium, Exodus, Copay, are few of the most popular cryptocurrency wallets. Before opting for a cryptocurrency wallet, you need to go through thorough research based on your requirements.

Xornor Technologies is a leading crypto exchange development services provider in India. If you need to know more about cryptocurrency, crypto wallets as well as crypto exchange development services, feel free to contact us.

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The process of exchanging a cryptocurrency includes an ‘order book’ (a general ledger), in which the seller will register the request for selling their assets. Here the buyer, too, will look for good offers for buying the digital currency and if the buyers do not find any good offers in the order book, they can place their order along with the terms of buying in the order book.

The exchanges can be direct, i.e. peer to peer, or through an intermediate channel. Before discussing the peer-to-peer cryptocurrency exchanges, let’s discuss what is a centralized or regular cryptocurrency exchange:

Centralized Cryptocurrency Exchanges: The regular crypto exchanges are the centralized entities which carry out the trade for the cryptocurrency between two particular parties. This exchange seems to execute the trading directly, but on the contrary, it has multiple steps included. This type of exchange provides the facility for the users to buy, sell or exchange the digital currency at a fixed market price. But the process is more time-consuming.

Peer-to-Peer Cryptocurrency Exchanges: A peer-to-peer cryptocurrency exchange involves only two parties, the seller and the buyer. This type of exchange does not need a third party or any central authority to carry out the exchange between the two. Unlike the regular crypto exchange platforms, the prices for the exchange for the cryptocurrency is defined by the seller and may vary accordingly. There are no hidden charges included for the crypto exchange for either party, and the fee for transaction ranges between 0%-0.7%.

Along with matching the order value in the order book, the peer-to-peer exchange allow the buyer and the seller to connect directly and exchange information. The two peers can exchange the information with each other even if no transaction is going on. Even after the order has been matched, the software does not complete the trade by itself. The seller and the buyer can decide their new conditions for the trade before the completion of the transaction.

Advantages of Peer-to-Peer Crypto Exchange:

1) Security: Since there is no central authority involved in the exchange on a peer-to-peer network, the information shared between the two parties is always censored. Also when the order value is accepted by both the buyer and the seller, the platform locks the assets, such that those assets cannot be accessed by any other party, providing greater security for crypto being stolen.

2) Privacy: The Peer-to-Peer crypto exchange doesn’t include any third party for the trading, so it is more private. Even the communication between the parties, that are up for trading the crypto, is kept private and only the two parties are involved in the negotiation.

3) Immunity to Government Regulations: The regular crypto exchange is liable to the government authorities even for the smaller transactions, as it is the central authority such as a bank which is involved in the process of conversion, deposits and withdrawal of the cryptocurrency. But on the P2P exchange, the transactions are done mostly for the smaller amounts, and the assets can be deposited to the accounts of both the parties directly, without having to trust a third party to process their trades.

4) Minimal Charges: For the smaller transactions, the regular crypto exchange platforms can be a bit pricier as both the parties are charged with a fee on deposit, withdrawal as well as for the trade. But since the trading in P2P exchange is done without the help of a third party, the two parties are charged with a minimal fee for the trade.

Though the centralized or the regular crypto exchanges are the first exchange platforms and are still a popular choice among the people, with the time passing by people are becoming more aware of the concept of the digital currencies as well as the exchange platforms and are opting for the peer-to-peer exchange platforms for the trading.

The P2P exchange platforms are cheaper and are best suitable for smaller transactions. Also, the people who are concerned about the fees and security must go for this exchange platform.

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The blockchain technology is loved by countless people, as it is a decentralised technology and has a high application in the various financial industries. Why it is loved so much is because it does not let anyone tamper with the transactional data, and being a decentralised ledger, it does not need an authorization from a centralized authority or a third-party system. According to the blockchain experts, the technology can play a vital role in the growth every type of industry. Hence, looking at the past performance of Blockchain and with the help of the expert opinions, we can foresee a few of the planes, at which it can grow in the future:

1) Faster Settlement: In 2016, ReiseBank AG in Germany, carried out a transaction among two cross-border clients, that was completed in just twenty seconds. The question arises, “How much faster a transaction can get?” With the adoption of Blockchain, we surely are going to see faster transactions and settlements in the future.

2) DLT systems everywhere: The distributed ledgers have changed the outline of how the financial world should work, and even countries like Dubai, has pledged to adopt the DLT-based digital systems, replacing all government systems, by the year 2020. By this, we can guess, that if a country like Dubai sees some potential in the Blockchain technology, maybe other countries can also plan the same thing.

3) Interoperability between the Blockchains: The cross-border transactions are time-consuming and take a long process. But, if Blockchain technology keeps on growing, we can see the faster transactions between different Blockchain platforms, even in the cross-border settlements.

4) Transparency: The Blockchain technology is a distributed technology that keeps the transparency of every transaction. As it is a peer-to-peer method of transaction and does not include any third party authentication, it maintains the privacy and the control over data. Hence, when the Blockchain technology is going to grow into every other field, all of them are going to enjoy complete power over data and transparent digital transactions.

5) Nationalization of Cryptocurrency: We have already discussed how Dubai is planning to replace all its government systems with Blockchain technology. In future, there can be the development of every country’s own national cryptocurrency. In fact, Russian President Vladimir Putin had proposed the idea of naming ‘Crypto Rouble’ as Russia’s national cryptocurrency. Also, Venezuela has already launched its national cryptocurrency, ‘Petro’, at the beginning of 2018. The currency is upheld by the country’s oil and mineral assets.

6) Widespread to other industries: The Blockchain technology is just not limited to the financial sectors but is also associated with the other industries including the healthcare, agriculture, insurance and agriculture industry. In fact, in January 2017, Du Telecom had joined its hands with NMC Healthcare to explore blockchain-based health records. So we are likely to see the Blockchain becoming popular, handling the data and the working of almost every other industry, in the coming future.

Hence, the Blockchain technology is beyond the concept of the cryptocurrency and has an ample scope in the future. There are many pros of adopting the Blockchain technology, and we are going to see a revolution in the various industries, as it is going become a part all of them. But, still, this technology needs more efforts and time, so that the technology can be used in a better way. It has got a long way to go, and there is no clear evidence that how far it will head the growth of the different industries, in the future. Even the various governments are trying their hands on this and are looking forward to expanding with the growth of the Blockchain technology.

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Many startups are raising funds via ICO route rather than going to investors. With increasing number of different type of coins there has been a rise in cryptocurrency trading. Like share trading  people are making lots of money trading in crypto currency. You can also join the moneymakers and start crypto trading on your own. Here are useful tips on how to successfully trade on crypto exchanges.

Set up a crypto wallet

For beginners, the first step is to choose and set up your cryptocurrency wallet before picking the exchange to trade on. The crypto wallet is the place where you are going to store your encrypted passwords that represent coins. This is the same as storing your money in a bank account.

Pick the exchange to trade on

Crypto exchange is just like currency or stock exchange. You need to choose the place where you will trade cryptocurrency for the other Cryptocurrencies including fiat currencies such as the US dollar. It is important to note that crypto exchange is not a part of the regular stock exchange and is not the same as Wall Street or its exchanges although the general mechanics are the same. As the market grows, the number of cryptocurrency exchange platforms also keeps growing. When choosing a crypto exchange platform, it is important to look at and compare the various crypto platform fees since some cryptocurrency exchanges will require you to pay a certain percentage of each deal while some will ask you to pay for both income and outcome transactions. Pick what best suits you.

Diversify your trading portfolio to lower possible risks

Like any other investment, diversification ensures that you lower any possible trading risk. This involves distributing your money into many different Cryptocurrencies. Some may grow while some will fall hence you can balance your losses by not investing in a single bet. Cryptocurrency trading requires a lot of research since it involves tracking changes bearing in mind that there are many Cryptocurrencies. It is advisable to start with a few and later expand gradually. Market valuation is another important factor to consider when selecting your cryptocurrency. According to expert traders, there are three main types of valuation that define Cryptocurrencies namely:

– Large cap (Top 5 coins)

– Mid cap (These are coins bigger than $200 M)

– Small cap (These are coins smaller than $200 M)

Form a trading portfolio depending on the proportions that you are comfortable with. For instance, 34 percent in large cap, 33 percent in small cap and 33 percent in small cap. This is a good start although you can expand your portfolio on a monthly basis. Avoid holding all your currencies on the crypto exchange since it can be hacked which means that you are going to lose everything.

Do your research

If you want to succeed in crypto trading, get ready for research and tracking. Check the latest crypto currency ranking, news and the key indicators on a daily basis. Avoid being caught in the Fear Of Missing Out (FOMO) the next great opportunity in the crypto exchange space. Never be afraid to ask your fellow traders any questions that you may have.

Do not invest your last coin

The cryptocurrency space is largely volatile and there is always the probability of the market crashing. Cryptocurrencies are not centrally regulated and controlled and although blockchain comes with a feeling of market security for most traders, there is still nothing that can be done in the event that someone cheats you or you lose a coin.

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Blockchain technology is surely going to disrupt many industries given the technology,  processes and security.

Blockchain Technology and Banking Industry

Blockchain can ease many of the problems banks face nowadays. The monetary data could be kept well organized and secure over blockchain. Its secure system could allow data processing and millions worth transaction to be easy & quick. Blockchains operate as a decentralized platform and if this is brought in Banks, the transactions could become much cheaper and easier. Decentralization of currency and control would make people’s lives easy. However, it may take time for authorities to let that control go from their hand.

Blockchain Technology and Real Estate Industry

Paperwork while buying or selling a house has become hectic as it requires much work and time, unless Blockchain technology could be used to change it. Blockchain technology could facilitate signing of contracts, storing these documents and taking care of money involved. As this technology is amongst the smart ones, system can  automatically initiate the transfer of payments or rents once the agreement has been signed without the involvement of any bank or third party.

Blockchain Technology and Healthcare Industry

This industry probably records and stores the most amount of data compared to other businesses or organizations. This storing and recording is however, prone to difficulties and frauds. Blockchain not only makes the storing of data easier but with it the transfer of data can be easy and well protected. These medical records are worth millions of dollars, securing them would mean only few people could access.

ICO For Seed Funding

For many years every new startup has been chasing investors or venture capitalists for funding their idea. While some startup founders were lucky to get through, others finally dropped the idea because of lack of interest from investors. Then came concept of crowd sourced funding which gave wings to startup founders. Today startup founders can launch their own coin and raise money for their idea. For any new idea, funds can be raised via cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the old tedious capital-raising process required by venture capitalists. Ethereum is classic example of a successful ICO.

There is no doubt that more and more use cases would adopt blockchain technology given the flexibility, maturity and security it provides. Today, people are working to launch crypto exchanges, digital currency wallets and new currency offerings.

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