Over 73% crypto currency users lost money: research

• After the U.S. and Turkey, India has the third highest number of registered downloads of crypto exchange apps, according to a working research paper published in the Bank for International Settlements.
• The study analysed 200 crypto exchange apps across 95 countries between August 2015 and June 2022.
• India also features among those countries with the lowest average monthly app usage per 1 lakh people.

Cryptocurrency

• Digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds.
• These currencies operate independently of a central bank.
• The economic transactions underlying cryptocurrency are decentralized, distributed and disbursed.
• The first and most famous cryptocurrency, bitcoin was introduced in 2009.

Technology

• Most cryptocurrencies of the world are built on blockchain technology.
• Blockchain is a decentralized and distributed database on a peer-peer network which works on the basis of a consensus mechanism involving every node (computer) on the network.
• Blockchain is a peer-to-peer distributed network that records a public history of transactions without actually recording identities of the parties or the transaction details.