Awareness seminar on "WHAT IS CRYPTO CURRENCY" and its Risks, Profits, Market conditions, Indian govt tax and how to avoid scams on these topics was conducted by VRZAX Success Team. Organized by Target success Team(TST) Aranthangi, Pudukkottai Dist.
The event was Co-Hosted by Mr.FaizalKhan (Diamond Achiever), Founder of Target Success Team(TST) and Mr.DuraiSamy (Double Diamond-Car achiever) From Trichy & Dr.M.V.Jagan (Double Diamond-Car achiever) from Chennai Spokes about Crypto Currency awareness.The Company operates with CMD.Dr.P.Saravanan,VR GROUPS.
Through this program many people were made aware of what cryptocurrency is, and their doubts were clarified.
What is a cryptocurrency?
A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring.
It's just like the currency notes we have in our hands. But it will be currencies in digital form. It can also be called a virtual currency. The currency of each country is valid only in that country. But these cryptocurrencies are valid everywhere. All it takes is an internet connection. Transactions can also be done through this.
The world's first bitcoin was created in 2009. It was created by someone under the pseudonym 'Satoshi Nagamoto'. It is possible to transact in cryptocurrency without any government intervention. These are created by a technology called the Black Chain System. This is beyond the banking and digital transactions we use.
It is said that more than two thousand cryptocurrencies such as Bitcoin, Ethereum, Tron, Toze, and Shiba are currently in circulation. These cryptocurrencies are minced by open source coding for each currency, much like how gold is mined.
How to buy and sell this?
Individuals can buy and sell cryptocurrencies arbitrarily. You will need to create a dedicated account for that. But some platforms are operating to trade cryptocurrencies to eliminate issues such as reliability and cybersecurity in this transaction. The activity of these sites is only a handful in India. Our company ‘Geotus’ is doing just that.
Is it safe to invest in it?
As far as cryptocurrency is concerned nothing can guarantee that anything is permanent. To date, the price of a bitcoin is 24,30,000 rupees. (This is the price at 10.00 pm on June 6) Will this price continue to rise? Or will the price go down? So the risk in investing in this is a bit high. The price of coins of each cryptocurrency varies. Thus there will be a difference in the price of each currency. The price will vary according to its demand as only a certain amount of cryptocurrencies can be produced depending on its price. Bitcoin has a limit of 21 million. So that alone will be in circulation in the world.
Large investors can invest in it as a small experimental endeavor. Small investors can explore its sustainability in the future and invest. Even if you can not do it in bulk, you can share and invest with friends and family. At the same time it is better to do this by knowing the cryptocurrency and how it trades. In particular, the Reserve Bank of India has not given any permission for the operation of the cryptocurrency. However, there are practices in the business of buying and selling cryptocurrencies through the bank, ”he said.
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