In simple words, cryptocurrencies like bitcoin are similar to the virtual ‘cash’ stored in online wallets — Ola Money, Paytm, Freecharge etc—you use for buying products or services through the internet. The major difference is that the money stored in these wallets uses currency units recognised and backed by any government body, unlike cryptocurrencies which are decentralised. What is a cryptocurrency? Cryptocurrency, as the name suggests, are currencies which are generated by computer codes, thus it has no issuing agency (like Reserve Bank of India). Any cryptocurrency is generated by ‘miners’ on a cryptocurrency network like bitcoin that solves complex mathematical problems. What is bitcoin? Bitcoin is the name of the oldest and most popular cryptocurrency network as well as the unit of currency generated by the same network. Except the fact that it is virtual (i.e. you cannot touch it as there is no physical form) and decentralised, bitcoin
Agriculture recovers, but benefits uncertain after demonetisation Over the fiscal year 2016-’17, agriculture – which employs more than 700 million people – will grow by 4%, estimated CRISIL, a research agency. Recovering from two – and some places even three – consecutive drought years, agriculture, for the first time since 2013, saw a growth of above 3% in the second quarter of 2016-’17, over the same period in 2015-’16. Source: Key Economic Indicators, Office of the Economic Advisor Record summer crop production of rice, at 93.8 million tonnes, and pulses, at 8.7 million tonnes, is estimated in 2016-’17, according to advance estimates by the agriculture ministry. Source: Key Economic Indicators, Office of the Economic Advisor But the withdrawal of old Rs 500 and Rs 1,000 notes in November 2016 has been a setback to the rural economy – on which 800 million people, or 65% of India’s population, depend – largely driven by cash. Vehicles enteri