Exploring the Benefits and Challenges of Cryptocurrency and Blockchain Technology
Cryptocurrency is a digital or virtual currency that is secured by cryptography and is decentralized, meaning it is not governed by any other body. Cryptocurrency is being embraced in the modern world, and many countries have adopted cryptocurrencies while some have banned them.[0] Ethereum is more than just a cryptocurrency and is used to carry out smart contracts.[0] It is based in blockchain technology and is a digital method of trading money. However, end users have to overcome certain challenges connected to security, privacy, and control to benefit from cryptocurrency, and businesses can use cryptocurrency to save money on transaction fees and use blockchain technology to create immutable ledgers.[1]
Cryptocurrency is created through a process called mining. Specialized mining computers compete to solve complex math equations that unlock small amounts of new currency, and these computers require massive amounts of electricity to stay running and cool.[2] Application-specific integrated circuits (ASICs) are chipsets built to perform a specific task and many ASICs are created to mine cryptocurrency.[3] Blockchain technology can also be used to create immutable records of customer data that are stored securely on the distributed ledger and facilitate more transparent supply chain management.
Contributing tokens to a “validator” who processes transactions is known as staking and is used to ensure the security and operability of a blockchain network. Staking is important, since a proof-of-stake (PoS) blockchain network is only as secure as the number of tokens pledged to these validators. It is possible to make a nice profit off of crypto staking, and you can even get rich by crypto mining.[4]
Finally, it is important to follow the guidelines set by the BCCI, which states that no franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the betting/gambling/real money gaming/tobacco sector, cryptocurrency sector, or any other non-permissible categories.[5] Any breaches of these guidelines will be dealt with as per the provisions of the Operational Rules and Disciplinary process.[5]
0. “Exploring Cryptocurrency Technology: 8 Facts to Learn About …” www.tekedia.com, 14 Feb. 2023, https://www.tekedia.com/exploring-cryptocurrency-technology-8-facts-to-learn-about/
1. “The Future of Ecommerce: What Role Will Cryptocurrency Play?” www.corecommerce.com, 14 Feb. 2023, https://www.corecommerce.com/blog/cryptocurrency/
2. “Can cryptocurrency become more environmentally friendly? | Fierce …” www.fierceelectronics.com, 14 Feb. 2023, https://www.fierceelectronics.com/electronics/can-cryptocurrency-become-more-environmentally-friendly
3. “Cryptocurrency: An insider’s guide (free PDF) | TechRepublic” www.techrepublic.com, 14 Feb. 2023, https://www.techrepublic.com/resource-library/whitepapers/cryptocurrency-an-insider-s-guide-free-pdf-copy1/
4. “What You Need to Mine Cryptocurrency | ECOS BLOG” ecos.am, 14 Feb. 2023, https://ecos.am/blog/what-you-need-to-mine-cryptocurrency/
5. “BCCI disallow cryptocurrency, betting and tobacco branding during …” www.planetsport.com, 14 Feb. 2023, https://www.planetsport.com/cricket/news/bcci-disallow-cryptocurrency-betting-tobacco-branding-wpl
