Bitcoin in India: What Indian's think of Bitcoin
Bitcoin a Myth! a race! a money making Opportunity! a Business! a hype! a bubble! or waste of Money!
What do Indians think of Bitcoin and Blockchain? This is not just a financial cryptocurrency but a lot more than that. Lets have your opinion in Comments and let the world know about what you think.
I asked about Bitcoin to my friends, family, researchers, experts and myself. I got different and varied answers. I could not have the audio to show you as proof as it was spontaneous response but i provide you the response below:
What Friends Said about Bitcoin!
The first day when i heard about bitcoin i went to my room and asked my friend, what is this bitcoin. he said: "Abe hoga kuch tujhe kya karna hai, aaja panner order kar" (Hindi Language). Then i insisted for answer as i was curios, out of 5 friends in that room only one could answer about bitcoin and he said "Its some kind of financial cryptocurrency that could be used for digital secured transactions". Then the conversation started, Is that a virtual currency?....... And we started to think about bitcoin.
What Researchers say about Bitcoin!
Researchers and other experts describe Bitcoin as a virtual currency that can be used for shopping, booking hotels, playing games, trading. It was introduced by Satoshi Nakamoto in 2009 and it was initially used for trading oil and energy. Later, it started its use in gaming and other banking sectors. It is believed that bitcoin is the most trusted crypto currency and its secured, it does not involve any mediator while selling and buying. Bitcoin is connected from one block to another block in the form of chain and the complete information is captured in ledger and hence it is secured.
It is widely used for trading in 2017 and its price has crossed more than 17000USD in 2017.
Now lets listen to expert advice..........
What Experts say about Bitcoin in India!
In India bitcoin can be traded on zebpay and all news related to bitcoin can be found on Coindesk.
According to Constitution of India Article 246 and 7th schedule entry 36 and 46 of list 1 states that "the central government is allowed to legislate in respect of currency, coinage, legal tender, foreign exchange and bill of exchange, cheques, promissory notes and other like instruments respectively". If Bitcoin falls under purview of any of the above statement then central government have exclusive power to legislate Bitcoin. The constitution of India also talks about RBI act 1934, Coinage act 1906, and FEMA act 1999. Under these act's their is discussion regarding currency and legal tender, but does virtual currency like Bitcoin fall under currency?
Under the provision of existing laws, Bitcoin is not a currency. And RBI has cautioned all the users to be cautious while trading virtual currency like Bitcoin. Bitcoin can be considered under goods that can be traded.
This is about Bitcoin and what Indian constitution defines about virtual currencies. Most of us don't know that exact use of bitcoin and what bitcoin is? Mostly Indians are using Bitcoin as a opportunity for earning money via trading. Others used bitcoin for gaming in initial stage of Bitcoin, but as Bitcoin price has raised to more than 17k USD every Indian has moved to trade Bitcoin.
What is the difference between Bitcoin and Blockchain?
Blockchain is the technology behind cryptocurrency and Bitcoin. Blockchain is the decentralized ledger of all transactions across a peer to peer network. All the transaction are digitally recorded.
Bitcoin is the medium of exchange stored electronically and digital on Blockchain.
Benefits: Accurate tracking, Increased transparency, Cost reduction, permanent ledger
Unknowns: Its a complex technology, Regulatory implication, Implementation challenges, competing platforms.
Bitcoin and Blockchain are increasingly gaining popularity these days due to its increased price. Their is a hype in market about the Bitcoin and its price. Everyone have started investing in Bitcoin and other digital currency to gain a handsome profit.
Bitcoin also provide another option of earning by mining. It uses the power of your computer, PC or Laptop for mining and solving complex algorithm. The laptops and PC are used for handling the transaction done by various users across the world. And in return of the usage of your computer for virtual transaction, Bitcoin pay you some commission in form of bitcoin. Initially Bitcoin paid around 12 bitcoin for 10 minutes mining, but as these days the number of transaction have increased to a huge number and hence these transaction are done in data center with usage of huge computers with high computing power.
Various other virtual currencies like Bitcoin are Ethereum, Litecoin, Bitcoin, Ripple, Dodgecoin, Peercoin.
How Bitcoin has evolved in India?
In April 2017 a company in Mysuru became target of "denial of service attack" and the attackers demanded bitcoin in return of sharing the key to restore the company's computer system. RBI advised that Bitcoin can be dangerous and all bitcoin traders should be cautious while trading virtual currency. Indian Central government also issued ban on virtual currency depending upon the risk involved in bitcoin and that bitcoin can be used for money laundering and funding terrorism activities. Still after the ban Bitcoin is gaining market in India and everyday more number of Indians have started trading and using bitcoin for getting monetary benefits.
If Blockchain and Bitcoin becomes legal in india, it can be very useful in various industries. Blockchain is already being very helpful in different industry across the world. Blockchain is used in almost all industries for secured transactions and improving customer experience. Indian's are facing a new problem these days, any person who is trading heavily in India are being scrutinized by IT department. Their are news of tax raid on several exchange companies and have to explain the reasons for using Bitcoin transaction even after ban. If you are planning to buy or trade Bitcoin then please consult and read a lot of news regarding the same before investing.
The major part is that we all don't know about these currency and just for the sake of earning good profit we all are trading Bitcoin. But this could be problematic in long run as Bitcoin is a hype and we don't know when this will fall. And if it starts falling it will drastically fall. you can also watch several videos on future of Virtual currency for clear idea on investment in Bitcoin.
Let me know your thoughts on this and and how will you use Bitcoin for?
What do Indians think of Bitcoin and Blockchain? This is not just a financial cryptocurrency but a lot more than that. Lets have your opinion in Comments and let the world know about what you think.
I asked about Bitcoin to my friends, family, researchers, experts and myself. I got different and varied answers. I could not have the audio to show you as proof as it was spontaneous response but i provide you the response below:
What Friends Said about Bitcoin!
The first day when i heard about bitcoin i went to my room and asked my friend, what is this bitcoin. he said: "Abe hoga kuch tujhe kya karna hai, aaja panner order kar" (Hindi Language). Then i insisted for answer as i was curios, out of 5 friends in that room only one could answer about bitcoin and he said "Its some kind of financial cryptocurrency that could be used for digital secured transactions". Then the conversation started, Is that a virtual currency?....... And we started to think about bitcoin.
What Researchers say about Bitcoin!
Researchers and other experts describe Bitcoin as a virtual currency that can be used for shopping, booking hotels, playing games, trading. It was introduced by Satoshi Nakamoto in 2009 and it was initially used for trading oil and energy. Later, it started its use in gaming and other banking sectors. It is believed that bitcoin is the most trusted crypto currency and its secured, it does not involve any mediator while selling and buying. Bitcoin is connected from one block to another block in the form of chain and the complete information is captured in ledger and hence it is secured.
It is widely used for trading in 2017 and its price has crossed more than 17000USD in 2017.
Now lets listen to expert advice..........
What Experts say about Bitcoin in India!
In India bitcoin can be traded on zebpay and all news related to bitcoin can be found on Coindesk.
According to Constitution of India Article 246 and 7th schedule entry 36 and 46 of list 1 states that "the central government is allowed to legislate in respect of currency, coinage, legal tender, foreign exchange and bill of exchange, cheques, promissory notes and other like instruments respectively". If Bitcoin falls under purview of any of the above statement then central government have exclusive power to legislate Bitcoin. The constitution of India also talks about RBI act 1934, Coinage act 1906, and FEMA act 1999. Under these act's their is discussion regarding currency and legal tender, but does virtual currency like Bitcoin fall under currency?
Under the provision of existing laws, Bitcoin is not a currency. And RBI has cautioned all the users to be cautious while trading virtual currency like Bitcoin. Bitcoin can be considered under goods that can be traded.
This is about Bitcoin and what Indian constitution defines about virtual currencies. Most of us don't know that exact use of bitcoin and what bitcoin is? Mostly Indians are using Bitcoin as a opportunity for earning money via trading. Others used bitcoin for gaming in initial stage of Bitcoin, but as Bitcoin price has raised to more than 17k USD every Indian has moved to trade Bitcoin.
What is the difference between Bitcoin and Blockchain?
Blockchain is the technology behind cryptocurrency and Bitcoin. Blockchain is the decentralized ledger of all transactions across a peer to peer network. All the transaction are digitally recorded.
Bitcoin is the medium of exchange stored electronically and digital on Blockchain.
Benefits: Accurate tracking, Increased transparency, Cost reduction, permanent ledger
Unknowns: Its a complex technology, Regulatory implication, Implementation challenges, competing platforms.
Bitcoin and Blockchain are increasingly gaining popularity these days due to its increased price. Their is a hype in market about the Bitcoin and its price. Everyone have started investing in Bitcoin and other digital currency to gain a handsome profit.
Bitcoin also provide another option of earning by mining. It uses the power of your computer, PC or Laptop for mining and solving complex algorithm. The laptops and PC are used for handling the transaction done by various users across the world. And in return of the usage of your computer for virtual transaction, Bitcoin pay you some commission in form of bitcoin. Initially Bitcoin paid around 12 bitcoin for 10 minutes mining, but as these days the number of transaction have increased to a huge number and hence these transaction are done in data center with usage of huge computers with high computing power.
Various other virtual currencies like Bitcoin are Ethereum, Litecoin, Bitcoin, Ripple, Dodgecoin, Peercoin.
How Bitcoin has evolved in India?
In April 2017 a company in Mysuru became target of "denial of service attack" and the attackers demanded bitcoin in return of sharing the key to restore the company's computer system. RBI advised that Bitcoin can be dangerous and all bitcoin traders should be cautious while trading virtual currency. Indian Central government also issued ban on virtual currency depending upon the risk involved in bitcoin and that bitcoin can be used for money laundering and funding terrorism activities. Still after the ban Bitcoin is gaining market in India and everyday more number of Indians have started trading and using bitcoin for getting monetary benefits.
If Blockchain and Bitcoin becomes legal in india, it can be very useful in various industries. Blockchain is already being very helpful in different industry across the world. Blockchain is used in almost all industries for secured transactions and improving customer experience. Indian's are facing a new problem these days, any person who is trading heavily in India are being scrutinized by IT department. Their are news of tax raid on several exchange companies and have to explain the reasons for using Bitcoin transaction even after ban. If you are planning to buy or trade Bitcoin then please consult and read a lot of news regarding the same before investing.
The major part is that we all don't know about these currency and just for the sake of earning good profit we all are trading Bitcoin. But this could be problematic in long run as Bitcoin is a hype and we don't know when this will fall. And if it starts falling it will drastically fall. you can also watch several videos on future of Virtual currency for clear idea on investment in Bitcoin.
Let me know your thoughts on this and and how will you use Bitcoin for?
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