Digital Currency: The Future of Money

Abstract

Digital currency is one of the hottest topics in the world right now. This is more so in India due to the recent demonetization schemes by the government. Due to that, many people have started using online banking, digital wallets, digital currency among others. Although there is knowledge out there about the digital wallets and online banking, the knowledge about digital currencies like Bitcoin is either minimal or next to none. This paper intends to give an overview of the various digital currencies. That includes explaining what Digital Currency really is, its processing, the real life working and the factors affecting the adoption of such currencies. How the various transactions that include digital currencies take place is one of the major points of focus of the paper. The various risks involved in such transactions are also listed in the paper.