Synopsis of Bitcoin and Other Cryptocurrencies in India
Cryptocurrency has emerged as one of the most interesting medium of exchange with overwhelming response from people worldwide ever since the evolution of the concept and the launch of Bitcoin in 2009. Bitcoin is credited to be the inaugural virtual currency developed with unique and protected exchange system based on the advanced cryptography technology. Developed by Satoshi Nakamoto (pseudonym), this form of crypto currency is the most popular choice in the global domain and India is not an exception. Ever since, several crypto currency concepts have been developed and launched into the global market including Litecoin (2011), Dogecoin (2013), and Auroracoin (2014) to name a few important ones.
In India, the value of Bitcoin is extremely high accounting for around 36000 INR for 1 Bitcoin. The value of the currency keeps fluctuating depending upon the availability and demand among the buyers. The scarcity of Bitcoin stocks and the growing number of buyers indicate that the prices are likely to be escalated to control the regulations smoothly. The increasing inclination to the internet browsing and the exaggerated hype about the digital currency concept is credited for the growth of Bitcoin demand. Offering a great convenient transaction, this form of currency is directed to replace the traditional form of payment systems employing the peer-to-peer networking methodology. There has been high anticipation among the interested buyers and developers about the acceptance and recognition of the cryptocurrency as a major medium of exchange in many countries including India.
Legality of Bitcoin in India
As per the declaration notice issued by the Reserve Bank of India in June 2013, the central governing body managing the financial system and regulations in the country stated that the circulation and implementation of all forms of cryptocurrency pose complications in terms of legal acceptance, circulation system, and regulatory processes. Later, in the month of August, it was also declared that the Bitcoin and other forms of the digital currencies are under scanner. After a detailed scanning of the entire system and growing operations in the Indian market, the RBI released an advisory notice in December 2013 requesting the Indian buyers to abstain from any sort of Bitcoin transactions or other forms of crypto currencies available online. Simultaneously, the organization also declared that the authorities are not going to regulate the virtual currency into the Indian monetary system.
It is important to consider that the Bitcoin trading operations do not fall under the ambit of governmental organizations in anyway. Several developed countries including Australia, Canada, Hong Kong, Germany, Japan, and the US have legalized the Bitcoin trading operations and financial transactions. Several brand owners and retailers are now accepting cryptocurrencies as payments. There is a little problem for the Bicoin buyers due to the non-acceptance from various sources. Several major eCommerce sites speculative about the authenticity of the currency and do not recognize or accept it.
There are reports coming from different parts of the country about the ongoing mining and circulation of the currency through multiple transaction channels. The mining is very convenient and can be controlled through a standard computer device. The mining process is conducted under a preset algorithm to control the operation. The bitcoins can be sent and received from one wallet to another for secure storage and transfer.
Bitcoin Market Response in India
Despite the governmental regulations, the Bitcoin crypto currency form has gained widespread popularity among the Indian citizens. As per the survey reports published in Mumbai Mirror, the official data shows that the Bitcoin wallet downloads conducted from IP addresses from different cities across the nation have already exceeded 29,400. Several enthusiasts have been reported to download multiple wallets. The Bitcoin trading has become hugely popular in cities like Ahmadabad, Bangalore and others. Traders in Ahmadabad are gaining high profits due to the ever-increasing chain of zestful buyers. As per the current statistics, there are over 2000 Bitcoin users operating India. Several trading sites including http://buysellbitco.in/ and http://rbitco.in/ are growing with high profit gains.
Buying and selling Bitcoins in India is very convenient nowadays. The online transaction processes are already available providing several important payment gateways to purchase Bitcoins. Those who are not comfortable and used to the online money transfer systems can deposit Indian currency at various Axis Bank and HDFC branches to complete the payment processes. Payments through these banks help the buyers to save money on excessive fees and exchange rates.
There is no denying the fact that amid all the insecurities and non-acceptance as a standard currency form, the Bitcoin and other cryptocurrency circulations are going to rein the Indian market. Offering low cost transaction facilities on the backdrop of decentralized network, no hassles of remittance issues, and other facilities, this form of currency has bright future of emerging as an eminent transaction platform
-
bitcoin in india is a radical solution and a great choice for fiat currency which have
ReplyDeletesubjugated the globe for quite lots of time now. Though, the main issue with this crypto-
currency is that this is volatile and its substitute rate fluctuates like any other currency,
plus for that cause it is necessary for you to interpret the most recent news to know the
newest exchange rates. If you have been keeping an eye on the news lately, you have to
have observed that there have been lots of fluctuations in the price. The prices went
higher in the early on part of the year plus then went down lots afterward a couple of
months.