Bitcoin Mining | Is Bitcoin Dead In India | Bitcoin Value | Bitcoin Income
Bitcoin
Bitcoin is a digital currency that is protected with layer of encryption, just like gold Bitcoin is mined digitally. Bitcoin is the most famous digital currency a kind of alternative currency that only exists digitally.
Bitcoin is a open source means that no one owns this network just like internet and the transaction of bitcoin is peer to peer means without intermediary. Mining of Bitcoin is done using specialized programs running on your computer that work to decrypt the algoritham and uncovering the code for each coin. There is an threshold limit of how many bitcoins can exist in total.
The complexity increased as more and more Bitcoins were mined. When there was more interest and value gained for Bitcoin dedicated miners invested more hardware to rapidly mine for Bitcoins. Now the computing power is high to mine a bitcoin and almost impossible for a common person or home user to set up bitcoin mining. It is advisable to buy a bitcoin instead set up a Bitcoin mining.
The people are interested in Bitcoin because the value of Bitcoin is increased 100 times compare to previous years. It reached an all time high of USD 5000. Bitcoins can be considered as investment option as well as payment option. For investment option the Bitcoin values are increased or skyrocked. The present value of Bitcoin is more than INR 3 Lakh when compared to last year as INR 40K. People whoever bought Bitcoins in 2015 or 2016 ended up making profit of 300 to 400 percent by selling it. The upper cap of Bitcoins are limited one can foresee the bitcoin values will be skyrocketing in future.
In investmet prespective one can buy Bitcoins for good returns. One needs to understand Bitcoins are highly volatile before investing.The US and Japan are the biggest holders of Bitcoin right now but Indian interests are growing fast.
There are number of ways to buy Bitcoins:
Bitcoins are a series of numbers and letters that can be verified against a public blockchain. The bitcoins can be stored anywhere like pendrives, written letters or kept online using bitcoin wallets. Buying and selling of bitcoins are really simple as many online exchanges are there. There are Bitcoin alternatives like Ripple, Etherium and others but bitcoins are famous, high value and easy to buy.One can buy Bitcoins through online exchange but there are local biotin exchanges which one can find the nearest seller but these are done through cash transactions which is done without KYC or user tracking.
Present Scenario of Bitcoin investment in India
The Reserve Bank of India released a statement of Bitcoin trading on first week of April 2018. The RBI advised the regulated entities like banks and payment providers shall not to do business with any entities and transactions which deal with virtual currencies like Bitcoins.
The Reserve Bank of India listed the virtual currencies raise concerns of consumer protection, market integrity and money laundering. In sept 2018, the RBI said that it is not comfortable with Bitcoins and the Finance minister Mr. Arun Jaitley had quoted tht Bitcoins is not a legal tender in india.
Meantime HDFC Bank emailed its users to that HDFC Credit,Debit and Prepaid cards cannot be used for the purchase or trade Bitcoins or other virtual currencies. Subsequently Yesbank prohibited trade or purchase of virtual currencies.
Looks that the virtual currencies are as equal to dead right now in India until unless it is regulated and all the transaction of done ensuring fully KYC and Anti Money Laundering compliances.
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