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ONWARDS AND UPWARDSE D I T O R I A L
Sports has been an integral part of
our Bank's journey over the years.
Colleagues across the country rally
together to battle it out in internal and
inter-corporate contests. And much
to our delight, many have emerged
victorious in the latter.
One such story is that of our Mumbai
cricket team, who kicked off the new
year by winning the Dr Nitu Mandke
Memorial trophy. This issue's Cover Story
charts the journey of the team, and its
successes.
Since its inception in 1997, when the
players did not have proper cricket gear,
right up until the present day where it is
one of the strongest contenders on the
corporate circuit – the Mumbai team has
come a long way. Under the guidance of
Mr Bindumadhav Tikekar (fondly called
'Bindu'), and Mr KV Premraj, the team
has gone from success to success. We
present a quick glimpse of their journey
so far.
In this issue we also present a detailed
report on Cryptocurrency. A much
debated topic, especially with Bitcoin
being declared illegal in a few countries,
the curiosity about Cryptocurrency is on
the rise. We answer some of the most
common questions about this online
phenomenon in the Know More section.
Then we have our regular sections such
as DigiFYI with latest in digital banking,
and the latest news from the various
zones of our Bank in Zonal Updates. If
you're in the mood for something light,
browse through our Breaktime and
Shutterbug sections.
As always, we will be looking forward to
your feedback and tips on how to make
this ezine better. Hope you enjoy reading
this issue.
Now read on the go!
Check it out on your Smartphone or Tablet,
simply type in ourworld.hdfcbank.com
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Republic Day Quiz winners!
Presenting the lucky 25 who got all the answers correct.
Congratulations to all of you!
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C O V E R S T O RY
Our Bank’s Mumbai cricket team has had a long and illustrious career, starting out back in
1997. The team is now witnessing a resurgence with new players and a hunger for success.
KV Premraj, who leads the team, traces its journey over the years.
For some decades now, cricket has been India's new religion.
Within our Bank, our Mumbai cricket team has been making waves, particularly over the
last couple of years. This revival of cricketing success prompts a trip down memory lane to
trace the journey of the team.
Early daysAs the Bank took baby steps in establishing itself in Mumbai (the nursery of Indian cricket),
it was only a matter of time that the sport would make its presence felt. In fact, our first
foray into sports was with cricket.
In the year 1997, the first inter-department cricket matches were planned. The Bank had
no team until then, and no playing equipment. Bindumadhav Tikekar, who was the driving
force behind introducing the sport, had to borrow playing gear from his old organisation.
The top management of the Bank including our Managing Director, Mr Aditya Puri, came
to the ground to cheer on the players. Once a semblance of a team came into being, the
Bank’s management was approached for funds to buy common
cricketing gear.
This inter-department tournament was a sort of
selection trial from which the better performers were
picked to represent the Bank. In the early days, the
only tournaments we played were the Inter Bank
and Times Shield. It should be noted that for the
first five years, the players purchased their own
cricketing whites.
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Playing with passion Amongst the pioneers who sustained the Mumbai cricket team and who are still with the
Bank are Bindumadhav Tikekar, Sukesh Shastri and KV Premraj. At the turn of the century,
more tournaments came up and we made our first attempts at competing with the best.
After a couple of years in the wilderness, we won our first tournament – DSP M L in 2001
– under the stewardship of Bindumadhav (or Bindu, as he is fondly called). Buoyed by this
success, for the next six years, the Bank’s team was among the most feared teams in
corporate cricket.
An HDFC Group Companies cricket tournament was held along the way. Senior
management members from all companies made it to the ground, including HDFC
Chairman Mr Deepak Parekh and MD Deepak Satwalekar. Many Group Heads of the Bank
and other senior functionaries from Group Companies also attended. In fact, Mr Parekh
even padded up and batted. For three years this tournament was held. Our performance
here was good: Runners-up in the first year; Champions
in the second year; Runners-up in the third. Bindu then
handed the mantle of captaincy to Premraj who led
the Bank to further success.
Journey to the topSaran’s Corporate Cricket tournament is the
largest long-running corporate tournament. More than
100 teams participate. Teams are slotted into different
categories based on their cricketing
abilities. The top category sees
the best teams fight for the Super
Cup. Premraj led our team to three
consecutive Super Cup titles (2005,
2006 and 2007). No other team has
been able to match this feat to date
in the 20 years of the tournament.
At the turn of the decade, there was
a slump in the performance of the team
due to loss of players. In the last couple of
years, however, there has been a revival of sorts
thanks to the untiring efforts of Niranjan Prasad assisted by Ajay Shirur.
The years 2016 and 2017 were good for our cricketing endeavours. The momentum that
has been built up points to a strong revival of our winning habit. This could be a harbinger
of happy winnings ways in the years to come and we can expect the cricket team to add
more glittering trophies to our cabinet.
Let’s go, Team Mumbai!
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Over the years, the Mumbai team has won numerous cups! Here's the roll of honour. read more
All the latest digital services and news... Do be sure to share our offerings with customers, new and existing
SPOTLIGHT
Pre-Approved and Pre-qualified offers for Retail Loans and Credit Cards now via SMS!Our customers can now find pre-approved and pre-qualified offers
on all retail loans and credit cards by simply sending an SMS! Also,
customers can check the status of their uploaded KYC.
It's extremely simple. Try it for yourself!
Send the SMS 'MYHDFC" TTOM from your registered mobile
number (linked with your HDFC Bank account) to 5676712
You will receive a response from HDFC Bank containing the Pre-Approved/ Pre-
Qualified offers for retail loans (auto loan, two-wheeler loan, personal loan etc.) based
on eligibility.
Benefits
24*7 availability
Faster response, which translates to better customer service
Reduced documentation and less number of visit(s) for the process
Cross selling opportunity
You can ask your customers to avail this service, and then help them with the
documentation. In case the customer receives a ‘Thank You’ message, it means there is no
offer available on their account.
Apply for products instantly with HDFC Bank MobileBanking App
Now apply for our
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directly from the
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All you have to do is
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PRESS RELEASES
HDFC Bank’s chatbot now works with Google AssistantHDFC Bank’s AI based chat bot, EVA, is now available on
Android devices through Google Assistant. Customers will
need a Google Home device, or the Google Assistant on their
compatible Android smartphone or iPhone, and data connection
for this service to work. All a customer needs to do is to say "Ok
Google, talk to HDFC Bank" and HDFC Bank EVA is invoked.
Customers can then start asking general questions and queries
to EVA and responses will be instantly given to them. When
finished, they just have to say "bye" or "exit".
With this, HDFC Bank is the first bank in the country to offer its
services through Google Assistant and Home devices.
COMING SOON
Cardless cash withdrawal at select HDFC Bank ATMs: A service that will allow Bank
customers to transfer money to a beneficiary, which he or she can withdraw at an HDFC
Bank ATM without the need to have any card.
One View Eligibility Calculator 2.0: Generate real time offers for personal loans, Auto
Loans, Two Wheeler Loans and credit card for new to bank customers based on bureau
and credit checks.
DID YOU KNOW?
Now customers can scan a QR code at a merchant location and make instant payments
through UPI from HDFC Bank MobileBanking App.
Mr Nitin Chugh, Country Head – Digital Banking, on Twitter: @NitinHDFCBank (https://twitter.com/NitinHDFCBank)
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RAPIDFIRE QUIZ
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B A N K B U L L E T I N
ZONAL UPDATESA glimpse of the activities and events organised by our Bank’s zonal offices across the country
NORTH 2Bank recognised at Taynor-Times SJOBA Leadership Awards
Our Bank marked its presence at the
Taynor-Times SJOBA Leadership awards
held on December 20, 2017. SJOBA (St
Jones Old Boys Association) is a prestigious
alumni and has over 3,700 members.
The awards recognise Jonians who
have excelled in their fields. Some of the
awardees include Aayushmaan Khurrana
(actor), Khushwant Singh (writer), Manish
Tiwari (politician), Jeev Milkha Singh (golfer)
by profession, and Mahesh Grover (High
Court judge).
HDFC Bank was recognised at this year’s
event, where Circle Head, Mr Jasjeet Katial,
Regional Head – Marketing, Mr Puneet
Sehgal, and Cluster Heads received the
award.
Ludhiana team spreads the wordLudhiana Zone organised a customer and
staff engagement initiative on December
2017. It is the first time that 158 branches
have done a customer engagement activity
on the same day. Over 1,500 staff stepped
out with branded caps, leaflets and badges.
They engaged with potential customers and
explained our products and services.
The initiative was driven by Mr Jatinder Gupta,
Zonal Head. More than 4,500 people were
contacted and over 2,600 accounts activated.
Digidhan Yatra begins in ChandigarhThe launch of Digidhan Yatra was organised
at Bank House Chandigarh. The flag-off was
done by IAS Arjun Sharma, Sub Divisional
Magistrate, Chandigarh, and Mr Vineet
Arora, Regional Head.
As part of the Yatra, 14 vans will cover 222
branches and 877 semi-urban and rural
locations of Punjab, Haryana and Himachal
Pradesh. The Digidhan and Secure banking
videos will be aired, to make people aware
about usage of debit cards, MobileBanking,
and how to be alert about financial
transactions.
Payment gateway launched with DAV UniversityOur Bank has partnered with DAV University
to offer Payment Gateway and POS services
for fee collection.
Our Bank's team at the Taynor-Times SJOBA Leadership Awards in Chandigarh
The Ludhiana Zone team at a customer and staff engagement activity
The Digidhan Yatra was flagged of at Bank House Chandigarh
The Payment Gateway was launched by
Prof Dr Rakesh Kumar Mahajan, VC – DAV
University, and Mr Iqbal Singh Guliani,
Zonal Head, Amritsar & Jalandhar Zone.
The facility will be available to the 6,000+
students of the university.
SOUTH 1Engaging with familiesThe Jharpara Branch in Odisha organised
an activity aimed at engaging with high net
worth customers for New-to-Bank (NTB)
accounts and asset cross-sell.
The team visited a housing society in the
vicinity and conducted a competition named
‘Like My Family Portrait’. As part of the
activity, a family sketch was made for each
family and uploaded to Facebook, tagging
their relatives and friends and our Bank’s
page. The following week, the winners with
the maximum likes and comments, were
felicitated.
Celebrating Raahgiri at Jeypore, Odisha
Our Bank participated in Raahgiri Day
2017 organised in Jeypore, in association
with Koraput Municipality, RMC and Sub
Division.
The event was organised to engage the
people of Koraput with activities like cycling,
martial arts, live arts and craft making,
and rangoli and mehendi competitions. A
blood donation camp was also organised in
association with the Red Cross. A total of
121 units were collected.
Mr Chakabarti Singh Rathore, Deputy
Collector and MLA Jeypore, praised our
Bank’s participation in the first-of-its-kind
public engagement activity in the town.
MoU signed with Odisha government
Our Bank has signed an MoU with the state
government for collection of all e-tender
amounts for government projects.
Mr Debashis Senapati, Zonal Head, and Mr
Ratan Agarwal, Engineer in Chief, Works
Department, Government of Odisha, signed
the MoU in the presence of WBO State
Head Mr Jayanta Banerjee and CH Mr
Mr Iqbal Singh Guliani (L), Zonal Head, Amritsar & Jalandhar, launches the payment gateway at DAV University with Dr Rakesh Kumar Mahajan, VC
Families participate in the 'Like My Family Portrait' activity held by the Jharpara branch, Odisha
Our Bank supported the Raahgiri event in Jeypore, Odisha
Our Bank signed an MoU for collecting e-tender amounts for the Government of Odisha
Pramathes Pattnaik.
The RBB team followed up rigorously for a
year before the MoU was signed.
Odisha team felicitates government officials
The branches and CHs came together to
felicitate the officials who have been part of
the Bank’s growth journey in the region.
As part of the event, 23 officials were
felicitated. This initiative has already
received a warm response with an
significant increase in transactions.
One for nature at Bhitarkanika National Park
An initiative was taken up by our Bank to
keep people updated on park rules inside
this park in Odisha. The reserve is one
of the biggest mangrove forests and the
largest crocodile shelter in India, sheltering
close to 400+ crocodiles. The Bank installed
22 message boards with social messages at
prominent locations inside the park.
A civic initiative in the Andaman islands
Our Bank has joined hands with the Public
Works Department of Port Blair and Shyam
Nagar Gram Panchayat and Goving Nagar
Gram Panchayat in Havelock. Together they
will work to install city direction boards and
social messages to help tourists.
So far 38 boards across Port Blair and 26
boards in Havelock have been installed.
Promoting traffic safety in Bhubaneswar
Our Bank along with the city’s Traffic Police
installed safety signage on roads leading
to the highway. So for 38 boards with
social messages on both sides have been
installed.
Sign boards put up at INS ChilikaOur Balugaon branch has installed 17
location boards and another 17 safety
message boards on the premises of INS
Chilika. Chilika is the only Navy training
institute in India.
23 government officials were felicitated by our Bank's Odisha team for their support
22 branded sign boards have been put up at the Bhitarkanika Park in Odisha
38 branded sign boards installed along the roads in Port Blair and Havelock
Co-branded road signs installed along roads leading to the highway in Bhubaneswar
This branch has more salary accounts from
this institute of cadets and officers than any
other bank.
Payment gateway launched in Balasore
The online bill payment service for the
North Eastern Electricity Supply Company
of Odisha (NESCO) was launched in
the presence of Mr Bijay Kumar Sahoo,
Administrative Officer, NESCO, and Mr
Debashish Senapati, Zonal Head – Odisha,
in the presence of Mr Anant Patnaik, Cluster
Head, and Mr Pratip Dutta, ECOM Head
East.
The gateway will enable the residents of
Balasore, Odisha, to pay electricity bills
online in a quick and convenient manner.
SOUTH 2 Saveathon flagged off in HyderabadOn December 10, 2017, the Saveathon
– Run for Water was organised by our
Bank at Necklace Road, Hyderabad
(Telangana). Saveathon aims to bring
about awareness for various social
causes and this year’s theme was ‘Save
Water’.
The run had three events - 10km, 5km
and 2km runs, with over 5,000 runners
participating. Actors like Madhavan, Sai
Dharam Tej Naga Chaitanya, Suman, and
Roja lent their voice for the cause. GHMC
commissioner, Mr Janardhan Reddy,
IAS, was also present during the awards
ceremony and appreciated the Bank’s
initiative.
Navy Marathon held in VizagOn November 12, 2017, the Vizag Navy
Marathon was organised along RK Beach
Road. This is the fourth year that our Bank
has lent its support to the event.
This year’s event was held as a part of the
‘Swarna Varsha’ celebrations of the Eastern
Navy Command. More than 13,000 people
participated in the run, and included Bank
customers and staff.
Cluster head, Mr Gopala Krishna, presented
the awards to the winners.
Digidhan Yatra launched in Andhra Pradesh, TelanganaThe 'Digidhan Yatra' was flagged off by Mr
17 location boards put up at INS Chilika
Our Bank's payment gateway for NESCO was launched in Balasore
Saveathon - Run for Water was flagged off in Hyderabad, supported by our Bank
The Vizag Navy Marathon is flagged off in Visakhapatnam, with support from our Bank
Madhusudan Hegde, BBH – South 1, and
Mr Ramdoss, Zonal Head.
The Digidhan Yatra touches upon the
virtues of digital payment modes while
spreading awareness on secure banking.
This year, semi-urban towns in Andhra
Pradesh and Telangana will be covered.
Through the activity debit/credit card usage,
NetBanking, MobileBanking, and BillPay will
be promoted.
Dussehra campaign in MysoreThe Mysore team in Karnataka marked the
Dussehra festivities with a lead generation
campaign that covered 12 branches of
the cluster. Along the festivities, the team
engaged with existing customers and new-
to-Bank customers alike. Activities included
Golu display contests and paper inserts; a
radio campaign on RED FM.
The campaign ran from September 9-30,
2017 and brought in a significant number of
leads.
Reconnect activity organised for Current account customersA ‘Reconnect’ activity was held cross 40
branches in clusters 1,3, 7 and 11, to reach
The Digidhan Yatra spreads the message of safe digital banking in Andhra Pradesh, Telangana
out to top customers. Senior branch officials
thanked customers personally for making
HDFC Bank No 1.
As part of the activity, top customers of
each branch were invited to the branch
or bank staff visited customer locations.
Customers were then presented a
customised memento.
Held from November 20 to December 31,
2017, the activity also generated a number
of leads for the Bank.
The Mysore team mark Dussehra with engagement activities for existing and potential customers
South 2 clusters appreciated top current account customers with customised mementos
Excellence in customer serviceMr Ajit Ninnan, a noted cartoonist
working with Times of India, had
received his HDFC Regalia card.
Generating a pin using the Green PIN
option, however, was proving to be a
struggle for him.
Prashant Singh, tried to assist him
Mr Ninnan gifted a sketch to Prashant to thank him for the excellent customer service
A WINNING WAYRecognition and rewards for the effort and successes of our people and our Bank. A look at the laurels that have come our way
AWARDS
Our Bank is 2nd Runner-up at NSDL Star Performer AwardsThe National Securities Depository Limited (NSDL) conducted the 32nd Depository Conference
in Mumbai on December 30, 2017. NSDL has instituted Star Performer Awards to felicitate
the top performing Depository participants in various categories and recognise their efforts in
promoting the Depository business. HDFC Bank was nominated across various categories.
Our Bank won the Second Runner-up award in the category 'Top Performer − New Accounts
Opened' (Large DPs). We also won 'Top Performer − New Accounts activated' for the
period between October 1, 2016 to November 30, 2017. The award was presented by Mr
GV Nageswara Rao, MD &
CEO, NDSL) and Mr Krishna
Srinivas, EVP − IT, NSDL).
This is the fifth year for these
prestigious awards and
more than 250 DPs were
represented.
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(L-R): Sonal Kurup, Omkar Apte, Rupesh Prabhu (Depository Product), Nishant Nadkarni (Head, Depository Services), Kaushal Shah (Audit & Compliance), GV Nageswara Rao (MD & CEO, NSDL), Krishna Srinivas (EVP - IT, NSDL) , Paresh Soni (Audit & Compliance), Godavarthy Subramanyam (Head Depository & Custody Operations), Purvi Sandal, Kamaksha Bhatia, Jalpa Poojari and Varun Rustagi (Depository Product)
A delighted Ajit Ninnan (left) hugging HDFC Bank's Prashant Singh
over the phone by explaining
the process. When that did not
work out, Prashant went a step
further and personally visited
Mr Ninnan and accompanied
him to an ATM where he
showed him how to generate
his credit card pin.
Delighted with the excellent
customer service, Mr Ninnan
invited Prashant to his house
for coffee, where he gifted
him a few books, urging him
to read more. Mr Ninnan also
gifted a sketch of Prashant, as
a token of his appreciation.
Kudos Prashant!
B R E A K T I M E
Hard at work? Here’s a well-deserved break. Tease your brain cells, laugh a little, learn some valuable tips… and feel free to send us your contributions!
GET RECHARGED
Spot 5 differences
SOLUTION
CALL FOR CONTRIBUTIONS We would love to feature your contributions in Our World and invite one and all to share. Send in your to the following sections:
HUMOUR AT WORK We often encounter random jokes and funny little moments at the workplace that can bring a smile to our faces. Whether it’s dealing with customers, colleagues or bosses, share your lighter moments.
FAMILY CORNER Won an award, aced an exam? We would love to hear about your and your family’s significant achievements. Share the highlights with your colleagues.
AMATEUR ARTISTS Got a passion for art? Write beautiful poems or stories? Share your creations with us right now, and get featured!
INSPIRATION AT WORK The influence of inspiration can never be erased. Share your story about a colleague/mentor who’s helped inspire and guide you at work.
Mail your contributions to: [email protected]
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Fact of the Matter
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Quiz
Baby's kneecaps don't show up in x-rays even though they are
born with kneecaps!
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S H U T T E R B U G
Some breathtaking shots of nature, weather, wildlife and amazing locations that caught the fancy of our colleagues
CAPTIVATING CLICKS
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H U M O U R
FUNNY MEMES
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Here are some adorable animal memes to make you smile
WRAP UPFeaturing a wide range of news stories on the banking and financial sector, exclusively compiled by our Bank’s Learning and Development (L&D) division
N E W S
Fresh capital, budget proposals to fuel economy
Private lender Federal Bank has been growing at more than 20% in the last few quarters. Shyam Srinivasan, MD and CEO...
The Hindu | January 29, 2018
Read more...
Rural India to get more access to banking, insurance products
The ministry of electronics and IT (MeitY) has allowed its 2.70 lakh common service centres (CSCs) to partner with HDFC Bank and LIC for selling banking and insurance products across the country...
Financial Express | January 28, 2018
Read more...
Scoring over its peers
Edelweiss Tokio Life Wealth Plus is a unit linked insurance plan (ULIP) offering policy holders a life cover...
The Hindu Business Line | January 29, 2018
Read more...
Ok Google, talk to HDFC Bank; now use Google Assistant to get bank-related queries answered
HDFC Bank customers can get their queries answered using...
Financial Express | January 28, 2018
HDFC Bank claim Republic Day title
HDFC Bank emerged champions defeating Millat FC 3-0 margin in the final of the MDFA Republic Day Football Tournament...
The Times of India | January 28, 2018
Read more...Read more...
The Hindu | January 24, 2018
Read more...
Sensex scales 36,000 on growth view
Benchmark equity indices scaled new highs on Tuesday as investor sentiment was buoyed after the...
CLICK HERE TO READ MORE STORIES
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Global exposure pays off
Well-managed funds with a value-investing focus are a good choice for long-term wealth creation. Especially so in raging bull market conditions such as...
The Hindu Business Line | January 29, 2018
Read more...
Report on ICICI Prudential Life
ICICI Prudential Life's 3QFY18 was a strong beat on margins. Better cost management, operating efficiency along with higher...
Financial Chronicle | January 23, 2018
Read more...
HDFC Securities launches daily SIP
HDFC Securities on Wednesday announced the launch of a daily ‘SIP’, a new initiative in partnership with the BSE. This service...
The Hindu Business Line | January 25, 2018
Read more...
4 TIPS FOR DEVELOPING YOUR TALENT
D O I T Y O U R S E L F
All set for Josh and Hunar finales?
It’s amazing to see such talent on
display. If you have been wondering
if you should also hone your talent
and show it to the world, or your
colleagues, Then we have sure-shot
tips for you to help you work on
your skill and get better at it.
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Find what you are good at
If you like singing, why limit
yourself to only your morning
showers? Or do you like playing
a cricket match or two on a
Sunday? If there is something
that you enjoy doing, don’t
simply leave it at being a hobby.
Pursue it. Practice and find
ways to get better at it.
Work on your confidence
A lot of people get nervous
and anxious when it comes
to showing their talent to an
audience. Developing your
self-confidence will help you
reach out to people and show
your talent.
Have faith in yourself
The worst thing you can do to
yourself is compare yourself
to others and feel that you
aren’t talented enough. Have
faith in yourself and focus on
growing, instead of worrying
that you are not as good as
others.
Practice, practice, and practice some more
You know that sportsmen,
musicians, singers, or any
creative person spends hours
and hours, years and years
practicing and polishing their
skill. Perfection comes only
through practice, so fit that in
your schedule.
UNDERSTANDING CRYPTOCURRENCYK N O W M O R E
What is Cryptocurrency? What is Cryptocurrency Mining? Here are all your questions relatedto this new-age currency answered.
Cryptocurrency is an online currency that is engineered to work as a medium of
exchange. Through cryptography transactions are tracked, and the transfer of assets
is verified and controlled. Cryptography helps increase the security of this information,
which makes cryptocurrency difficult to counterfeit or forge.
The one aspect of cryptocurrencies that stands out is that it works only on
pseudonyms. Neither the transactions nor any accounts are connected with their real-
world users. An account receives cryptocurrencies on an ‘address’, which is a randomly
seeming chain of around 30 characters. While it is usually possible to analyse the
transaction flow, it is not necessarily possible to connect the real-world identity of users
with those addresses.
This factor has led many banking bodies and financial institutions to take a tough stand
on investing in cryptocurrencies.
Types of CryptocurrencyWhile there might be over 40 cryptocurrencies out there in the vast world of the internet,
there are six that are prominent in the present market:
Bitcoin: It is the first digital currency and was founded in the year 2009. It is the most
famous cryptocurrency and has grabbed the highest market capitalisation. It follows
a peer-to-peer network and the transaction takes place between users, without the
involvement of an intermediary. Its value is highly volatile and over the years it has
increased from zero to more than US$ 10,000.
Litecoin: It is the first cryptocurrency to use the Scrypt algorithm, which made sure that
the transaction server can’t be hacked even with the aid of high-end equipment. It was
founded in the year 2011 and is still active.
Ethereum: While Ethereum may be an open source platform, it uses its own
cryptocurrency “Ether” which was founded in the year 2015. It has bagged the second
position when it comes to market capitalisation, preceded by Bitcoin. It is mainly used to
pay transactional fees or to perform computational activities on the Ethereum platform.
Zcash: It is a decentralised and open-source cryptocurrency launched in the year
2016. It is an ‘onion layered’ cryptocurrency which gives users a level of transparency
Future of CryptocurrencyAt present, the cryptocurrency market is very volatile. One moment, the value of
a cryptocurrency could be touching all-time highs, and the next moment suffering
massive losses. New cryptocurrencies emerge every day, but only a few make it to the
top. In the near future, it is probable that the virtual world will witness a tremendous
increase of crypto investors and miners. It would seem, given recent market
developments, that cryptocurrencies are here to stay.
during transactions. An advanced cryptographic technique is used, which fortifies their
network with ease.
Tether: Founded in 2015, Tether is an unregulated cryptocurrency and is backed by the US Dollar. This means that 1 Tether is equivalent to US$ 1. Tether can be kept as an asset or used as a medium of trade.
Monero: It is an open-source cryptocurrency that primarily focuses on privacy and runs on various operating systems like Windows, macOS, Linux and Android. What sets it apart from other cryptocurrencies is that it uses a public ledger in order to keep track on transactions.
Drawbacks of Cryptocurrency
Being virtual currency, there is always the threat of a glitch that might become a costly liability. If a backup copy of one’s holdings does not exist, then it is very possible that the user might lose all of their balance.
Many cryptocurrencies and open-source platforms use an online ledger to keep track of transactions. Some of these ledgers are exposed to hackers and this data can be leaked.
A normal cryptocurrency transaction consumes a lot of power and it is mandatory to purchase separate hardware that is dedicated to facilitate smooth transactions without the risk of major flaws. An average transaction consumes power that is equivalent to 12 computers running at a time.
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What is Cryptocurrency Mining?
This is the process of authenticating
cryptocurrency transactions. Every transaction
is first registered on the ledger and from there
it follows a security protocol which eventually
generates cryptocurrency coins as a reward for
validating and moderating transactions. Anybody
can be a miner as long as they have the required
equipment.
