Without a doubt, digital currency such as bitcoin has the potential to transform how society views money totally, and the rise of cryptocurrencies that only exist in electronic form has prompted global central banks to investigate how national digital currencies might function. Paritosh Mallik, an Indian entrepreneur, discusses his thoughts on how Cryptocurrency is transforming the world.
“Digital currency first appeared in 2009, and today there are hundreds of cryptocurrencies in circulation all over the world,” he explains. This new technology, according to me and other experts, will have a significant impact on how we do business and live in the future.”
As can be seen, cryptocurrency’s rise has been faster than ever, and with so much free time and so few things to do with it, many people have turned to crypto trading for the first time during the pandemic. Analysts have predicted that the global cryptocurrency industry will more than triple in size by 2030, reaching a price of about $5 billion.
Even when a pandemic hit the financial economy, bitcoin saw massive growth and gained speed. Socio-economic factors have accelerated the acceptance of Bitcoin and other cryptocurrencies worldwide. However, focality may determine whether crypto ushers in a new era of dystopian inequity or whether the majority of its benefits go to the general public. According to research, over ten crores’ Indians own cryptocurrencies, making India the country with the most cryptocurrency holders globally.
It goes without saying that cryptocurrency appears to be the only topic of conversation, and society appears to have adopted the phenomena known to many as crypto, the world’s newest medium of trade. Cryptocurrency is digital money with a variety of uses. They all have one thing in common: they all help to create a more immersive digital experience.
Crypto is already being used as money, albeit on a small scale. Paritosh Mallik highlights on the following instances. Despite several hurdles, crypto is already being utilized as money, albeit on a small scale. PayPal, for example, has added bitcoin functionality to its app. PayPal users may now use digital currencies like Bitcoin and Ethereum. Crypto earned a boost earlier this year when EI Salvador became the first country to recognize Bitcoin as legal cash. Crypto has also been offered as a payment option by The Rug Republic, a home décor store, and all of these examples illustrate that bitcoin is gradually making inroads into regular purchases.
Paritosh Mallik holds an MBA in Strategic Management and has extensive expertise in the fields of strategy management, marketing analysis, organization, and process management, as well as a track record of Six Sigma green belt and Lead / Pace certification. Gold medalist in MBA international business Paritosh had Represented the project work in FICCI and was awarded as an influential speaker in SRCC, antardwani fest, by speaking on automation in the 21st century.