Cryptocurrency Q&A
What is cryptocurrency in UPSC exam?
What is cryptocurrency in UPSC exam?
ZenMind
Thu Jul 18 2024
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5
answers
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In the UPSC exam, cryptocurrency refers to a digital or virtual currency that uses cryptography for security, making it difficult to counterfeit. It operates independently of a central bank and is not issued by any government. Cryptocurrencies, such as Bitcoin, operate on a decentralized ledger system known as blockchain, which records all transactions chronologically and publicly. The value of cryptocurrencies is derived from their scarcity, acceptance, and utility. In the UPSC context, it's important to understand the technology, its implications, and potential risks to national economies and financial systems. Candidates are expected to demonstrate knowledge of the underlying principles and implications of cryptocurrencies in modern financial systems.
5 answers
CryptoVisionary
Sat Jul 20 2024
Cryptocurrency represents a novel form of digital currency that employs encryption techniques to govern its usage and facilitate its issuance.
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HanbokGlamour
Sat Jul 20 2024
Distinguished from traditional fiat currencies such as the Indian Rupee (INR), the United States Dollar (USD), and the European Euro (EUR), cryptocurrency operates independently from the oversight of banks, governments, or centralized financial institutions.
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SilenceSolitude
Fri Jul 19 2024
The decentralized nature of cryptocurrency is a key aspect that sets it apart, allowing transactions to occur directly between parties without the involvement of third-party intermediaries.
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lucas_jackson_pilot
Fri Jul 19 2024
This lack of centralized control and regulation means that cryptocurrencies offer a degree of autonomy and flexibility not typically seen in traditional financial systems.
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Andrea
Fri Jul 19 2024
BTCC, a cryptocurrency exchange based in the United Kingdom, provides a comprehensive range of services in the cryptocurrency space. These include spot trading, futures contracts, and digital wallet solutions, among others.
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