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Facebook announced today that it would be completely rebranding the wallet for its long-anticipated cryptocurrency—perhaps in an attempt to shake off its troubled reputation. “Today, we’re excited to introduce Novi—the new name and brand for the digital wallet that will help people send and hold Libra digital currencies,” said Novi’s head, David Marcus, in a company blog post earlier today. “While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services.”

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Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, allowing users to send and receive payments without the need for intermediaries like banks. It utilizes blockchain technology to secure and verify transactions, providing transparency and immutability. Bitcoin transactions are recorded on a public ledger, ensuring the integrity of the system. The supply of bitcoins is limited, adding a deflationary aspect to the currency. Users can store their bitcoins in digital wallets and access them using private keys. Bitcoin has gained popularity as a form of decentralized and censorship-resistant money.

They have names like Bitcoin, Ethereum or Monero. Digital cryptocurrencies are not affected by inflation. There are now more than 4,000 of these digital currencies, and they can be used in many online transactions. But how do they actually work?

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Discover the key differences between the physical and the digital! From centralization to decentralization, unlimited supply to scarcity—get the facts straight and choose your future of money wisely.

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Union Finance Minister Arun Jaitley has begun the presentation of Union Budget 2018 in the Parliament on Thursday. Speaking at the Parliament, FM Jaitley said Cryptocurrency is not legal tender. He proposes that 1 lakh Gram Panchayats will be connected with Optic Fibre Cable. He also proposes 5 lakh WiFi hotspots in rural areas. Techies, fintech experts, even the common man with an investment in this volatile offering might be disappointed with clarity on the government's stance on cryptocurrencies. On February 1, 2017, the Reserve Bank had reminded the users of risk involved in bitcoin trading. Watch this video to know more about the news.

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A cryptocurrency (or crypto currency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrency is a kind of digital currency, virtual currency or alternative currency. Cryptocurrencies use decentralized control[4] as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.[8] Since then, over 4,000 altcoin (alternative coin) variants of bitcoin have been created.<br /><br />A cryptocurrency is a system that meets six conditions:<br /><br /> The system does not require a central authority, distributed achieve consensus on its state [sic].<br /> The system keeps an overview of cryptocurrency units and their ownership.<br /> The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.<br /> Ownership of cryptocurrency units can be proved exclusively cryptographically.<br /> The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.<br /> If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.<br /><br />In March 2018, the word "cryptocurrency" was added to the Merriam-Webster Dictionary.<br /><br />The term altcoin has various similar definitions. Stephanie Yang of The Wall Street Journal defined altcoins as "alternative digital currencies," while Paul Vigna, also of The Wall Street Journal, described altcoins as alternative versions of bitcoin. Aaron Hankins of the MarketWatch refers to any cryptocurrency other than bitcoin as altcoins.<br /><br />Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.<br /><br />

Digital currency and cryptocurrency both are assets for the digital world to start trading. Although an entire form of currency which presents online falls under the category of digital currency.

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In October, Business Today reported that crypto could be a legal asset class in a few months. Sources say that the government is likely to opt for a regulation of the cryptocurrency just as it does with commodities with a tax on all transactions. Watch to find out more.