“CRYPTOCURRENCY – COULD IT BE A MENACE TO THE SOCIETY”

In 2008, there was a financial crisis throughout the world and economy was severely affected by it, it was also known as the great the depression. This incident led to the emergence of peer to peer form of virtual currency backed by block-chain technology. Satoshi Nakamoto published a white paper about how blockchain could be use to initiate virtual currency and eradicate the problem of double spending, Thereafter the very first bitcoin was introduced which was peer to peer, anonymous, and encrypted form of virtual currency, which is backed by the blockchain technology – This technology act as a ledger which records every single transaction happening via bitcoin, Blockchain inherently challenges to replace all forms central authority with a decentralized, peer-to-peer, and open source trust protocol.