It’s all about money…Honey!
But what if you have both career and money?
Everything is about money and money is how you interact with the society. It brings in the element of security and opens roads to pursue your goals and ambitions. Financial independence was, is and will be of utmost importance starting from youth upto the senior citizens. And the one and only route to get the money is earn…and the better the career choice, the better the money. So, unlike earlier when there were limited avenues of starting careers early, nowadays there are ample opportunities. There are job-oriented training programmes in India for youth which train and place them in career options right after Class 12th or after college while also providing an opportunity to continue their studies parallely.
While there are newer early career program options like these, there are newer currencies as well. Earlier what our parents and grandparents felt about gold, the new generation is thinking about crypto which seems to have lucrative returns and offers in the long run. The term ‘cryptocurrency’ in itself is derived from the encryption techniques used to secure the network. A cryptocurrency or crypto, is a virtual currency secured by cryptography. It is designed to work as a medium of exchange, where individual ownership records are stored in a computerised database. In simplistic terms, Cryptocurrency is a digitised asset spread through multiple computers in a shared network. The decentralised nature of this network shields them from any control from regulatory bodies since they are not issued by the government agency of any country making them immune against any interference and manipulation from them.
To buy cryptocurrency in India, an individual first needs to create an online storage option for the crypto (like Bitcoin), through a third party, along with finding a crypto exchange. In the exchange, the investor will have to create an exchange account via an exchange service. The account needs to be linked to the investor’s bank account. Buying crypto via an exchange is one of the safest and easiest processes.
The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is likely to be introduced in the winter session of the Parliament. It is a bill that would regulate Cryptocurrency in India. However, Finance minister Nirmala Sitharaman asserted that the proposed Central Bank Digital Currency will not boost cryptocurrency in India.
- Smoother funds transfer without requirement of credit/debit cards or banks
- No nominal fees for funds transfer
- Cheaper alternative to online transactions
- Anonymous payments can be made which are safe
- Comprises a ‘user wallet’ access to which is only by a public & pirate key known only to the owner of the wallet
- The secret nature of transactions will facilitate illegal activities such as money laundering, tax-evasion and maybe even terror-financing
- Payments once done, cannot be undone
- Acceptance is still not universal
- Cryptocurrencies like Bitcoin are not rooted in any material goods
- Cost of producing a Bitcoin requires an increasingly large amount of energy which is directly proportional to its market price
Having said that Bitcoin still stands out as the best cryptocurrency to invest in for 2021. And the first ever crypto currency to be introduced to the world was also Bitcoin in 2009 which was invented to fix the inefficiencies of banks who had been the established gatekeepers of all financial transactions worldwide. The growth of Bitcoin has been spectacular from $324 in 2014 to over $60,000 in 2021.
Some significant others include Ethereum, Binance coin, Solana and Dogecoin. However, the currencies keep on changing their rank of importance as per volatility and uncertainty associated with the product.
The world of crypto is so much more than just buying and selling like shares. Another technology that has also emerged simultaneously is Blockchain Technology which is ready to transform industries. There are endless uses of this from which companies can benefit significantly if they focus on implementing more transparent and fraud-resistant systems. Even though Blockchain is still a faraway cry from Cloud but at the pace at which it is progressing, we will soon see dozens of businesses taking advantage of decentralized and distributed networks. Hiring will also increase manifolds by crypto and blockchain companies in the months to come.
So how many crypto currencies do you have now? Or, do you have a crypto career? or both?