Awareness of Cryptocurrency - An Empirical Study

Abstract

Cryptocurrency is a digital currency created to conduct transactions like a regular currency. It uses cryptography and blockchain technology to secure its exchanges, limits the production of a particular type of Cryptocurrency, and tracks all transactions across the network. Bitcoin, the first and most popular Cryptocurrency, is revolutionizing long-standing and unchanging financial payment systems that have been in place for many decades. While cryptocurrencies are not likely to replace traditional fiat currency, they could drastically change the way internet-connected global markets interact with each other, eliminating boundaries between nation-specific currencies and exchange rates. Technology advances quickly and the success of a given technology is generally determined by the market in which it seeks to improve. Cryptocurrencies may revolutionize digital trade markets by creating a frictionless trading system without fees. This study shows that Cryptocurrency is used as a medium of exchange and it will embrace awareness in people's minds and the regulatory bodies will educate the people on Cryptocurrency.