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Essay on Cryptocurrency in English for Students 500, 1000 Words

Today, we discuss an important topic in the Essay on Cryptocurrency in English for Students and Children. In this article, there are written two different types of essays regarding Cryptocurrency. The first essay is a long essay on cryptocurrency in India 1000 words.

This long Essay on Cryptocurrency in English is suitable for students of classes 9 and 10, 11, and 12, and also for competitive exam aspirants (SSC CGL CHSL MTS, High Court, and UPSC Exam).

The second is a short essay on Cryptocurrency in English 500 words. These are suitable for students and children in classes 3, 4, 5, and 6,7,8.

CBSE Digital Education provides all the important information regarding the essay about cryptocurrency. Read the article till the end for all the important information regarding cryptocurrency.

Essay on Cryptocurrency in English 1000 Words

The term “cryptocurrency” derives from the encryption technology used to secure the network.

A cryptocurrency is a form of payment that can be exchanged for goods and services online. Many companies issue their own currencies, often called tokens, and can be traded exclusively for a good or service provided by the company.

A cryptocurrency is a digital or virtual currency that is secured by cryptography, making it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks with a distributed ledger implemented by a separate network of computers based on blockchain technology.

A defining characteristic of cryptocurrencies is that they are generally not issued by any central authority, which makes them theoretically immune from government interference or manipulation.

What is Cryptocurrency?

Cryptocurrency is a type of currency that’s digital and decentralized. Cryptocurrencies can be used to buy and sell things, and their potential to store and grow value has also caught the eye of many investors.

There are thousands of different cryptocurrencies available today. The most popular and first cryptocurrency is Bitcoin, which was created in 2009. Other common cryptocurrencies include Ethereum, XRP, and Bitcoin Cash.

Each of these currencies serves different purposes, with some optimized for use in place of cash, and others designed for private, direct transactions.

How does Cryptocurrency Work?

Unlike centralized electronic money and central banking systems, cryptocurrencies use decentralized control. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, which acts as a distributed ledger.

Transactions are sent between peers using software known as cryptocurrency wallets (for storing, sending, and receiving digital currency). The person doing the transaction uses the wallet software to transfer funds from one account to another. To transfer funds, it is necessary to know the password associated with the account. Transactions made between peers are encrypted and then transmitted over a network of cryptocurrencies.

Advantages of Cryptocurrency

Cryptocurrencies are digital and therefore cannot be counterfeited or arbitrarily reversed by the sender. Cryptocurrency uses a ‘push’ mechanism that allows the cryptocurrency holder to send exactly what he/she wants to the merchant or recipient without any information. Decentralization is one of the main advantages of cryptocurrency as it is managed by its own network and not by any central authority.

Cryptocurrencies are gaining popularity because they offer privacy protection, cost-effectiveness, low entry barriers that can be used as an alternative to banking systems and fiat currencies, open-source methodologies and public participation, and also immunity to government-led financial retaliation. Every transaction is transparent, autonomous, and secure.

Since the cryptocurrency is not bound by the exchange rates, transaction fees, or other charges of any country and hence it can be used internationally without any problems. Being paperless, it is eco-friendly. Anonymity is one of the biggest benefits provided by cryptocurrency as one does not need to reveal their identity. Because of these benefits, cryptocurrency started gaining acceptance around the world.

Facebook has officially launched its virtual currency named ‘Libra’. It will be governed by the Libra Association, a Swiss group consisting of 28 members. It will run on a blockchain on which cryptocurrency payments take place.

Disadvantages of Cryptocurrency

Cryptocurrencies have their own associated risks. Most people have no idea how to use cryptocurrencies and hence are vulnerable to hacking. Cryptocurrencies are highly volatile in nature. The central issues are the lack of funds, which means there is no formal legal entity to give guarantees in any bankruptcy case.

There is no way to get a refund of the amount paid by someone by mistake. If a person has stored digital currency in his phone or computer, it is better to remember the password and not lose these devices. Losing your coin means that no one will be able to retrieve it.

Cryptocurrencies are being condemned in many countries due to their use in gray and black markets. There are two sets of interconnected risks, one for the development and expansion of these platforms in an uncertain policy environment and the other that these platforms pose a risk to the security of users and the state. They also have potential uses for illegal trade and criminal activities and can be used to finance terrorism.

Position of India in Cryptocurrency

India plays a relatively minor role in the global cryptocurrency market as it holds only 2% of the global cryptocurrency market capitalization. The Reserve Bank of India is monitoring the growing use of cryptocurrencies and issued an advisory in this regard in 2013, cautioning users, holders, and traders of virtual currencies about their potential financial, legal, and security risks. The Ministry of Finance also held a public consultation on regulating virtual currencies in May 2017.

In March 2020, the Supreme Court of India declared the RBI notification of April 2018, which had banned transactions through virtual currencies, as unconstitutional. This could lead to an increase in the use of cryptocurrencies in India.

If authorized as an electronic payment system or designated a legal instrument, cryptocurrencies will come under the purview of the RBI; Capital gains and business transactions would be liable to tax, and foreign payments would also come under the purview of the Foreign Exchange Management Act . Regulated cryptocurrencies will ensure strong consumer protection provisions.

Global Scenario of Cryptocurrency

The acceptability of cryptocurrencies as a legal instrument currently varies from country to country. While some laws and measures are in the process of being formulated, others are yet to respond to this disruptive change. Some countries like Algeria, Bolivia, Egypt, etc. have completely banned cryptocurrencies.

In other 15 countries like Bahrain, Bangladesh, China, etc an ‘implicit ban’ has been implemented. The Bank of Thailand announced plans to create its own cryptocurrency. UNICEF accepts cryptocurrency donations.

Cryptocurrencies are slowly coming under regulatory purview to prevent abuse. Japan became the first country to regulate cryptocurrencies, with the US preparing regulatory guidelines soon.

The UK and Australia continue to work on the formalities while China has recently banned Initial Coin Offerings (ICOs) for various reasons including various ICO scams around the world.

The increasing use of cryptocurrencies in terrorism financing, ransomware, illegal drug or weapons trade, and cybercrime has also raised red flags among security and law enforcement agencies. They may have the potential to displace existing financial systems that enable the electronic flow of money across different political boundaries.

Cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency.

Due to this volatile and nascent stage of cryptocurrency and the low realization of its value due to limited use, it has been speculated that while the people of India are eager and eager for transparent, quick, and high-return currencies but the Indian Government has its own stand that believes in knowing and exploring more about the cryptocurrency.

Essay on Cryptocurrency in English 500 Words

This is a short essay on Cryptocurrency in English 500 words. These are beneficial for students and children of classes 3, 4, 5, 6,7,8.

A cryptocurrency is a digital asset designed to serve as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets.

Cryptocurrencies are a type of digital currencies, alternative currencies & virtual currencies. The first cryptocurrency was Bitcoin, which was created in January 2009 and is still the most famous. Cryptocurrencies have proliferated over the past decade and there are now thousands available on the Internet, but Bitcoin is the most famous.

A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of the government and central authorities.

Cryptocurrencies work using a technology known as the blockchain. Blockchain is a decentralized technology spread across multiple computers that manage and record transactions. Part of the appeal of this blockchain technology is its security. Technology has changed the way people work, communicate, shop, and even pay for goods.

The future appeal of cryptocurrencies lies in allowing fast, secure global transactions and our ultimate control over our money with lower transaction fees than all current currencies. But given the risks posed by the potential use of cryptocurrencies in terrorism financing, money laundering, and tax evasion, the government will have to take considerable action.

We hope that after reading this article you must have got detailed information about how to write a long & short Essay on Cryptocurrency in English. I hope you like this article about the Essay on Cryptocurrency in English for Students.

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My Name is Mukesh Kumar. I am a Teacher, Blogger, Educational Content Writer, and Founder of CBSE Digital Education.

125 Cryptocurrency Essay Topic Ideas & Examples

Inside This Article

Cryptocurrency has become an increasingly popular subject of discussion in recent years. As the world becomes more digitized, the interest in digital currencies has grown exponentially. If you are tasked with writing an essay on cryptocurrency, you may find it challenging to come up with a topic that stands out or sparks your interest. To help you out, here are 125 cryptocurrency essay topic ideas and examples that you can consider for your writing:

The History of Cryptocurrency: From Bitcoin to Altcoins
The Impact of Cryptocurrency on the Global Economy
The Pros and Cons of Investing in Cryptocurrency
Cryptocurrency as a Disruptive Innovation: Will It Replace Traditional Currency?
The Role of Cryptocurrency in Developing Countries' Financial Inclusion
The Legal and Regulatory Challenges of Cryptocurrency
The Relationship Between Cryptocurrency and Cybersecurity
Cryptocurrency and Money Laundering: How Concerned Should We Be?
The Environmental Impact of Cryptocurrency Mining
Cryptocurrency and Financial Privacy: Should Individuals Have the Right to Anonymity?
The Rise of Central Bank Digital Currencies (CBDCs) and Its Implications
Cryptocurrency and the Future of Banking: Will Traditional Banks Become Obsolete?
Cryptocurrency and Income Inequality: Will It Widen the Gap?
The Psychological Factors Influencing Cryptocurrency Investment Decisions
Cryptocurrency and the Gig Economy: How It Impacts Freelancers and Remote Workers
The Role of Cryptocurrency in Cross-Border Transactions
Cryptocurrency and Wealth Redistribution: Can It Address Economic Disparities?
Cryptocurrency and Philanthropy: How Digital Currencies Are Used for Charitable Purposes
Cryptocurrency and Government: The Pros and Cons of State-Issued Digital Currencies
The Potential of Cryptocurrency in Crowdfunding and Initial Coin Offerings (ICOs)
Cryptocurrency and Financial Inclusion: Bridging the Gap for the Unbanked
The Impact of Cryptocurrency on Traditional Payment Systems
Cryptocurrency and Social Responsibility: How Can Digital Currencies Contribute to Social Causes?
The Ethical Dilemmas of Cryptocurrency: Balancing Profit and Sustainability
The Role of Cryptocurrency in Peer-to-Peer Lending and Microfinance
Cryptocurrency and Economic Stability: Can It Prevent Financial Crises?
The Implications of Cryptocurrency for Traditional Stock Markets
Cryptocurrency and the Sharing Economy: How Digital Currencies Facilitate Peer-to-Peer Transactions
Cryptocurrency and Financial Education: Teaching the Next Generation About Digital Money
The Impact of Cryptocurrency on Remittances and International Money Transfers
Cryptocurrency and the Dark Web: The Connection We Cannot Ignore
The Role of Cryptocurrency in Tax Evasion and Taxation Policies
Cryptocurrency and Artificial Intelligence: How These Technologies Converge
The Impact of Cryptocurrency on Traditional Retail and E-commerce
Cryptocurrency and Intellectual Property: Protecting Digital Assets
Cryptocurrency and Healthcare: Can Digital Currencies Revolutionize the Industry?
The Role of Cryptocurrency in Decentralized Governance and Voting Systems
Cryptocurrency and Wealth Preservation: An Alternative to Inflation
Cryptocurrency and Social Media: The Influence of Online Platforms on Digital Currencies
The Challenges of Cryptocurrency Adoption in Developing Economies
Cryptocurrency and Gaming: The Intersection of Virtual Economies
Cryptocurrency and Renewable Energy: A Sustainable Approach to Mining
The Impact of Cryptocurrency on Traditional Banking Services
Cryptocurrency and Financial Fraud: Addressing Security Concerns
Cryptocurrency and Sustainable Development Goals: Can Digital Currencies Help Achieve Them?
The Role of Cryptocurrency in Real Estate Transactions
Cryptocurrency and Universal Basic Income: A New Approach to Wealth Distribution
Cryptocurrency and Data Privacy: Balancing Transparency and Confidentiality
The Influence of Cryptocurrency on Monetary Policy
Cryptocurrency and Economic Empowerment: Breaking Barriers for Marginalized Communities
Cryptocurrency and Education: Integrating Digital Currencies in the Classroom
The Potential of Cryptocurrency in Disaster Relief and Humanitarian Aid
Cryptocurrency and Cybercrime: Protecting Digital Assets in the Digital Age
The Impact of Cryptocurrency on Financial Inclusion for Women
Cryptocurrency and Supply Chain Management: Enhancing Transparency and Traceability
Cryptocurrency and Mental Health: The Psychological Effects of Investing in Digital Assets
The Role of Cryptocurrency in Wealth Management and Financial Planning
Cryptocurrency and Political Campaign Financing: Addressing Transparency Issues
Cryptocurrency and Music Industry: Revolutionizing Royalty Payments
The Impact of Cryptocurrency on Foreign Exchange Markets
Cryptocurrency and Sports Sponsorship: A New Era of Digital Partnerships
Cryptocurrency and Disaster Resilience: Building Financial Infrastructure for Emergencies
The Role of Cryptocurrency in Tourism and Travel Payments
Cryptocurrency and Smart Contracts: Automating Transactions with Blockchain Technology
Cryptocurrency and Space Exploration: Funding the Final Frontier
The Impact of Cryptocurrency on Wealth Inequality in Developed Countries
Cryptocurrency and Art: The Intersection of Digital Assets and Creativity
Cryptocurrency and Insurance: Innovations in Risk Management
Cryptocurrency and Music Industry: Empowering Artists in the Digital Age
The Role of Cryptocurrency in International Aid and Humanitarian Efforts
Cryptocurrency and Sustainable Agriculture: Financing Green Farming Practices
Cryptocurrency and Voting Systems: Enhancing Security and Transparency
The Impact of Cryptocurrency on Financial Education and Literacy
Cryptocurrency and Transportation: Modernizing Payments in the Industry
Cryptocurrency and Renewable Energy Investments: Financing a Greener Future
The Role of Cryptocurrency in Intellectual Property Rights Protection
Cryptocurrency and Film Industry: Crowdfunding and Distribution Models
Cryptocurrency and Personal Finance: Managing Digital Assets
Cryptocurrency and Online Gambling: Innovations in Financial Transactions
The Impact of Cryptocurrency on Wealth Management for the Elderly
Cryptocurrency and Human Rights: Empowering Individuals in Authoritarian Regimes
Cryptocurrency and Freelancing: Redefining Payment Methods for Independent Workers
Cryptocurrency and Journalism: Funding Independent News Organizations
The Role of Cryptocurrency in Sports Betting and Gaming Industry
Cryptocurrency and Renewable Energy Trading: Building a Sustainable Energy Market
Cryptocurrency and Intellectual Property Theft: Protecting Digital Creations
Cryptocurrency and Digital Identity: Securing Personal Information
The Impact of Cryptocurrency on Political Campaign Financing
Cryptocurrency and Film Production: Financing Independent Movies
Cryptocurrency and Nonprofit Organizations: Transparency in Donations
The Role of Cryptocurrency in Intellectual Property Licensing
Cryptocurrency and Personal Data Protection: Safeguarding Online Privacy
Cryptocurrency and E-commerce: The Future of Online Payments
The Impact of Cryptocurrency on Wealth Management for Millennials
Cryptocurrency and Sports Industry: Tokenizing Athletes and Teams
Cryptocurrency and Renewable Energy Funding: Empowering Green Innovations
Cryptocurrency and Intellectual Property Infringement: Addressing Copyright Issues
Cryptocurrency and Online Marketplaces: Enhancing Trust in Peer-to-Peer Transactions
The Role of Cryptocurrency in Intellectual Property Dispute Resolution
Cryptocurrency and Social Media Influence: The Power of Digital Communities
Cryptocurrency and Mobile Payments: Reimagining Financial Transactions
Cryptocurrency and Wealth Management for Generation Z
The Impact of Cryptocurrency on Music Streaming and Royalty Payments
Cryptocurrency and Sustainable Fashion: Financing Ethical Clothing Brands
Cryptocurrency and Intellectual Property Licensing in the Gaming Industry
Cryptocurrency and Internet of Things (IoT): Securing Connected Devices
The Role of Cryptocurrency in Intellectual Property Valuation
Cryptocurrency and Digital Marketing: Innovative Payment Methods
Cryptocurrency and Wealth Management for Generation X
Cryptocurrency and Virtual Reality: Exploring New Digital Frontiers
The Impact of Cryptocurrency on Online Advertising and Monetization
Cryptocurrency and Intellectual Property Licensing in the Film Industry
Cryptocurrency and Cybersecurity: Protecting Digital Assets
The Role of Cryptocurrency in Intellectual Property Investment
Cryptocurrency and Online Education: Innovations in Payment Systems
Cryptocurrency and Wealth Management for Baby Boomers
Cryptocurrency and Gaming Industry: Tokenizing In-Game Assets
Cryptocurrency and Intellectual Property Licensing in the Music Industry
Cryptocurrency and Data Breaches: Strengthening Cyber Defenses
The Role of Cryptocurrency in Intellectual Property Portfolio Management
Cryptocurrency and Online Freelancing Platforms: Streamlining Payments
Cryptocurrency and Wealth Management for High Net Worth Individuals
Cryptocurrency and Intellectual Property Licensing in the Art Industry
Cryptocurrency and Digital Rights Management: Protecting Creative Works
The Role of Cryptocurrency in Intellectual Property Trading

These cryptocurrency essay topic ideas cover a wide range of subjects, from technology and finance to arts and social impact. You can choose a topic that aligns with your interests and expertise, ensuring an engaging and insightful essay. Remember to conduct thorough research and provide evidence-based arguments to support your points. Good luck with your cryptocurrency essay!

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Essay on Cryptocurrency

Students are often asked to write an essay on Cryptocurrency in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Cryptocurrency

What is cryptocurrency.

Cryptocurrency is a type of digital or virtual money. It uses cryptography for security, making it hard to counterfeit. Unlike traditional money, it is not controlled by any government or bank.

How does it Work?

Cryptocurrencies work using a technology called blockchain. A blockchain is like a public ledger, recording all transaction data from anyone who uses the cryptocurrency.

Types of Cryptocurrency

There are more than 6,000 different cryptocurrencies. The most famous is Bitcoin, but others like Ethereum and Litecoin are also popular.

Uses of Cryptocurrency

People use cryptocurrencies for online transactions. Some also see it as an investment, hoping its value will increase over time.

Also check:

Advantages and Disadvantages of Cryptocurrency

250 Words Essay on Cryptocurrency

Introduction to cryptocurrency.

Cryptocurrency, a digital or virtual form of currency, has revolutionized the financial world. It employs cryptographic techniques for secure transactions, control the creation of additional units, and verify the transfer of assets. Bitcoin, the first and most popular cryptocurrency, was introduced in 2009 by an anonymous entity known as Satoshi Nakamoto.

The Mechanics of Cryptocurrency

Cryptocurrencies operate on technology called blockchain, a decentralized system spread across many computers that manages and records transactions. The appeal lies in its security, as transactions are transparent and immutable, preventing fraud and double-spending.

The Impact of Cryptocurrency

The impact of cryptocurrencies extends beyond individual transactions. They have the potential to democratize finance by providing access to banking services for the unbanked, particularly in developing countries. They also offer a new investment opportunity, though the volatility of cryptocurrencies presents significant risks.

Regulation and Cryptocurrency

The decentralized nature of cryptocurrencies poses a challenge to regulators. While some countries have embraced cryptocurrencies, others have banned or restricted their use due to concerns about money laundering, tax evasion, and financial stability.

Cryptocurrencies represent a significant shift in the financial landscape, offering new opportunities and challenges. As the technology evolves, so too will the ways we understand and interact with money. Understanding cryptocurrency is not just about understanding a new type of currency, but also about exploring a new technological frontier.

500 Words Essay on Cryptocurrency

Cryptocurrency, a digital or virtual form of currency, has revolutionized the financial world. It leverages cryptography for security, making it difficult to counterfeit. The most striking feature of cryptocurrency is its decentralized nature, which sets it apart from traditional forms of currency.

The Advent and Evolution of Cryptocurrency

The inception of cryptocurrency can be traced back to 2009, with Bitcoin being the first of its kind. Created by an anonymous individual or group known as Satoshi Nakamoto, Bitcoin introduced a peer-to-peer electronic cash system that eliminated the need for intermediaries like banks. Over the years, thousands of alternative cryptocurrencies have been developed, each with unique functionalities and specifications.

Blockchain Technology: The Backbone of Cryptocurrency

At the heart of cryptocurrency lies the blockchain technology. This technology is essentially a distributed ledger that records all transactions across a network of computers. Each block contains a list of transactions, and once a block is completed, it’s added to the chain in a linear, chronological order. This system ensures transparency, security, and decentralization of data.

The Pros and Cons of Cryptocurrency

Cryptocurrency offers numerous benefits. Its decentralized nature reduces the control and influence of central authorities. It also provides the advantage of lower transaction costs, increased accessibility, and enhanced privacy. Moreover, blockchain technology makes transactions secure and transparent.

However, cryptocurrencies also have their share of drawbacks. Their value can be highly volatile, leading to potential financial losses. They are also susceptible to cyber theft, despite the security measures in place. Additionally, the anonymous nature of transactions can make cryptocurrencies a tool for illicit activities.

Cryptocurrency and the Future of Finance

The impact of cryptocurrency on the future of finance cannot be understated. It has the potential to reshape finance by facilitating faster, more secure, and low-cost transfer of funds. The concept of DeFi (Decentralized Finance) is emerging as a significant application of cryptocurrencies, aiming to recreate and improve financial systems.

Nevertheless, the future of cryptocurrency is dependent on several factors including regulatory developments, technological advancements, and market acceptance. It is therefore crucial for stakeholders to understand the implications and adapt accordingly.

Cryptocurrency, with its potential to disrupt traditional financial systems, has brought about a paradigm shift in the way we perceive and transact money. While it promises several benefits, it also comes with its own set of challenges. As we move forward, it will be interesting to observe how cryptocurrency will shape the future of finance and what role it will play in the global economic landscape.

That’s it! I hope the essay helped you.

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Essay on CryptoCurrency, Cryptocurrency Advantages and Disadvantages Essay

Are you also looking for an “Essay on CryptoCurrency “ ? If yes, then you have fallen on the world’s best website essayduniya.com. If you are searching for an Essay on CryptoCurrency in English then your search ends here.

Essay on CryptoCurrency 100 words

Cryptocurrency is a digital currency that operates without any government control or regulations to do transactions between wallets on an open-access network. Cryptocurrencies are created through mining, which is a complex process where high-powered computers solve technical problems to verify transactions.

There are several types of cryptocurrencies, including Bitcoin, Ethereum, Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE). The future of Crypto Currency is expected to be bright, with the value of bitcoin exceeding $100,000 per unit. Commodity markets will transition to a digital form, making trading and investing easier.

The issue that comes with cryptography is that it leaves a digital trail that can be deciphered by the Federal Bureau of Investigation, making it difficult to verify transactions. People using blockchain platforms can purchase cryptocurrencies like Bitcoin and Ethereum through exchanges like Coinbase, GDAx, and Bitfinex. There are also various opinions some think that cryptocurrencies are used for illicit activities, exchange rate volatility, and many other illegal activities.

Essay on CryptoCurrency in English 150 Words

The first decentralised Crypto Currency was Bitcoin; the most well-known was Ethereum; and the fourth was BNB, a fee-based Crypto Currency used for trading on the Biance Exchange. Cardano is a Crypto Currency that uses the “Ouroboros proof-of-stake” algorithm and was created by experts in engineering, mathematics, and encryption. In 2013, Billy Markus and Jackson Palmer created Dogecoin, which is regarded as the first “memecoin.”

The value of bitcoin is anticipated to exceed $100,000 per unit, indicating a promising future for cryptocurrencies. The shift of commodity markets to a digital format will facilitate trading and investing. Decentralised and digital exchanges will make it possible for businesses to meet their obligations.

But the issue with transactions in crypto is that governmental entities are able to keep track of financial transactions because of the digital footprint that cryptocurrencies leave behind and that the Federal Bureau of Investigation can decode.

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CryptoCurrency Essay 200 Words

Digital money, known as Crypto Currency, transfers transactions between wallets on an open-access network without the intervention of any external authority. It is produced by mining, an intricate procedure in which powerful computers solve cryptographic puzzles to validate transactions. Cryptocurrencies come in a variety of forms, such as Bitcoin, Ethereum, Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE). The first decentralised Crypto Currency was Bitcoin; the most well-known was Ethereum; and the fourth was BNB, a fee-based Crypto Currency used for trading on the Biance Exchange. Cardano is a Crypto Currency that uses the “Ouroboros proof-of-stake” algorithm and was created by experts in engineering, mathematics, and encryption. In 2013, Billy Markus and Jackson Palmer created Dogecoin, which is regarded as the first “memecoin.”

With bitcoin’s value predicted to exceed $100,000 per unit, the future of cryptocurrencies looks bright. Trading and investing in commodities will become simpler when markets convert to a digital format. Exchanges will be digitalized and decentralised, enabling businesses to meet their obligations. Federal or governmental entities can track financial transactions thanks to the cryptographic trails that the Federal Bureau of Investigation can decipher. Decentralised and centralised systems that offer high interest rates are used for Crypto Currency lending, which entails depositing bitcoin in exchange for ongoing interest payments.

Essay on CryptoCurrency 250 Words

Payments are sent between wallets using Crypto Currency, a form of digital currency that is independent of any organisation or government. It is run on a network with open access and is not owned or controlled by any government. In order to record transactions, a public ledger offers a very high level of security and safety. Mining is a challenging process that produces cryptocurrencies. It involves using powerful computers to solve cryptographic puzzles in order to validate transactions.

Different types of cryptocurrencies exist, including Bitcoin, Ethereum, Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE). While Bitcoin was the first decentralised currency, Ethereum is the most popular and well-known Crypto Currency. The Crypto Currency BNB is exchanged on the Biance Exchange for a fee. Experts in engineering, mathematics, and encryption developed the Crypto Currency Cardano, which employs the “Ouroboros proof-of-stake” method. The first “memecoin,” Dogecoin, was founded in 2013 by Billy Markus and Jackson Palmer.

Bitcoin is expected to be worth more than $100,000 per unit, pointing to a bright future for cryptocurrencies. Commodity markets’ transition to a digital format will make trading and investing easier. The ability for enterprises to fulfil their duties will be made possible through decentralised and digital exchanges. Businesses need liquidity, and cryptocurrencies help stop tax evasion by recording transactions on online platforms.

However, the Federal Bureau of Investigation is able to track the digital footprints left by cryptocurrencies, allowing federal or governmental bodies to monitor financial transactions. A 51% attack on blockchains could result in transactions being reversed, pausing, being spent twice, or making it impossible to validate new transactions. In addition, the lack of necessary transaction keys makes it difficult to validate transactions in cryptocurrencies.

The deposit of bitcoin is required for recurrent interest payments when using decentralised or centralised platforms that offer high interest rates. Users can invest additional money in cryptocurrencies by purchasing Bitcoin and Ethereum through exchanges like Coinbase, GDAX, and Bitfinex. Altcoins require either Bitcoin or Ethereum, and exchanges charge transaction fees.

Using local bitcoins is an additional option, although it is more complex and risky. By April 2022, there will be over 50,000 Bitcoin ATMs in the United States due to the currency’s increasing popularity. Cryptocurrencies are praised for their transparency, division, resistance to inflation, and mobility, but detractors charge that they are used for nefarious purposes, exchange rate volatility, and infrastructural faults. Due to their erratic nature and limited use, cryptocurrencies have caught the attention of the Indian authorities as well.

Essay on CryptoCurrency 300 Words

The meaning of crypto currency .

A sort of digital currency called Crypto Currency uses decentralised, unregulated transactions to move money between wallets. It operates on an open-access network and is not governed or controlled by a single entity. Transactions are recorded on a public ledger, which increases security and safety significantly. Cryptocurrencies are made through the challenging process of mining, in which high-end computers work to validate transactions by solving cryptographic riddles.

Types and Future of Crypto Currency

Bitcoin, Ethereum, Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) are just a few examples of the various types of cryptocurrencies. The most popular and well-known Crypto Currency is Ethereum, whereas Bitcoin was the first decentralised currency. BNB is a Crypto Currency that can be purchased and sold on the Biance Exchange for money. Engineers, mathematicians, and cryptographers collaborated to develop the Crypto Currency Cardano, which employs the “Ouroboros proof-of-stake” method. The first “memecoin,” Dogecoin, was developed in 2013 by Billy Markus and Jackson Palmer.

The future of cryptocurrencies seems bright because the price of bitcoin is predicted to be close to $100,000 per unit. Commodity trading and investing will be simpler when markets transition to a digital format. Due to the digitalization and decentralisation of exchanges, businesses will be able to perform their tasks. Companies need liquidity, and cryptocurrencies, which track transactions on online platforms, assist in preventing tax avoidance.

The Federal Bureau of Investigation can look into the digital trails that cryptocurrencies leave, allowing federal or governmental organisations to keep an eye on financial transactions. A 51% assault could result in blockchains experiencing reversals, pauses, duplicate spending, and the inability to validate new transactions. Crypto Currency also lacks essential transaction keys, which makes it challenging to verify transactions.

Depositing bitcoin for ongoing interest payments is known as crypto lending, and both centralised and decentralised platforms for this activity offer competitive interest rates. Users can buy cryptocurrencies like Bitcoin and Ethereum through exchanges like Coinbase, GDAX, and Bitfinex to spend more of their Crypto Currency budget. Exchanges impose transaction fees, and altcoins need either Bitcoin or Ethereum. Another choice is local bitcoins, although the process is riskier and more difficult.

There will be more than 50,000 bitcoin ATMs in the United States by April 2022, as demand grows. Critics contend that cryptocurrencies are used for illegal operations, exchange rate volatility, and infrastructural problems, yet they are commended for their transparency, divisibility, inflation resilience, and mobility. The volatility and limited use of cryptocurrencies have piqued the interest of the Indian government as well.

Cryptocurrency Advantages and Disadvantages Essay 500 Words

What is crypto currency.

A digital currency, known as Crypto Currency, is used to do transactions across wallets all over the world without any restrictions from any country. They are also operating independently of any authority or government. High security and safety are provided by its operation through sophisticated coding and storage.

How Crypto Currency Works?

Cryptocurrency mining is the process of producing new bitcoin by using powerful computers to solve challenging mathematical puzzles. A public ledger, an open-access network that anyone can join and inspect at any time, stores the details of every cryptographic transaction. Due to their decentralised nature, cryptocurrencies transactions are not governed or controlled by a single government or other institution.

Different names of Crypto Currency

Cryptocurrencies come in many different forms, such as Bitcoin, Ethereum, Binance Coin (BNB), Cardano (ADA), and Dogecoin. The market for digital currencies has undergone a transformation with the introduction of Bitcoin, the first decentralised Crypto Currency. The most well-known Crypto Currency is Ethereum, which also has its own platform, and the third-largest Crypto Currency is Biance Coin. Cardano is a Crypto Currency that uses the “Ouroboros proof-of-stake” algorithm and was created by experts in engineering, mathematics, and encryption. Billy Markus and Jackson Palmer’s invention of Dogecoin is regarded as the first “memecoin.”

The Future of Crypto Currency

Advantages of Crypto Currency

1. Decentralization: Since there is no central bank or government entity in charge of crypto currencies, there is less chance of official intervention in currency manipulation.
2. Simple Accessibility: Anyone with a reliable internet connection may quickly access crypto currencies, making them widely available to everybody.
3. Low transfer fees: While sending crypto currency from one nation to another is completely free of charge, sending money between bank accounts may incur some fees.
Transparency: Every crypto transaction is recorded in a block chain, which is accessible to everyone and aids in transaction verification.

Disadvantage of Cryptocurrency

Not supported by anything: The central bank or government of every country backs its currency, but since crypto currencies are independent in nature, it is difficult to believe in their certainty.
Not acknowledged by all: Crypt currency is not generally acknowledged, which limits its application in day-to-day life. Many shops and businesses do not accept it as a form of payment.
It leaves a digital trail that the Federal Bureau of Investigation can examine, allowing federal or governmental organizations to monitor financial transactions.
Uses a lot of energy- Because key transactions are not supported, crypto currencies also waste energy and have a negative impact on the environment.

Lending of Crypto Currency

Decentralised and centralised systems that offer high interest rates are used for Crypto Currency lending, which entails depositing bitcoin in exchange for ongoing interest payments. Through Crypto Currency exchanges like Coinbase, GDAx, and Bitfinex, consumers may buy currencies like Bitcoin and Ethereum to spend more of their Crypto Currency. Bitcoin or Ethereum are required for altcoins, and there are transaction fees on exchanges. Another choice is local bitcoins, but it’s a riskier and more difficult process. By April 2022, there will be over 50,000 bitcoin ATMs operating in the United States.

Cryptocurrencies are condemned for a number of reasons, such as their involvement in illegal activities, the erratic nature of their exchange rates, and the flaws in the infrastructure that underpins them. However, they have been praised for their mobility, divisibility, resilience to inflation, and transparency.

The Indian Government is said to have its own stance that believes in knowing and studying more about cryptocurrencies, despite the fact that Indians are hungry for transparent, rapid, and high-return currencies. This is because bitcoin is still in its early stages and is only sometimes used, which results in a low-value realisation.

Cryptocurrency Advantages and Disadvantages Essay 1000 words

Crypto is a type of currency that does not come under any authority or government for its transactions; it is a digital currency that transfers from one wallet to another wallet for its transactions. It has no physical identity; instead, it only exists in digital nature. When there is any transaction in crypto, it is recorded in a public ledger, which is an open-access network, which means that anyone can join and see it at any time. It is decentralised in nature, and not any single government or authority controls or regulates it. There is always advanced coding involved in the transactions of crypto currency and in its storage. To provide a high level of security and safety, it is always encrypted in nature, and that is why it got its name as crypto currency.

How does Crypto Currency work?

There are units of crypto currency that are created with the help of mining. Mining is a process in which bitcoin transactions are verified to generate new bitcoin, which is a complex process in which high-powered computers are used to solve complicated math problems. People involved in the process are termed miners, as it is the same as the natural mining process. One has to invest a large amount of energy to generate bitcoin because there are a limited number of bitcoins available, which is around 21 million. The miners have to solve complex problems that are encoded cryptographically to verify the blocks in which there is a transaction.

This all depends on the power of the computer, as a more powerful computer means a larger number of bitcoins. For example, miners compete amongst themselves to guess a number and then update the ledger of transactions on the blockchain network, and those with powerful computers guess more quickly.

Cryptocurrency names

The digital currencies named cryptocurrency are of several types; some of them are Bitcoin is the first ever decentralized cryptocurrency that was founded, and it is still the most famous and known crypto in the blockchain. It has made a revolutionary change in digital currency as it does not need any regulatory body or any third party to verify its transactions. Ether is a type of crypto founded in 2015; it has its own crypto platform known as Ethereum, which is the most famous crypto after Bitcoin.

Binance Coin (BNB): this Crypto Currency works as a type of fee used for trading on Biance Exchange, and in terms of market capitalization, it is the third largest Crypto Currency. The Biance exchange was founded by Changpeng Zhao, and according to trading volumes, it is one of the most widely used exchanges.

Cardano: An “Ouroboros proof-of-stake” Crypto Currency called Cardano (ADA) was developed using a research-based methodology by engineers, mathematicians, and cryptography professionals. Charles Hoskinson, one of the original five founding members of Ethereum, co-founded the project. He left Ethereum because he didn’t like the direction it was going, and he later worked on the creation of Cardano.

Dogecoin: Some consider Dogecoin (DOGE) to be the first “meme coin,” and in 2021, its price explosion caused a stir. Some significant businesses accept the coin, which has a Shiba Inu image as its avatar, as payment. Billy Markus and Jackson Palmer, two software programmers, developed Dogecoin in 2013. According to reports, Markus and Palmer invented the coin as a joke in response to the irrational speculation in the cryptocurrency market.

What is the future of Crypto Currency?

Cryptocurrency has both advantages and disadvantages, and regulatory bodies are working to mitigate risks in the sector. The chair of the Federal Reserve, Jerome Powell, has expressed interest in Crypto Currency regulation through the Securities and Exchange Commission, indicating the need for a digital currency in the future. Blockchain technology is seen as highly secure, with only wallets linked to the system being susceptible to hacking.

There is also a new and emerging concept of crypto bank which is providing a link between old and traditional banking system and a extensive crypto market and the other concept of insurance in crypto is also one of the advantageous and emerging concept that provide protection against emerging risk associated with digital market moreover individual has found a way in crypto earn money to earn a good livelihood as crypto is one of the most profitable thing.

The future of Crypto Currency is expected to be bright, with the value of bitcoin expected to surpass $100,000 per unit. Commodity markets will transition to a digital form, making trading and investing easier. Exchanges will be decentralised and digitalized, making it viable for companies to meet their current liabilities. Liquidity is crucial for companies, and Crypto Currency can help solve tax evasion by recording transactions on digital platforms.

The bitcoin-denominated yield curve is emerging, and some nations are trading crypto weapons. In India, the Crypto Currency and Regulation of Official Digital Currency Bill, 2021, outlines the future of virtual coin trade in the country, indicating the industry’s growth. However, government regulation has been identified as a concern, as it can lead to increased corruption and taxes. In the Indian context, the economy is not yet ready for Crypto Currency due to prolonged processes and the need for an efficient regulatory body that can quickly adapt to digital networks and enhance transparency.

Institutions like the Reserve Bank of India remain skeptical about introducing Crypto-Currency into the Indian money market due to volatility in instrument prices. Therefore, the future of Crypto Currency in India remains uncertain, with the government and other regulatory bodies playing a crucial role in shaping its development and adoption.

Everything in the world is not good as it looks, with good qualities there always comes some bad aspects.

Decentralization- Crypto currencies are not controlled by any authority like governmental and any central bank, which reduces the risk of government interference in manipulation of the currency.
Easy Access- The crypto currencies are easily accessible to anyone as a person who has a good internet connectivity can easily get access to crypto currencies.
Low sharing rates- If you transfer money through a bank account from one country to another, it may take some charges but transferring of crypto from one country to another is totally free of cost.
Transparency- Every transaction of crypto recorded in a block chain, which is to everyone which helps to verify the transactions while being transparent.
Not backed by anything – The currency of any nation is backed by the central government or any central bank but the crypto is independent in nature so it hard to believe on their certainty.
Not widely accepted – Many stores and business does not accept crypto as the mode of payment, restricting it for use in day to day life.
Leaves foot print- It leaves a digital footprint that the Federal Bureau of Investigation may analyse, enabling federal or governmental entities to keep an eye on financial transactions.
Uses lot of energy – Crypto currency also uses unnecessary energy and has negative environmental effects because key transactions are not supported.

Crypto Lending

Crypto lending is the act of depositing bitcoin to be lent to borrowers in exchange for recurrent interest payments. Payments are made in the form of Crypto Currency, which is commonly deposited and compounded every day, every week, or every month.

Decentralised and centralised crypto lenders are the two primary categories of crypto lending platforms. Both provide access to high interest rates, often as high as 20% of the annual percentage yield (APY), and both typically require depositing collateral in order to get a crypto loan.

How to Invest in Crypto Currency

To invest in crypto currency, first choose the platform that on which you want to buy the currencies
Then you must provide with all the documents that are required to create the account
Then there will be KYC process that you have to complete. .
And once you are boarded on the platform, you have to create a digital wallet which will help you to keep all the digital coins and token that you will buy
Then you must connect your bank account to the platform on which you are buying the currency, which will help you to put your money for buying and selling the crypt currency.
Once you add your bank account to the platform, you are eligible to buy any currency that is shown on the platform.
Depending on the amount of money that is the value of your order, the money will be debited from your account.
The said crypto currency will be added to your wallet.

Cryptocurrencies are criticised for a variety of reasons, including their usage in illicit operations, the volatility of their exchange rates, and the weaknesses of the infrastructure that supports them. They have been hailed for their transparency, divisibility, inflation resistance, and mobility, though.

It has been speculated that while Indians are eager for transparent, quick, and high-return currencies, the Indian government has its own stand that believes in knowing and exploring more about the Crypto Currency. This is due to the volatile and nascent stage of Crypto Currency and the low realisation of its value due to limited use.

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Cryptocurrency - Essay Samples And Topic Ideas For Free

Cryptocurrency, a digital or virtual form of currency enabled by blockchain technology, has drastically challenged traditional financial systems. Essays could delve into the various cryptocurrencies available, like Bitcoin and Ethereum, exploring their unique features, applications, and underlying technologies. They might also discuss the benefits and drawbacks of cryptocurrencies, including financial inclusivity, privacy, volatility, and regulatory challenges. Discussions could extend to the global impact of cryptocurrencies on economies, the evolving regulatory frameworks, and the potential future of decentralized finance. The discourse may also touch on the speculative nature of cryptocurrency investments and the societal implications of a shift towards digital assets. We have collected a large number of free essay examples about Cryptocurrency you can find at Papersowl. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

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The Question of Regularization and Stability of Cryptocurrencies

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Cryptocurrency Mining: ASIC, FPGA, & GPU Compared

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The Age of Cryptocurrency

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What the Future Life Might Look Like with Blockchain

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How Psychology Impacts the Use of Cryptocurrency?

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About the Blockchain Technology

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Financial System and Cryptocurrency

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How it works: Blockchain explained in 500 words

Blockchain is an algorithm and distributed data structure designed to manage electronic cash without any central administrator. The original blockchain was invented in 2008 by the pseudonymous Satoshi Nakamoto to support Bitcoin, the first large-scale peer-to-peer crypto-currency, completely free of government and institutions.

Blockchain is a Distributed Ledger Technology (DLT). Most DLTs have emerged in Bitcoin's wake. Some seek to improve blockchain's efficiency, speed or throughput; others address different use cases, such as more complex financial services, identity management, and "Smart Contracts".

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The central problem in electronic cash is Double Spend. If electronic money is just data, nothing physically stops a currency holder trying to spend it twice. It was long thought that a digital reserve was needed to oversee and catch double-spends, but Nakamoto rejected all financial regulation, and designed an electronic cash without any umpire.

The Bitcoin (BTC) blockchain crowd-sources the oversight. Each and every attempted spend is broadcast to a community, which in effect votes on the order in which transactions occur. Once a majority agrees that all transactions seen in the recent past are unique, they are cryptographically sealed into a block. A chain thereby grows, each new block linked to the previously accepted history, preserving every spend ever made.

Also : Blockchain Global scoops up Digital X's bitcoin liquidity desk | IBM bets on the blockchain to keep your medical data safe | Stop overhyping blockchain

A Bitcoin balance is managed with an electronic wallet, which protects the account holder's private key. Blockchain uses conventional public key cryptography to digitally sign each transaction with the sender's private key and direct it to a recipient's public key. The only way to move Bitcoin is via the private key: lose or destroy your wallet, and your balance will remain frozen in the ledger, never to be spent again.

The blockchain's network of thousands of nodes is needed to reach consensus on the order of ledger entries, free of bias, and resistant to attack. The order of entries is the only thing agreed upon by the blockchain protocol, for that is enough to rule out double spends.

The integrity of the blockchain requires a great many participants (and consequentially the notorious power consumption). One of the cleverest parts of the BTC blockchain is its incentive for participating in the expensive consensus-building process. Every time a new block is accepted, the system randomly rewards one participant with a bounty (currently 12.5 BTC). This is how new Bitcoins are minted or "mined".

Blockchain has security qualities geared towards incorruptible cryptocurrency. The ledger is immutable so long as a majority of nodes remain independent, for a fraudster would require infeasible computing power to forge a block and recalculate the chain to be consistent. With so many nodes calculating each new block, redundant copies of the settled chain are always globally available.

Contrary to popular belief, blockchain is not a general purpose database or "trust machine". It only reaches consensus about one specific technicality - the order of entries in the ledger - and it requires a massive distributed network to do so only because its designer-operators choose to reject central administration. For regular business systems, blockchain's consensus is of questionable benefit.

How is your organization implementing blockchain? Take Constellation's 2017 CIO Priorities Survey . Constellation will send you a summary of the results.

How blockchain technology can transform our world

Delete yourself from the internet with the best online data removal services, lawmakers' section 230 ultimatum to big tech: work together to make the internet safer, or else, what is matter how the connectivity standard can change your smart home.

Home — Essay Samples — Information Science and Technology — Cryptocurrency — Bitcoin and Cryptocurrency

Bitcoin and Cryptocurrency

Categories: Bitcoin Blockchain Cryptocurrency

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Published: Nov 7, 2018

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The advent of the pool of technologies has led to the surplus development and progress of mankind. Earlier people used to do every task manually and this required effort and time. Gradually the trend started changing and the invention of machines and tools started changing our lifestyle. The scenario has greatly changed in the 21st century. The wave of digitalization has brought a revolutionary change in the lifestyle of human beings. These all would not have been possible without the invention of the technologies like internet and computers. Digital technologies have become more prevalent after the outbreak of the Covid-19 pandemic. The cryptocurrency that is stated as digital currency is a burning topic nowadays.

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This topic is very important for the basis of competitive exams. The students of higher classes and colleges often get this topic in exams for writing essays and debates. I have provided an elaborated essay on this topic that contains the details of the topic. I think it might be helpful to all the students and readers in getting a precise idea about this topic.

10 Lines Essay on Cryptocurrency (100 – 120 Words)

1) Cryptocurrency is a form of virtual currency that can be used digitally.

2) Bitcoin, Dogecoin, Ripple, etc are some examples of cryptocurrency.

3) The records of cryptocurrencies are stored securely in Blockchain.

4) The first decentralized cryptocurrency “Bitcoin” was developed in 2009.

5) At present, there are more than 7000 cryptocurrencies in the world till November 2021.

6) Cryptocurrency is a cost-effective technology.

7) It also provides fast and highly secure transactions.

8) Cryptocurrency is a decentralized technology therefore people may have trust issues.

9) However, it is not considered as a legal tender across the world.

10) Countries like China, Turkey, Egypt, etc. have banned Crypto.

Short Essay on Cryptocurrency (200 – 250 Words)

Cryptocurrency is an alternative means of exchange and the transactions of crypto are highly secured using cryptography. Crypto is electronic money or we can say that it is a type of virtual money. The power of governing or controlling the distribution of Cryptocurrency does not lie in the hands of the government or any single authority. It is a decentralized body shared over different networks. Crypto is widely accepted by people all around the globe.

Bitcoin, Litecoin, Ethereum, Namecoin, etc are some Cryptocurrencies. Among all, Bitcoin is more famous and is the first crypto developed by Satoshi Nakamoto (an anonymous personality) in 2009. You can make money from crypto by buying various crypto coins and then selling them when their market price increases. Another way is through crypto mining.

Unlike centralized online transactions, crypto offers a faster and more secure way of transaction over different parts of the world. It does not have the involvement of any third party and hence you need not pay extra charges. Each transaction in crypto is highly secured using the well-known Blockchain technology.

In many places, Crypto is not accepted as a legal tender. Since crypto transactions are hidden and there is no governing body, it is impossible to trace the case of fraud. It also does not save your transaction details therefore, the transaction is irreversible that is only one-way. Although, crypto is only for those who have the proper knowledge associated with it.

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Introduction

Currency is regarded as means of exchange for goods and services and that differs in the different countries. It is stated as the money that we use and that is required by us to fulfill our different needs. The advancing technology has given rise to new types of currency and that is named cryptocurrency. It is a currency that is not available physically but it is a digital currency. It is new technology and thus an interesting topic for all. Let’s discuss this emerging technology, origin, advantages, and issues related to this form of currency in the essay below.

What is meant by Cryptocurrency?

We all are well aware of the term currency or money. It is stated as the basic requirement of the people for getting different goods and services. Money that we use for different purposes i.e. to buy different things, for investments, doing transactions, etc is in the physical form. A cryptocurrency is also a form of currency but it is not available in physical form. It is a newly developed currency that is an internet currency and can only be used digitally. In other words, cryptocurrency is a newly invented form of currency that is termed digital or virtual currency. Bitcoin, Ripple, Dogecoin, etc are some of the examples of cryptocurrencies.

Cryptocurrency is a set of binary data and that is used as a medium of exchange for goods and services. The record of every coin in cryptocurrency is being stored in the digital ledger cryptographically in a secure way so that no changes can be made in the transaction data. The people get the authority of the token according to the amount they have given for stake in cryptocurrency. It is stated as the centralized currency after it is issued by a single user. Later when it is stated as decentralized, its options are available on the digital ledger of every connected user in the blockchain. Bitcoin is referred to as the first decentralized cryptocurrency that was invented in the year 2009. There was the invention of different cryptocurrencies after the invention of Bitcoin.

History of Cryptocurrency

David Chaum an American Cryptographer was the first one to create electronic money or ecash in the year 1983. This was brought into use by him in the year 1995 in form of Digicash. The earlier form of electronic payment required the use of software and encrypted keys for continuing any kind of transaction.
Later, there was the invention of ‘B-money’, a distributed electronic cash system in the year 1998 by Wei Dei. Bitgold was further discovered by Nick Szabo. It was also an electronic currency system in which proof of work function was essential for all the users to cryptographically publish the same.
Bitcoin that is regarded as the first decentralized cryptocurrency was then developed in the year 2009 by Satoshi Nakamoto. It required a cryptographic hash function and the proof of work scheme. Namecoin, Litecoin, and Peercoin were subsequently developed thereafter in the year 2011.
The United Kingdom in the year 2014 ordered its financial department to conduct a study on cryptocurrency and also state the impacts that it can make on the nation’s economy.
Recently in the year 2021, the government of China, which was stated as the largest market for cryptocurrency got crashed as the country declared all the cryptocurrency transactions illegal. This incident also banned the working of intermediaries and miners in China.

Classification of Cryptocurrency

The first developed decentralized cryptocurrency was Bitcoin. It has attained great popularity and is being used in the different nations of the world. The credit for the invention of this cryptocurrency goes to Satoshi Nakamoto in the year 2009. Various other cryptocurrencies have been designed after the emergence of Bitcoin and all are specific in their functions. There are more than 7000 cryptocurrencies in the world till November 2021. The other cryptocurrencies except Bitcoin are termed Altcoins. They are Litecoin, Peercoin, Namecoin, Ethereum, Cardano, etc. The expected value of all the existing cryptocurrencies is about 1.5 trillion dollars.

Advantages of Cryptocurrency

No Need for Third-Party Involvement- There is no any involvement of third parties for transferring funds between parties because of the development of cryptocurrency.
Cost-effective and Efficient technology- The process of transfer of funds incurs no extra charge and takes place at a faster rate. The miners involved get awarded by cryptocurrency from the network after the process of the transaction.
Secure Technology- The data of the transaction is safely stored in the blocks with full privacy and cannot be edited by anybody. This protects the user from any kind of fraud and cybercrime.
Privacy- The private keys can be used by the users to access their own cryptocurrency with full privacy. Many E-wallets of cryptocurrency are provided with the private key and thus they can only be assessed by the owner itself.
No Barriers in Joining the Network- Anybody can easily join a network of cryptocurrency as there are very no such restrictions for presenting the proof of identity, income and address.

Issues linked with Cryptocurrency

Every technology is a blessing for mankind as it is benefitting us in different ways but there are some of the disadvantages also associated with it. The issues or disadvantages linked with the use of cryptocurrency are stated below:

High Volatility in The Values of Cryptocurrencies- There is a high fluctuation in the values of cryptocurrencies as it is totally dependent on the supply and demands. This greatly affects the cryptocurrency holders.
Illegal Use- There is high privacy in transactions of the cryptocurrency and thus it can easily be a medium for carrying out illegal activities like money laundering, terror-financing, selling drugs, child pornographies, criminal activities, etc.
Not Monitored by Central Authority- Cryptocurrencies are decentralized that implies that it is not controlled by any single authority or central authority. It is managed and monitored by all the users in the network. Thus, it is not considered a reliable currency as it does not have central control like the Reserve Bank of India has on the monetary policy. The people also do not trust in investing in cryptocurrency as it is not controlled by a central authority and thus has no reliability.
Difficult to Operate by the Uneducated Mass- The people who do not have the knowledge of the internet or are uneducated cannot access this technology. Thus such people could not avail the benefit of digital currency.
High Energy Consumption- High power consumption is there in the process of mining the cryptocurrency. High power consumption states that it is not a sustainable technology as it possesses greater pressure on power production. This can also result in rising in power prices and give rise to issues like global warming.
Not Accepted Everywhere- Cryptocurrency is not having acceptance everywhere in the world. It is only accepted at few places. Moreover, the transactions are not reversible.

Cryptocurrency in India

The invention of Bitcoin in cryptocurrencies gave this currency new heights and popularity. The people became more familiar with this technology during the pandemic due to the outbreak of Covid-19. It had been a burning topic in different countries of the world including India. The investors and businessmen of India and different nations started taking interest in using this currency in trade and commerce after the advent of Bitcoins in the market.
Later in the year 2018-19, it was announced by the Finance Minister of India that the country does not consider the private cryptocurrency as a legal tender in India. It was also announced by the Reserve Bank of India that none of the banks will deal in cryptocurrencies. Thus, a blanket ban was imposed by the nation on the use of cryptocurrency.
The government of India at present has decided to introduce the bill called Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. It will be implemented to ban all the private cryptocurrencies and create a digital currency in the nation.
The fund allocated by the Indian government for initiating the blockchains is very less therefore it is very difficult for investors and entrepreneurs to attain economical benefit from cryptocurrencies.

Increasing Trend of Cryptocurrency in the World

The advent of cryptocurrency is a great innovation in technology. The invention of the blockchain is the basis of the working of cryptocurrency. It is because of this technology that cryptocurrency is made decentralized. Bitcoin was the first decentralized cryptocurrency invented in the year 2009. Thereafter many such cryptocurrencies have evolved. In beginning, this innovation did not get any importance but is gaining more attention at present.

Although, there are many countries that have not encouraged its use but many of them have started taking interest in this digital currency. Recently, countries like Japan and Australia have made it a legal tender. Moreover, many investors and businessmen are taking interest in accelerating their businesses by using cryptocurrencies.

How does Cryptocurrency affect Society and the Economy?

The cryptocurrency or digital currency is gaining popularity at present. The data of transactions of the cryptocurrency is recorded and stored in the blocks of blockchain technology. The advent of cryptocurrency and its use in the future will be changing the mode of utilization of money by the people. The new ways will develop for the exchange of the currency for goods and services as it is a digital currency and is decentralized.

The use of cryptocurrency will result in making society a better one. It is because the transaction process in this system is more efficient and secure. This will help in reducing the errors, frauds, and cheating taking place in the transactions and paper works. The record of every transaction is available in the blocks and making changes or tampering of records is impossible. This in turn will also have a positive impact on the economy of the nation.

Future Scope of Cryptocurrency

The future of cryptocurrency totally depends upon the regulatory measures and framework given by different countries in the world. At present, there are certain challenges in operating this currency in different countries of the world. The most important issue is security and regulation and overcoming the challenges might help this form of currency to flourish in the future. Many people fear investing in such currencies that are not having any central authority for control. The people investing money in this are mainly with a motive of earning money. They do not prefer this technology for doing transactions and other works.

Blockchain technology has blocks of record linked together. Such technology can be devised in the banking and commercial sectors to know the details of every step of the transactions. This will help in reducing any kind of illegal transactions that are happening by the use of digital currency. Recently the finance minister of India has also stated that there will not be a complete ban on cryptocurrencies in the nation. Several studies and experiments will be conducted by the assigned people in the government to move forward in embracing this technology.

Cryptocurrency is well designed by using every modern technique like the internet and developed software. The invention of cryptocurrency has been greatly helpful in fostering digitalization. The control and management of cryptocurrency by the blockchains are encrypted and this is a boon for investors and businessmen. The countries have to make regulations to get more clarity about the use of cryptocurrencies and blockchains. The establishment of specific rules and guidelines by the government will aid in reducing the limitations of this wonderful technology. This will enable digital currency to become more eminent and successful in the world in the coming future. I have tried to provide the details of this topic in a very easy format.

I hope that all the students and readers will love reading the essay on Cryptocurrency and issues with it.

FAQs: Frequently Asked Questions on Cryptocurrency

Ans. El Salvador was the first country in the world to accept Bitcoin as a legal tender.

Ans. Digital currency is the other name given to Cryptocurrency

Ans. BTC is the short form of the currency named Bitcoin.

Ans. Open-source software is used in making the cryptocurrency Bitcoin.

Ans. Ethereum is the most popular cryptocurrency after Bitcoin.

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Essay on Cryptocurrency in India: Pros and Cons in 500+ Words

Essay on Cryptocurrency in India

Cryptocurrency meaning, advantages and disadvantages of cryptocurrency, advantages of cryptocurrency.

Decentralised : Cryptocurrencies are decentralised. It means no body controls Cryptocurrencies. Cryptocurrency transactions are secure and fully encrypted.
Cheap and quick: Cryptocurrency transactions are cheaper, safe and cost effective than traditional currencies.
Cross-border Transactions: National borders are not a barrier to Cryptocurrency transactions. We can transfer coins to anyone anywhere in the world without any problem.
No Transaction Fee: Since miners of Cryptocurrencies are given some share of Cryptocurrency commission from the network itself, we do not need pay transaction fee in such virtual currencies.
Digital Wallet: Cryptocurrency wallet is accessible only via Private Digital Key. And it makes it secure, encrypted, and private.
No Duplication: Cryptocurrencies can not be counterfeited.

Disadvantages of Cryptocurrency

Since the Cryptocurrency transactions are end to end encrypted and anonymous, some individuals may use it for illegal purposes, such as gambling, buying weapons, drugs, buying illegal things, trading illegally, etc.
As a virtual currency, such currencies will be subject to cybersecurity issues. Cryptocurrencies may fall into the hands of hackers.
Price volatility of Cryptocurrency is a major drawback of it. Its value may go up or down anytime. That is why Warren Buffett, one of richest persons in the world, referred the Cryptocurrency ecosystem as bubble.
Cryptocurrency ecosystems lacks the system of regulations and control.

Uses of Cryptocurrency

Cryptocurrency is used as a medium of payment. Unlike conventional currencies, Cryptocurrency transactions can be done via online.
Another use of Cryptocurrency is opportunity for investment. Many people are investing their money in different Cryptocurrencies especially in the Bitcoin.
Cryptocurrency can be used to make purchases. Since it is in its initial phase, it is not quite popular method of payment yet.
Cryptocurrency may replace current monetary system in future.

Cryptocurrency Future in India

The advancement and evolution of new financial and crypto technologies are expanding dramatically. It may transform the way we make transactions and buy stuff in future.
Avivah Litan, one of the famous analysts, predicted that Cryptocurrencies will be used for retail payments in upcoming years.
The central government of India is planning to pass a bill to ban all private Cryptocurrencies. But it also revealed that it is going to launch its own official digital Cryptocurrency .

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Essay On Cryptocurrency In India In 250+ Words

Hello, Friend, In this post “ Essay On Cryptocurrency In India In 250+ Words “, We will read about Cryptocurrency and its History, Pros and Cons, Uses, Future, etc in detail. So…

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Essay On Cryptocurrency In India

Introduction | what is cryptocurrency.

Cryptocurrencies, also known as Digital Currency or Virtual Currency are worldwide, decentralized, user-to-user used payment platforms.

Cryptocurrency use Distributed ledger system (DLS), It’s also known as block-chain analysis, to keep the transaction of cryptocurrency safe, secure, as well as anonymous.

There are so many forms of cryptocurrency in the market such as Libra, Bitcoin, Ethereum, Litecoin, and Ripple , but “Bitcoin” is one of the most famous cryptocurrencies founded by Mr. Satoshi Nakamoto in the year of 2009.

History of Cryptocurrency

Former Finance Minister , Mr. Arun Jaitley said in the budget speech of 2018 that the government doesn’t consider cryptocurrencies as a legal tender.

In 2018, RBI banned all the functions and entities which is related to the sale and purchase of cryptocurrencies. In July 2019, the Inter-ministerial panel recommends completing the ban on all cryptocurrencies. and also said to implement new rules to fines and punishments for violation of its.

As per the Cryptocurrency and Regulation of the official Digital Currency Bill, 2021 , the Indian Government wants to create an official digital currency to be issued by the reserve banks of India and it also prohibits all the other private cryptocurrencies in India.

Advantages Of Cryptocurrency

As compared to our conventional currencies, the transactions of cryptocurrency are quicker, safer as well as cost-effective.
The technology that is used in cryptocurrencies is fully encrypted, which makes the personal data of its users anonymous. and It also protects the user from cybercrime and fraud along with maintaining privacy.
There are low transaction fees because miners of cryptocurrency are simply rewarded some amount of cryptocurrency from the network itself. so there are no fees or typically little fees for core transactions.
You can only access your own part of the cryptocurrency via a digital key.
Cryptocurrency is used as a Free flow and Global reach-Cross border Accessibility.
The Counterfeiting of Cryptocurrency is also very tough.
Cryptocurrency can be used as a key technology to strengthen the financial system.
It’s also helpful for a country that has a weak economy.

Disadvantages of Cryptocurrency

As the transactions are anonymous, some persons may be used cryptocurrencies for illegal activities like selling drugs, weapons, child pornography, etc.
There is no central agency for regulating the transactions of Cryptocurrency, So, it makes it harder for RBI as well as the government to manage the monetary policy.
Transaction of cryptocurrency can be done only through the internet. But uneducated people and people who do not have proper internet facilities will not be able to take advantage of it.
The rates of Cryptocurrency are very volatile, which can cause huge losses or benefits in a very short time. Due to this, speculation or betting can also be promoted.
Cryptocurrency can also prove to be a threat to official currency and monetary systems.
People can also use cryptocurrency to Avoidance of Tax compliances.

Future Of Cryptocurrency

If work is done to overcome the shortcomings of cryptocurrency, hence, it can complete in the banking sector.
Many people are investing in cryptocurrencies to become rich- not for the intended purpose of easier money transactions -As a result, it may disappear after some time.
Blockchain technology – every transaction is connected – can take steps on money laundering by implementing it in the banking sector .

What are the uses of Cryptocurrency?

Purchase of products and services which accept cryptocurrencies for transactions.
For Money Transfers without any charges
Get paid in cryptocurrency
Investment opportunities

Conclusion (Essay On Cryptocurrency)

Despite all the risks, the encrypted technology in cryptocurrency can prove to be an asset for the financial marketplace. Most countries are opting for a regulation on cryptocurrency rather than banning it.

If India also regulates these cryptocurrencies and invests in DLS technology then it will prove to be good for the future. A “ Digital Rupe e” (INR) perhaps could be the future/ solution.

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58 Bitcoin Essay Topic Ideas & Examples

🏆 best bitcoin topic ideas & essay examples, 🎓 good research topics about bitcoin, ⭐ simple & easy bitcoin essay titles.

Ethical Implications of the Use of Bitcoin The emergence of cryptocurrency has been a significant breakthrough for global economic policy and practice, and Bitcoin is expected to continue to evolve. In particular, increased states are recognizing Bitcoin and creating legal regulations for […]
Aspects of Bitcoin and Cryptocurrency Bitcoin is a digital currency that is much different from any other past form of money that has existed in the past.
Diffusion of Innovation as Exemplified by Bitcoin This paper will give an example of a company officially registered as “Satoshi Nakamoto,” which created and implemented one of the first and most popular cryptocurrencies – Bitcoin.
Bitcoin: Advantages and Disadvantages The law of supply and demand applies to the cryptocurrency sector since it relies on the rate of interest charged in the market.
Bitcoin Technology: Ethical Considerations and Summing Up Moral principles that govern a person’s behavior or the conduct of an activity Standards of right and wrong that exist in society and guide the individual in terms of rights and responsibilities, justice, virtue, […]
Bitcoin: The Key Characteristics In theory, this should increase the cybersecurity of the use of such money, and this presentation will detail the characteristics of Bitcoin as one of the most important cryptocurrencies of our time.
Power, Property, and Freedom: Bitcoin Discourse In the modern world, all people have the right to freedom and property, but not all have the power to decide who may have this freedom and property.
PayPal’s Big Bitcoin News PayPal is one of the latest financial companies to embrace Bitcoin as a currency in its services, a step that has potential benefits to the institution and its clients.
Blockchain and Bitcoin Technology The literature review presented below describes the possible future trends of blockchain and bitcoin technology, future trends of its application, and the potential implementation in the United Arab Emirates private and government sectors.
Bitcoin Issues in Accounting Information System This paper addresses one of the issues related to the use of Bitcoin in terms of accounting information systems. On balance, it is necessary to observe that the increasing use of Bitcoin calls for changes […]
Bitcoin and Ripple in the Next 50 Years Many countries such as India, Indonesia, and Japan among others have endorsed the use of Bitcoin and Ripple, despite the lack of clear policies on the operations and sustainability of such new digital currencies.
Bitcoin Digital Currency Usage It is the central player in the market of the digital currencies and can be considered as one of the concepts that have an impact on the development of the modern e-commerce.
Bitcoin Digital Currency: Advantages and Disadvantages According to Bouoiyour and Selmi, the absence of intermediaries in bitcoin transactions and the involvement of parties to a business is a milestone that amplifies its position in the currency platform.
Online Payment Opportunities: PayPal and Bitcoin However, it is necessary to understand that online operations have a number of peculiarities and obligations, and one of them is the necessity to choose a proper payment method.
Bitcoin and US-China Trade Relationship The fact is that the high pace of development of various ventures and a number of rivals has resulted in the perception of the need for a search for new markets and ways to realize […]
Bitcoin: Economics, Technology, and Governance The scarcity of paper money is caused and ensured by unequal access to technology, and the scarcity of book money, in its turn, is regulated by legal rules. What is the full title of the […]
The Economic Impact of Adopting Bitcoin as an Alternative for Goods and Services The creation of Bitcoin is known as a mining activity because computers work constantly to solve the mathematical problems, and the result is the presentation of encrypted keys that are used as coins.
Bitcoin, Exchange Rate Manipulation and Detects Capital Controls
Perception of Bitcoin in the Context of a Country’s Economic Situation — A Stochastic Volatility Approach
Bitcoin: What Blockchain and Distributed Ledger Technologies Mean for Firms
Forecasting Bitcoin Risk Measures: A Robust Approach
Bitcoin: Highest Risk, Highest Return
Integrated Marketing Communications Plan For Bitcoin
Bitcoin and Beyond: The Possibilities and Pitfalls of Virtual Currencies
Between Cash, Deposit, and Bitcoin: Money Demand and Experimental Economics
Investigating Volatility Transmission and Hedging Properties Between Bitcoin and Ethereum
Bitcoin Fluctuations and the Frequency of Price Overreactions
The Advantages and Disadvantages of Bitcoin Payments in the New Economy
Beyond Bitcoin and Cash: A Financial and Political Economics Approach
Accounting for the Bitcoin: Accountability, Neoliberalism, and a Correspondence Analysis
Bitcoin and Entrepreneurship: Breaking the Network Effect
Volatility Estimation for Bitcoin: Replication and Robustness
Bitcoin Bubbles Predictabling: Combining a Generalized Metcalfe’s Law and the LPPLs Model
Analyzing the Distribution Properties of Bitcoin Returns
Bitcoin Risk Modeling With Blockchain Graphs
Gold, Bitcoin and the Dollar – A Garch Volatility Analysis
Bitcoin and the Legitimacy Crisis of Money
Adaptive Market Hypothesis and Evolving Predictability of Bitcoin
Bitcoin Exchange Market Global Industry Analysis and Forecast 2016-2024
Diversifier, Hedge, and Safe Haven for Bitcoin Investment
Bitcoin and Global Financial Stress: A Copula-Based Approach to Dependence and Causality in the Quantiles
Analysis Techniques for Illicit Bitcoin Transactions
Bitcoin and the Challenges for Financial Regulation
Economics, Technology, and Governance: Bitcoin Education for Wall Street
Bitcoin and Gold Prices: A Fledging Long-Term Relationship
Perspective: A New Insight of Bitcoin System Transaction
Bitcoin and Its Effect on the Dollar Over Time
Anecdotal Evidence From Bitcoin Miners Revenue and Chasing for Cheap Power
Benefits From Using Bitcoin: Empirical Evidence From a European Country
Technology and the Bitcoin Revolution
Bitcoin and Its Impact on the Economy and The Success
Financial Regulations and Price Inconsistencies Across Bitcoin Markets
Bitcoin and Other Cryptocurrencies as an Instrument of Crime in Cyberspace
Holding Bitcoin Longer: The Dynamic Hedging Abilities of Bitcoin
Bitcoin and the Rise of Decentralized Autonomous Organizations
Pre- And Post-crash Periods of Bitcoin: Evidence-Based on Fractional Integration
Bitcoin Coin Selection With Leverage
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‘Chelsea’ Asked for Nude Pictures. Then the Sextortion Began.

Young men are being tricked into sending naked pictures to scammers pretending to be women — who then demand money. The consequences can be devastating.

On an urban waterfront, a single figure wearing a black hooded sweatshirt, faces toward the water.

By Sarah Maslin Nir

The Instagram message popped up from a girl named Chelsea: “Howdy.”

David didn’t know anyone named Chelsea, but he clicked through her profile: She had brown hair and a nice smile; under her name was a quote from the Bible. He thought it was sort of weird that she was messaging him, a stranger, in the middle of a workday, but her pouty selfies made that easy to ignore.

He was hesitant when she asked him to chat, but soon her flirty messages escalated to a volley of explicit pictures, and David, a 32-year-old pharmacy technician, got carried away. When she asked him for a nude, he hardly thought twice, he said. He slipped into the bathroom at the New Jersey hospital where he works, took a picture and hit send.

Within seconds, the threats began.

David’s phone lit up with messages: pictures he had sent with his genitals exposed alongside screenshots of his Instagram followers with whom he shares a last name — his family. “She said: I’m demanding $500, if not I’m going to send it to all of these people,” said David, who asked that only his middle name be used to protect his privacy. “Then she started a countdown.”

But there was no Chelsea. The real person behind the account, David said, was a man who, over the course of three fraught days, inadvertently revealed he was in Nigeria as he demanded hundreds of dollars to keep David’s pictures private. As he paid up, David joined the thousands of people cowed under a new scam that has exploded over the past three years to become the fastest-growing cybercrime, according to both the F.B.I. and the Department of Homeland Security.

Called financial sextortion, it is a uniquely modern riff on the romance scams of yesteryear in which the lonely were seduced into parting with their money by people posing as suitors. In other versions of the scheme that focus on women and girls, explicit images are typically coerced for sexual gratification or to be sold as pornography. This new iteration preys on young men and teenage boys, and the images are held as ransom — often for as little as a few hundred dollars, to be paid typically through cryptocurrency or even gift cards from the sender.

But cybercrime agencies caution not to be deceived by the seemingly small stakes. Many victims caught in this scam are minors — of the 13,000 reports of financial sextortion the F.B.I. received between October 2021 to March 2023, a vast majority of them involved boys. And though David’s dealings with “Chelsea” cost him $750 (as well as spiraling anxiety and a deep sense of humiliation), the consequences for young boys can be devastating. According to the F.B.I., between January 2021 and July 2023, at least 20 teenagers, when faced with the threat that an embarrassing photo would ruin their lives, have killed themselves.

“They can’t understand temporary versus forever,” said Mary Rodee, the mother of Riley Basford, a 15-year-old from Potsdam, N.Y., who in 2021 killed himself just hours after he was enticed by a scammer who posed as a girl his age on Facebook. After Riley sent nude photos of himself, the scammer demanded $3,500 to have them returned. Since her son’s death, Ms. Rodee, an elementary schoolteacher, has become an outspoken educator about sextortion.

She also has joined the ranks of parents and cybersecurity experts lobbying for better protections from the social media that the scammers use. “It is really hard to just live with knowing that these people who did this to Riley continue to get away with it,” Ms. Rodee said. “I just can’t understand, how can the tech companies not immediately stop them? Because they could.”

Sextortion tips for scammers

In a co-working space in New Haven, Conn., Paul Raffile , a cyberintelligence analyst, put up shades to mask his work computer screen — it was filled with the social media profiles of sextorters sharing their spoils on TikTok. Last year, Mr. Raffile was introduced to sextortion when a friend contacted him for help with a humiliating problem.

He was stunned by how open the scammers were about their exploits, bragging about their marks (whom they refer to as “clients”) and comparing best practices on public message boards and social media accounts. Since then, Mr. Raffile has made it the focus of his work at the Network Contagion Research Institute , an independent organization that identifies and forecasts online threats.

“It was extremely shocking, the number of people — especially young people — being targeted by the scam on a daily basis,” he said. “It was insane to see just how cavalier they were being, and how public and open they were about sextorting victims.”

He learned how they typically work. First, a scammer located in, say, Ivory Coast, will create an attractive female avatar. To find targets, he may trawl a high school football team’s social media account and “friend” all the players; those who accept the friend request are sent flirtatious messages. Once the person has obtained a photo — one that shows both genitals and face, for more leverage — the scammer will use that list of people as well as the victim’s online friend list as a weapon, threatening to send the compromising picture to teammates, coaches and teachers.

On his screen, Mr. Raffile pulled up what amounts to a school for sextorters: online marketplaces on TikTok, YouTube and Scribd, a popular repository of documents, where you can browse through libraries of extortion scripts, known in the trade as “formats.” These are step-by-step guides on how to blackmail, or in the shorthand of the scammers, “BM.” The scripts, some of which are for sale on the site, include things like the best words and phrases to seduce a victim into handing over a picture, and even instructions on how to instill the right amount of panic.

The method has become so common that when a different New Jersey man was duped into sending a scammer nude photos, the man immediately raced to a drugstore to follow the scammer’s directions: load $1,000 onto as many gift cards as necessary and send the redemption codes. At the register, the store manager took one look at the gift cards and tried to stop him, the man said; the manager had seen this before.

The man, who asked not to be named, said he was too afraid to heed the advice. He sent the money anyway.

‘Your world is not over.’

Financial sextortion emerged on law enforcement radar about five years ago, according to Mike Prado, the deputy assistant director of the Homeland Security Investigations Cyber Crimes Center. Known as C3, the center is a hub based in Fairfax, Va., about 30 minutes west of Washington. In a hulking office building with hallway wallpaper meant to evoke binary code, forensic analysts sift through the digital footprints of online criminals, including sextorters.

From 2022 to 2023, about 2,300 sextortion cases came into C3, Mr. Prado said; since October 2023, there have been 8,000. But even that notable jump is most likely an undercount, he said, because of the shame many victims feel. As an example of the potential scope: Last year, the parent company of Snapchat conducted a survey of over 1,000 teenagers and young adults that found nearly half had been recently approached sexually across different social media by strangers. Nearly half of those who shared explicit pictures were met with sextortion attempts.

“The consequences of this could not be more serious,” Mr. Prado said. “It is inordinately affecting children, and young boys in particular.”

U.S. law enforcement has gone after scammers abroad successfully a few times: After a Michigan teenager named Jordan DeMay shot himself following the scam in 2022, two Nigerian brothers, Samuel Ogoshi, 22, and Samson Ogoshi, 20, were arrested in Lagos this past summer following an F.B.I. investigation and extradited to Michigan.

In April both pleaded guilty to conspiring to exploit teenage boys — there were hundreds of other victims, according to the F.B.I. — which entails a mandatory minimum sentence of 15 years in prison.

But in most instances, Homeland Security’s investigation begins and ends in the center in Fairfax. While there have been some arrests made abroad, the United States has no formal extradition agreement with many of the countries where the scammers are. Ivory Coast, which analysts at the Cyber Crime Center have located as the primary location of financial sextortion cases, has no such agreement.

“It absolutely is a source of frustration, which is why we have switched tactics to a certain degree, and are really focusing on the prevention and education piece,” Mr. Prado said. For victims, he said, “It is important to note your world is not over.”

A push for digital guardrails

Ms. Rodee is haunted by the fact that her son, Riley, didn’t realize he had options once he hit send. Part of her work now, she said, is changing the longstanding messaging to children that the internet is forever, an approach that advocates and law enforcement have also begun to take.

But she and others lay most of the blame on social media companies that she says are not doing enough to block the scam accounts. Ms. Rodee has become a regular at the U.S. Capitol, lobbying Congress to pass laws that would require tech companies to install stronger digital guardrails for minors, among other reforms. This week, President Biden signed into law the REPORT Act, which requires social media platforms to report crimes involving enticement of children, which they are not currently required to do.

“Even though I’m sick and sad, I can’t stop trying or give up,” Ms. Rodee said.

In early April, Meta, which owns Instagram and Facebook, announced it would be testing an optional security feature to both block unwanted nude images and remind senders to think twice before sharing their own. It is developing new tech to identify potential sextortion accounts, among other measures.

“This is a highly adversarial space,” Antigone Davis, the global head of safety for Meta, said in a statement. “Determined scammers and criminals evolve their tactics to try and evade our protections.”

Others want to hold tech accountable not for future incidents but for past negligence: Brandon Guffey ’s teenage son, Gavin, killed himself in 2022 after falling prey to a sextortion scam. In January, Mr. Guffey, a South Carolina state representative, sued Meta for what he claims is the tech company’s failure to provide adequate child protections.

“You are allowing someone from outside this country to contact minors, and they exchange child pornography through their channels, and yet they try to claim that it is not their problem,” Representative Guffey said in an interview. “They put profit over people, and sad to say, one of those people was my son,” he said.

The cybersecurity researcher, Mr. Raffile, agreed with the assessment that tech companies have much more to do to address a problem of which they are fully aware, despite recent moves to cooperate with law enforcement and roll out new safety features.

On Reddit, victims on one sextortion forum share encouragement and empathy with distraught newcomers. There is hard-won advice from Reddit commenters — don’t pay; the pictures won’t actually ruin your life — and links to resources like the National Center for Missing and Exploited Children , a nonprofit clearinghouse for crimes involving children, where the crime can be reported, and which offers methods for getting pictures exposed online removed.

This is the tack the Department of Homeland Security is taking. In April it announced a nationwide rollout of awareness campaigns that will include signs at Major League Baseball games and NASCAR rallies, as well as partnerships with groups like the Boy Scouts of America. Special agents will visit schools to inform teenagers of the crime and how to avoid falling victim.

On a recent afternoon, at one such presentation in the auditorium of Preston High, a Catholic girls’ school in the Throgs Neck section of the Bronx, several hundred students sat before a special agent with Homeland Security Investigations in New York, half-listening as he told them about the perils of sextortion.

As he spoke, at least a third of the students appeared to drift off.

Sarah Maslin Nir is a Times reporter covering anything and everything New York ... and sometimes beyond. More about Sarah Maslin Nir

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