What is Cryptocurrency ? | How does Cryptocurrency work ?


Cryptocurrency : Cryptocurrency is a digital currency or virtual currency in which all the transaction takes place in digital way , there is no any physical existence of cryptocurrency . All the transactions in crypto maintain in online ledger in encrypted form . This is so secure that hacking is next to impossible . The technology use in cryptocurrency is known as blockchain technology . There are no any central agency regulate Crypto . If you want to transfer crypto , no conversion is required and no middle man is involved in this , it eliminates the middle man like banks , credit card companies etc , but as in case of physical currency bank is involved as a middle man . Therefore if want to send 100 usd to anyone you can do it directly without involving any agency . The purpose of development cryptocurrency was to create alternative to physical currency in which no central agency is to be involved .

What is Blockchain Technology ?

Blockchain is a digital ledger in which every transaction is being stored in blocks . This is the network of thousand of computers placed at different places in a decentralised way . As data is stored in a block , every block has a hash number which also stores the hash number of previous block . When one block become full it is linked with previous block . Thus all the previous blocks are linked with their next block .  Due to decentralized system , no one can edit or manipulate the data , If anyone want to do this , the transaction will be cancelled . So it is secure and safe .

There is no any central agency involve in cryptocurrency . If we talk about physical currency of any country , a central agency is involved , e.g. Indian currency is regulated by Reserve Bank of India ,  in USA ,   Federal Reserve controls the US dollars .

Some Popular Cryptocurrencies :

#1. BitCoin (BTC) :

This is the most popular Cryptocurrency in this time . It was created by Japanese Engineer Satoshi Nakamoto in 2009 . This is the topmost Crypto of this time in valuation . In 2010 , the price of 1 Bitcoin was less than 1 USD but in 2022 one Bitcoin has value more than 42000 USD . According to data , the market capitalization of Bitcoin is 665 billion USD . There is a huge jump in its prices and market capitalization .

#2. Ethereum (Ether) :

After Bitcoin , Ethereum is the second most popular Cryptocurrency in this time . This was developed by Vitalik Buterin in 2015 . Ethereum is a blockchain platform having its own Crypto named Ethereum . As Ethereum provides a blockchain platform , if you have an idea/project in your mind , there is no need to develop your own blockchain , you can start building your project on Ethereum blockchain . This is more than a digital currency due to their blockchain platform . In 2016 the price of Ethereum Ether was less than 3 USD but in 2022 one Ether’s price is more than 3000 USD .

#3. Litecoin (LTC) :

Litecoin was created by MIT graduate and former Google Engineer Charlie Lee in 2011 . Litecoin has much faster blockchain generation that’s why it provide faster transaction & confirmation . Day by day Litecoin has been growing by number of merchants due to faster  transaction & confirmation . Litecoin transaction completed in 2.5 minutes whereas Bitcoin transaction takes 10 minutes to complete . In march 2017 , Litecoin price was 3 USD  but in January 2022 , LTC price was more than 120 USD .

#4. Binance Coin (BNB) :

Binance coin was created in 2017 & initially Binance coin was operated on Ethereum blockchain platform but ultimately it had launched its own platform i.e. the Binance Chain . Binance coin is for those who use token as a way of payment for exchange .  If we talked about trading volume , the Binance coin is the most widely used exchange in the world . Binance coin can also be exchanged for other Crypto such as Bitcoin , Ethereum , Litecoin etc . It is more flexible in payments methods . One can also book hotels , flights , pay for virtual gifts , lottery etc on some websites . Several platforms also allow to invest in stocks , ETFs , used as collateral for loans etc . The current market capital of BNB has more than 70 billion USD .

#5. Cardano (ADA) :

Cardano is created in 2017 by Charles Hoskinson . Like Ethereum , Cardano has also a blockchain platform but difference is that it has many improvements in technology over Ethereum . That’s why Cardano is being considered as most advanced blockchain Technology till now . Cardano is one of the top 10 Cryptocurrencies of 2022 . Cardano is more scalable than Ethereum having capability of 257 transactions per second .

#6. Ripple (XRP ):

Ripple was launched by Ryan Fugger and Mc Caleb in 2012 . It is very popular due to its fast international transaction that is completed in seconds , as similar transaction in banks takes long time . Ripple was developed in such a way that it enable quick & cheaper international transaction . Ripple processes more than 1500 transactions per second . Due to this it has gained so much popularity . The main focus of Ripple is on one industry , that is related to International money transfer . As transfer is completed within few seconds and also charge is very few as compared to banks and any other financial institutions . This is the main advantage of Ripple . Ripple also has tie up with multiple financial institutions to its payment network .

How to Buy ?

You may buy cryptocurrency in following way :

  • Traditional Brokers : There are some brokers who deal with bond , stocks , etc . they also deal with crypto . Therefore you can buy crypto from them online .
  • Crypto exchange : You can also buy Cryptocurrency from Crypto Exchange .

How to Store Crypto ?

As we put our physical currency in leather wallet , similarly after purchasing Cryptocurrency we can store its key in a Cryptocurrency Wallet . As crypto do not exist in physical form , so we can not put in physical wallet . Therefore in Crypto wallet , private keys and public keys  is to be stored . We can understand private key & public key with an example . Public key is like your Account number and private key is like PIN . As you may share your Account Number with anyone , with your company to pay salary etc .  Hence there is no problem on sharing your public key , but private key is like your secret password it can’t be shared. Your wallet address look like this :


This is the combination of letters , numbers having both upper case & lower case .

There are different types of wallet available having different features .

(i)Desktop Wallet

(ii) Mobile Wallet

(iii)Web Wallet

(iv)Hardware Wallet

Things you can buy :

As popularity and adoption of Cryptocurrency increases day by day , therefore you can buy several things using Crypto . As adoption level increases in future , you can buy more & more things by using crypto .

  • Several Tech companies accepts crypto to sell their products e.g. Microsoft , AT&T etc. Some e-commerce companies such as Shopify , Rakuten also accepts Crypto .
  • Some Luxury goods retailer also accepts Cryptocurrency to sell their products e.g. Rolex .
  • Some car dealer also accepts crypto as a payment .

In this time most of the person accepts it as an Investment Asset . But as the time passes and adoption of crypto increases you can buy many more things .

What is digital Gold ? | Benefits of Investing in digital gold ?  


What is digital gold ?

Digital Gold is a digital way of investing in gold . We all aware that , Investing in gold is the most favoured investment options for long time . When purchasing physical gold there is always a doubt in your mind regarding purity of gold , whether it is pure or not ? . But in digital gold you don’t have to worry about safety and purity . You don’t have to worry about losses or theft of digital gold . If you would like to convert your digital gold into physical gold , you can certainly do whenever you need .

Benefits of Investing in digital Gold :

In today digital world so many people of this generation want to invest in digital gold . This is a type of wealth creating investment which is very simple and lucrative . There are so many benefits regarding investment in digital gold .

#1. No limitations on minimum investments :

There are no restrictions on minimum  investment , hence you can start your investment journey in digital gold by small amount as you want .

#2. Quality Assurance :

You don’t have to worry about quality , it is safe & secure .

#3. Exchange your digital gold into Physical gold / cash :

If you want to convert your digital gold into physical gold you can do very easily and instantly . If you are in need of cash , you can also convert  it into cash .

#4. Loan against digital gold :

Being an owner of digital gold you can use it as collateral and can get loan  quickly without any hinderance .

#5. Safe and Secure :

There is no risk about loss and theft of digital gold . But in physical gold there is always a risk about safety and security . If you put it in a locker , then you will have to pay some applicable charge . But in digital gold there is no additional charge is to be applied . In digital gold whole responsibility lies with seller .

As in digital gold price is linked with market so any change in gold price will be completely & instantly reflected in your platform from where you have purchased and you can also take advantage of latest price .

How to invest in digital gold ?

There are several options available to invest in digital gold . you can invest in digital gold through paytm , Google pay , Phonepe  , HDFC securities etc . Once you have purchased digital gold of certain amount the trading company purchase an equivalent amount of physical gold and store it under your nae in secure vaults .

There are three companies that offer digital gold investment in India :

  • Augmont Gold
  • SafeGold
  • MMTC-PAMP India Pvt. Ltd.

(i)At first you have to visit on the Platform which offer digital gold investment option such as paytm , Google pay , Phonepe , HDFC Securities etc.

(ii) Now enter your amount you want to buy .

(iii)Choose your payment options after doing payment you will get confirmation message .

As people takes gold investment as an asset , as a result the demand of gold increases and hence price increases .

What is Credit Card ? | The Benefits of using Credit Card

Credit card

What is Credit Card ?

Credit Card is a financial instruments issued by banks for your help & encouraging you towards cashless transactions by giving some rewards & offers . Credit card has pre-decided credit limit under which you can purchase goods & services provided by the company .

Why you need a Credit Card ?

Suppose you go to shopping mall and purchase something according to you need by using your credit card and come back to your home . You will experience that whole the process is so much easy that anyone can enjoy this . If you have no money in your bank account but you have a credit card then you can go for shopping without any hurdle . You don’t have to go to the bank for taking borrow and explaining the purpose of borrowing money . You have to use your credit card and purchase anything according to your   requirements . Thus credit card has changed the way of shopping . You may use your credit card for purchasing goods & services .

There are several types of credit card that issued by banks & financial institutions and it is widely acceptable . You can purchase groceries , cloth , online shopping , booking airlines tickets , movie tickets , paying utility bills & many more .

Advantages & Disadvantages of Credit Card :

Advantages :

#1. Buy on credit :

The most attractive feature of Credit Card is its Credit Limit . You can buy anything within this limit and pay later . If you have purchased some high value goods then you may convert the total amount into EMIs and pay easily into monthly installments . This facility makes shopping experience better .

#2. Widely acceptable :

Due to widely acceptable nature of credit card you may travel anywhere without carrying so much cash  with you . As it is widely acceptable so you can pay for anything you have to purchase .

#3. Cash withdrawl without interest :

There are some credit card issued by banks and financial institutions that allow you to withdraw money up to certain limit in case of financial emergency & they do not charge any interest up to 45 to 50 days . You should only use this facility in case of financial emergency because if you are unable to pay on time then bank will charge high interest rate .

#4. Insurance Coverage facility :

You can also avail insurance coverage facility by using credit card . You can get personal accident coverage , Travel insurance coverage , etc. This is the most significant benefits of credit card which also makes it more significant .

#5. Improving CIBIL Score :

As you may enjoy several facilities such as shopping expenditure , Service facility , cash withdraw & many more by using credit card . In stead of these facilities , it also helps to improve your CIBIL Score , if you know how to improve and repay your used amount on time . Better CIBIL Score helps you to obtain personal loan , home loan , car loan etc without any difficulty .

Also Read : How to Improve CIBIL Score ? 

#6. Discount & Offers :

Most of the company (which issued credit card) provides discount , offers , incentives to use your credit card . Some companies also offers  discount on booking Air ticket , holidays booking , high value shopping etc through using credit card .

#7. Make Travelling safe :

Credit card makes your travelling safe because you have not to carry much cash . You can reserve a vehicle , book a room etc by using credit card . If there is no sufficient funds in your bank account , credit card increases your purchasing power .

Disadvantages :

You should aware that like most other financial products , credit card has many benefits if you use it responsibly . You should pay all your used amount within given time frame , otherwise company will charge high interest rate & it will hamper your purchasing power , CIBIL Score etc. So be careful !

(i) High Interest rate: If you do not pay credit card bill on time , then bank will charge high interest rate (2.5 % to 3 % monthly ) .
(ii) CIBIL score will fall due to delayed payment of credit card .

How to Choose best Credit card :

(i) Low interest rate

(ii) No/Low Annual maintenance fee

(iii) Low issuance charges

(iv) Suit your expenditure pattern
(v) Reward & Offers

What is Foreign Remittance ? | Inward Remittance | Outward Remittance ?


This is the transfer of money between sender (who is living in one country) & receiver (who is living in another country ) . The transfer of funds are called remittances . As transfer of money takes place between the two different countries so it is called foreign remittances .

There are two participants one is called active participant and other is called passive participant . The person who sends money is called active participant & the person who receives money is called passive participant .

1. Types of Remittances :

  • Inward Remittance : In this remittance , person is passive participant , because he has to given his details to sender who will transfer money . Therefore in Inward remittance money is received from abroad .
  • Outward Remittance : In this remittance , person is active participant because he has to transfer money to recipient account . In outward remittances money is sending abroad , hence one should always choose right bank for outward remittances .

2. Be careful about choosing Bank :

The person should be careful about choosing bank for transfer of money .

  • Time for Process Completion : In how much time bank will complete the remittance processes . Some bank complete the transfer process within two days .
  • Hidden Fee : One should always check before transferring that is there any hidden fee is imposed on remittance .
  • Check Limitations : How much money can be transferred . What is the maximum limitations (Maximum Amount) of transferring money .
  • Exchange Rate : Before transferring one should always check that how much is the exchange rate .

Thus we can say that foreign remittances are the financial lifeline for a person living abroad .

What is UPI ? | What are the benefits of UPI System ?


The full form of UPI  is Unified Payments Interface . This interface is initiated by NPCI (National Payments Corporation of India) and regulated by RBI (Reserve Bank of India) & IBA(Indian Bank Association) . This is the crucial step taken by government to enhance digital economy & cashless economy . This interface is safe & secure . Using this system anyone can do online shopping , transfer money , pay mobile bill , electricity bill etc. e.g. BHIM App , Paytm , Google pay and many more .

#1.Things require for transferring money :

For transferring money via UPI  :

  • One should have a Smart Phone
  • One should have Active Bank Account & also your mobile number linked with this Account .
  • Internet Connection with your Smart Phone

#2. How to Register ?

    • One should download the UPI App from Play Store or Bank website
    • One should create his/her profile by entering details : such as Name , virtual ID , Password etc.
    • Now to go to “Add/Link/Manage Bank Account” option and link your Bank Account Number with virtual ID .

#3. How to generate PIN ?

  • You have to select bank Account from which you want to start transaction .
  • You will receive an OTP (One Time Password ) from the selected bank on your registered mobile number .
  • You have to enter the last 6 digit of your Debit Card Number & expiry date .
  • You have to enter OTP and your preferred UPI PIN that you would like to set & Click on Submit .
  • After Clicking on Submit you will get a successful notification .

#4. Benefits of UPI :

  • Immediate money transfer through your mobile .
  • You can link Single Application with your multiple Account .
  • Fast payments : Money can be transferred in real time & anytime .
  • Security : This system uses Push and Pull technique . You have not to fill any details such as : Bank name , Bank Account Number , IFSC etc.
  • Utility : By using this system you can pay your mobile bill , electricity bill , online shopping , money transfer & many more things .
  • Single Click two factor Authentication : After completion of payment , confirmation has to sent to your mobile number .
  • No need to carry cash due to instant money transfer .
  • You can transfer up to Rs.1 lacs per day .