Like any other currency, Bitcoin is also a type of currency, but it is a decentralized cryptocurrency, that is virtual money. It is a system without the central bank or single administrator.
It has acquired the status of the worldwide payment system. Though, most countries have not given it any legal status to it. Mostly it is used by illegal channels. It was launched in 2009.
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Bitcoin is supposed to be started by Satoshi Nakamoto. They can be exchanged for other currency, services or products. At present nearly 3 to 6 million people are using cryptocurrency wallet. Most of them are using Bitcoin. If you are interested to earn good money from nifty future tips contact advisor.
Bitcoin is a unit which is further subdivided into millibitcoin (1 millibitcoin = 0.001 Bitcoin) and Satoshi (1 Satoshi = 0.00000001 Bitcoin). Satoshi is the smallest unit in Bitcoin parlance.
All transactions are recorded in a block which acts like the ledger. Once the block is filled, a new block is created. All these blocks are connected to each other by hashtags. A linear sequential record of events of these block forms a blockchain.
It should be noted that though transactions are recorded but the information of the participants in the transaction is not revealed. Hence it becomes impossible to trace both the parties the receiver and giver.
First Bitcoin transaction was when programmer Hal Finney received 10 Bitcoins from Nakamoto.
India is technically advanced country. With the use of smartphones, which is spreading rapidly along with the internet availability, information flows is at a faster rate. Most of the technology startups are interested in Bitcoin because it can be integrated into almost any software and can be monetized.
Bitcoin has tremendous potential and is serving the purpose it was meant to. Transferring money from one party to another, without the worry of rules and regulation of the government and no intermediaries (central bank) to charge commission.
For investment purpose, it is becoming an alternative to gold. Usually called Gold 2.0 It has become an alternative asset class for investors with huge but volatile returns. For more details you can contact stock advisory company.
It has no backing of any government and its value does not depend on the precious metal. All the currency in the world are valued against precious metal, usually gold, and are backed by the concerned government.
According to SourceForge, Bitcoins are fast gaining favor in India. Looking at the number of downloads India has moved to 16th rank in the world.
As far as Bitcoin is concerned Indian government is employing wait and watch policy. How developed countries across the globe respond to cryptocurrency. Though Reserve Bank of India has clearly advised general public not to buy or sell virtual currency.
RBI feels Bitcoin will help to circulate black money internationally, as it is very simple to transact without leaving any traces. It is unacceptable and unregulated in Indian financial system.
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Though Bitcoin community is small in India, it wants RBI to step in. They want RBI to create policies to improve the safety of the consumer. The community feels strict guidelines of know your customer (KYC) will help to curb illegal transitions of cryptocurrency.
The community has suggested to the government to set up its own exchange, just like the stock exchange, where all Bitcoin traders can trade, as they trade with other currencies of the world. You can trade with commodity tips.
RBI along with central banks of the world are unable to track economic activities of this cryptocurrency. Hence they are worried about this unpredictable and uncontrolled form. It is impacting banking, finance, and economies of the world. These are the backbone of every country’s progress.
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