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What is Cryptocurrency and Blockchain?
A cryptocurrency is a digital or virtual currency that is secured by cryptography. This makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology. Blockchain technology involves a distributed ledger enforced by a disparate network of computers. Blockchains are organizational methods for ensuring the integrity of transactional data. They are an essential component of many cryptocurrencies. A distinguishing feature of cryptocurrencies is that they are generally not issued by any central authority. Theoretically, this renders them immune to government interference or manipulation.
Import Export Code license is one of the prerequisites when you’re planning to import or export from India. It is also known as Importer- Exporter Code. IEC is required by anyone who is looking to start their import/export business in India. It is issued by the Director General of Foreign Trade (DGFT). IEC is a 10-digit code that has lifetime validity. Without IEC, importer merchants cannot import goods without the Import Export Code. Similarly, the exporter merchants cannot avail benefits from DGFT for the export scheme without IEC.
Why seek consultation with us?
At FirstFiling, we will share our experiences from the past projects that we have carried out. Our team has worked with numerous blockchain platforms and so we understand the pros & cons of each platform. We can guide you from the basics of cryptocurrency to understanding the market and how or where to invest. If you don’t understand how cryptocurrency and crypto trading works, then make sure to fill out the form above and book a free consultation with our team!
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Frequently Asked Questions
Blockchain technology connects millions of computers (similar to the internet) that can all store/host encrypted copies of tamper-proof, electronic ledger records. Instead of having one record keeper, you end up with millions of record keepers called ‘nodes’. Sure, one record keeper can tamper records, collude with third parties and commit fraud. But it becomes almost impossible to accomplish when there are a million nodes who are keeping a watch on each other.
Blockchains are designed to use cryptocurrencies as the “ink” for writing records on the blockchain. Cryptocurrencies are therefore different from blockchain, but, yet, an integral part of blockchain technology.
The government is concerned about:
1. the use of cryptocurrencies for illicit activities – tax evasion, money laundering, terrorism financing; and
2. loss of control over monetary policy and flight of capital overseas.
Yes, some cryptocurrencies such as bitcoins require a high amount of energy. However, advancements in technology are beginning to address this concern. A commonly used technique for cryptocurrency mining, called ‘proof of work’ or PoW validation, is an energy-inefficient technique. Instead, a highly energy-efficient technology called ‘proof of stake’ or PoS is increasingly being used. Ethereum, the world’s second-largest cryptocurrency, is currently transitioning from a PoW to a PoS validation model.