Issuu

NOV | 2021

w w w. t e c h f a s t l y. c o m

In Conversation with

PREETAM RAO Co-founder & CEO QuillHash Technologies

Crypto Currency SPECIAL EDITION

Bitcoin’s ATMs Barkha Seth

Automated Trading and AI in Crypto Market

Is Cryptocurrency A Safe Haven For Money Laundering?

Ragini Agarwal

Toulika Das

What’s Inside p.4 The Truth about

Cryptocurrency and Blockchain Adoption Technologies Rehan Hussain

p.14 The NFT Craze in

Cryptocurrency: Wealth Opportunities for Creators and Collectors

p.42 In Conversation with

Preetam Rao,

Co-founder & CEO QuillHash Technologies

p.53 Bitcoin’s ATMs Barkha Seth

p.60

Ragini Agarwal

Anju Nambiar

p.20 Market Actors

Who Shapes The Cryptocurrency Market? Vibha Soni

p.28 Vital Factors that Determine

Cryptocurrency’s Volatility Saipriya Iyer

Automated Trading and AI in Crypto Market

p.68

Machine Learning: How Effective Is It in Cryptocurrency Trading? Randrita Sarkar

p.76 Is Cryptocurrency A

Safe Haven For Money Laundering? Toulika Das

p.82 DeFi: A Growing Arm

Behind NFT

Rehan Hussain

p.90 Cryptocurrency

For Business

by Abhishek Mitra

p.96 5 Effective Ways to Protect

Your Crypto Assets Utsav Mishra

Editor’s note

Dear Readers Currency as a medium of monetary exchange has undergone a plethora of changes for centuries. Ranging from coins to notes and now digital money, the concept has been through quite a transformation. The latest on this radar is cryptocurrency. Although crypto has been going around for a while now, it’s only in recent times that it has become a buzzword. In the last several months, Bitcoin’s price has risen to an all-time high, and regulatory discussions are underway that may have significant ramifications for the sector. While everything has been going on, interest in crypto has risen dramatically this year, owing to everyone from seasoned investors like Elon Musk to that kid from high school you ran into on Facebook. According to Dave Abner, head of global development at famous cryptocurrency exchange Gemini, the first half of 2021 has been a “breakthrough” in many respects. Cryptocurrencies are on the verge of rising. It is not very far that we would be saying cryptos have taken control over conventional currencies. Cryptocurrencies indeed appear to be a godsend for criminals seeking ransom payments from companies with weak cyber security or terrorists looking to purchase illicit goods on the dark web, but do parents want to pay insurance premiums with them? In this issue, we focused majorly on cryptocurrencies. The articles would talk about the absolute truth behind cryptocurrencies and their adoption by the current generation. Another interesting article talks about the volatility of cryptocurrencies, and the growing craze of NFTs. An exciting piece of write-up shows the importance of machine learning and cryptocurrencies- this article holds an important place in today’s world. In our interview series, we had the founder and CEO of QuillHash Technologies, Mr. Preetam Rao. His team is motivated to make DeFi and NFT Platforms more secure. During the conversation, he also shared his thoughts on how decentralized finance will transform mainstream finance. As far as cryptocurrencies are concerned, the tide looks to bet against them right now, but that appears to be changing. When the tide turns, it will be interesting to see if any of the current trends of cryptocurrencies is still floating. We would appreciate your feedback and are always open to suggestions. Here is your edition. Do read it, enjoy it, and nourish in the knowledge. Happy reading!

Srikant Rawat

Chief Operating Officer, Techfastly

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The Truth about

Cryptocurrency and Blockchain Adoption Technologies by Rehan Hussain There are a lot of structures in our economic, legal, and political systems that are defined by contracts, transactions, and records of those transactions. They safeguard company assets and impose restrictions on the organization’s activities. Their job is to check people’s identification and keep a journal of what’s happened.

NOV 2021

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Blockchain is at the heart of bitcoin (and other virtual currencies). Transactions can be automatically triggered by programming the ledger.

hey set the rules for how countries, organizations, communities, and individuals interact with one another. These principles guide management and social action. Despite this, the digital transformation of the economy has lagged behind the development of the necessary technologies and the bureaucracies to manage them. A Formula 1 race vehicle is being held hostage by them, much like how rushhour congestion can be. Our regulatory and administrative control methods must adapt to the digital age. This is a problem that blockchain claims to be able to address. It’s an open, distributed ledger that records transactions between two parties effectively, verifiably, and permanently. Blockchain is at the heart of bitcoin (and other virtual currencies). Transactions can be automatically triggered by programming the ledger. As a result of blockchain, we may see a world where contracts are digitally encoded and kept in shared databases that can’t be altered

or tampered. A digital record and signature would be attached to each transaction and agreement in this future world so they could be recognized, authenticated, and shared. Lawyers, brokers, and bankers may no longer be required as intermediaries. An open and frictionless marketplace would be created where people of all kinds may do business without restriction. As you can see, blockchain holds a lot of promise. Almost everyone has heard the assertion that blockchain would transform business and reshape economies and organizations. We’re excited by its possibilities, but we’re wary of the marketing hype. But we’re worried about more than simply hacks and exchange failures (such as the 2014 collapse of one bitcoin exchange and more recent ones) these days. Our research into technology innovation tells us that numerous technological, governance, organizational, and even societal barriers must be removed if there is a blockchain revolution. Making hasty decisions on blockchain innovation without considering the long-term implications would be foolish.

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