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Bitcoins in India

By The Summarizers
#What is Bitcoin ?

  • As per Forbes, the money you have been using all your life is backed by a government of some sort, it exist in a tangible (which can be touched & feel) form.
  • Bitcoin is neither tangible nor backed by anyone.
  • It is a Digital currency (also known as Crypto-currency, a digital asset that exist only on data) launched in 2009 by a person or a group of people operating under the name "Satoshi Nakamoto".
#Why Bitcoins ?
  • Bitcoins are impossible to counterfeit.
  • You can use them to send or receive any amount of money, with anyone, anywhere in the world at very low cost.
  • Bitcoins payments are impossible to block & Bitcoins wallets can't be frozen.
    Bitcoin Wallet
#Who uses Bitcoins ?
  • Generally, the Techy persons & Hackers uses it to demand funds secretly.
  • Bitcoin is a computer program, which is fast with no security checks (like OTP).
  • But digital sign is necessary for every transaction.
#Worth It ?                                                                                                                     [Data - 2017]
  • Look at this, you can understand easily !
    • Value of one Bitcoin = $1734.65 (according to CoinBase, a company that helps users exchange Bitcoin)
    • Value of an ounce of Gold = $1230 
  • As per Economics Times, the currency has become popular enough that more than 3,00,000 daily transactions have been occuring recently, according to Bitcoin Wallet site (blockchain.info).
#How is Bitcoin involved in Ransomware ?
  • Ransomeware attacks started occurring a few years ago as the price of Bitcoin shoot upward & WannaCry Ransomware made news just a few weeks ago.
  • When your computer is infected with Ransomeware, it encrypts your important files & demands a Bitcoin payment to a specific address in exchange for the key.
    Ransomeware Alert
#Current Status in India !
  • This is not yet part of the mainstream banking system.
  • In India, it is neither legal nor illegal to trade in Bitcoins & it continues to be a grey area (unregulated).
  • To buy Bitcoins in India, most Bitcoin wallet needs PAN (Permanent Account Number) & other KYC (Know Your Customer) details to authenticate (verify) an account. It would take about 48 hours to load a Bitcoin Wallet through Startups such as Zebpay, Coinsecure & Unocoin.
DISCLAIMER :~
This is an integrated information blog to help readers to know about it collectively😉 

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Comments

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