Bitcoins juggernaut decoded:
Bitcoins are a crypto currency and a worldwide digital payment system. Inventors or founders of this digital currency providers are unknown. Most of the people worldwide have various confusions about its legality and fraud rumours as it works without any central bank or administrator. Though, countries like Japan announced Bitcoins as a legal tender, since some experts call it something more than a fraud.
Transaction through these online coins can be accomplished among users directly (through peer-to-peer). This digital currency provides an opportunity to exchange with currencies, products and services. As per research of the University of Cambridge, by taking a gauge in 2017 almost 6 million people are using this currency.
Transactions are fast!
Same as real life, consumers of crypto-currency need to secure their digital wallet. Bitcoins provide you with the facility to transfer your digital currency anywhere in a very convenient way under the control of user with a high level of a secure system.
As per its nature, being a young economy and liquidity of market value of online currency could be varying from its high value to the lowest. Nobody can bear the loss of Bitcoin as it is a risky asset, so it could be beneficial by not storing this digital currency. Most of the users change their bitcoin currency to their local currency as soon as they receive any crypto currency.
China too disapprovea of the currency like India.
There are thousands of businesses worldwide, which are using bitcoin for their everyday buying’s and selling’s.
Buying bitcoin is not so tough, from the page of bitcoin exchange users could buy bitcoin currency by using their bank account and sellers of bitcoin in your local areas. Feedback and review stores help buyers to choose.
According to a recent Bitcoin analysis Forbes report,
this currency is going to become a cash cow investment but the government sector ban has forced the profits to grow in the dump. Does this mean the government has made a big mistake about the Bitcoin business in the nation?
If this Forbes article is to be believed then yes, we have surely missed the bus by a hefty margin. This also means that the cryptocurrency traders have been affected by the closure of the trade just by wrong presumptions.
There are two sides to every (Bit)coin:
- In its own way, the country has tried to protect the netizens from currency fluctuations.
- Though top names of the nation have already invested their earnings in the trade. But then Mahatma Gandhi rightly said, “India is rich but Indians are poor” which can be a substantial evidence to ban digital currency.
- These cryptocurrencies are supposedly being used to fund cross-country terrorist attacks. Hence remains under the scanner of the Finance Ministry.
So have we lost the battle of digital era by short-term focus? No. Rather it gives us more time to make a rational decision as we will have more information on the issue.
share your views on the topic in the comments section below.