Indian Government stance on skyrocketing virtual currency bitcoin is not clear
You are aware of currencies such as rupees, dollar, euro, pound but now a new currency is coming out and this is bitcoin. To say, bitcoin is a virtual i.e. virtual currency, but its price has increased four and a half million times in the last eight years.
The business of virtual currency bitcoin is growing fast but the Indian government has not yet made any opinion about virtual currency. A finance ministry committee is currently preparing its report on this cryptocurrency but it is surprisingly close to the figures. In 2009, Bitcoin was 36 paise, which came to Rs 12000 in 2013. In the last two years, its price has increased. In May, it was worth one lakh 62 thousand rupees.
Since bitcoin has no government control or government guarantee, a petition was sought in the Supreme Court seeking a ban on it. While hearing this, the Supreme Court has asked the Reserve Bank to decide on Bitcoin within four weeks. A committees report made by the government this month may also come with this currency.
It is believed that there are more than 25 million Bitcoin circulations around the world today. This currency is used only in electronic mode. It is said that the use of bitcoin is also being used for bookings, touring and buying diamond gems from speculators, the slaughter of betel nut and ransom.
Today you can trade bitcoin in India through many websites including PayPay and Unocoin. You must have a bitcoin wallet to buy bitcoin. It is a digital currency that is in the form of a code. These complex codes are called miners. Bitcoin is traded through a blockchain which is a network of bitcoin wallet holders.
Satoshi Nakamoto made the first blockchain in Japan. Some people say that Satoshi is a software expert, then some people suspect that Satoshi is a group of software generals that spread around the world.
The question is whether bitcoin is a currency of the future or a balloon which is being inflated, which can burst and debate even when the government does not take responsibility for it and there is no control over it, how is it going?
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great post dear, thanks for your information . this post got upvote from http://steemit.com/@lighttheworld.
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