Bitcoins and Virtual Currencies
Category : FINANCE Author : Rajat Singh Date : Sat Jan 13 2018 Views : 16
Bitcoin is a virtual currency. Doing transactions in bitcoin is just like sending an e-mail to your friend, whom you can not physically feel.
Bitcoin is said to be developed by an anonymous person known as Satoshi Nakamoto. No one knows who he is, and it is possible that a number of persons might be behind it.
The unit of bitcoin is named after him as Satoshi.
Bitcoin is divisible upto 8 decimal places i.e. 1 satoshi = 0.00000001 bitcoins.
Bitcoin is a Global Currency because of which they don't have to depend upon a rival country. Though a country has power to ban it, but no one can shut it down, since no one controls it.
Bitcoin software ensures that there will only be 21 million bitcoins that will ever be created. 13 million of which have already been created.
People argue that since the supply is fixed and the demand keeps increasing, the rate of bitcoins will go up. People involved in the business say that it is resistant to inflation and hyperinflation.
Vikram Pandit, former CEO of citi group has invested $ 75 millions in a bitcoin company. He says that Bitcoin has the potential to change the world.
Founders of companies like Paypal, Ebay, X-pedia have also invested in Bitcoins.
Some companies have started accepting Bitcoins like Microsoft does in US.
Eric schmidt, the ex-CEO of google says that bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world.
In India, it is not popular for transactions but people are just investing in it in the hope of making profits. Some people are relating this scenario with the dot com bubble, when people blindly invested in companies with a dot com extension, without even seeing whether the company is making profit or not, and the result was: most of them had to giveaway their money.
The rates of bitcoins can be easily checked on Google, CNN, Boomberg etc.
The ex-Governor of Reserve Bank of India said that virtual currencies will certainly get much better, safer and over time, they will be used for doing transactions.
Bitcoin is NOT THE ONLY CRYPTOCURRENCY, there are 785 such currencies, a few of them are listed below:
LITECOIN
Launched in the year 2011.
Is often referred to as silver to Bitcoin's Gold.
Was created by Charlie Lee, a MIT graduate and former Google engineer.
Ethereum(ETH)
Was launched in 2015.
Is second after Bitcoin among all cryptocurrencies.
ZCASH (ZEC)
Launched in latter part of 2016.
zcash defines itself as "If bitcoin is http for money, zcash is https."
Zcash offers privacy and selective transparency of transactions.
DASH
Launched in Jan 2014.
Originally known as dark coin.
Offers more anonymity and transactions on it are almost untraceable.
This cryptocurrency was created and developed by Evan Duffied and can be mined using a CPU or GPU.
RIPPLE (XRP)
This is a global settlement network that offers instant, certain and low cost international payments.
Enables banks to settle cross border payments in real time, with end-to-end transparency, and at lower costs.
MONERO (XMR)
Monero is secure, private and untraceable currency.
Was launched in April 2014.
Stand of the Government of India
As per the statement of Finance Minister, Mr. Arun Jaitley, from 24 dec 2013 both RBI and GOI have maintained that bitcoin is not a legal tender, although it is operating online.
There are 785 virtual currencies and 11 exchanges have been identified in India.
An interdepartmental committee was set up in the year 2016 that examined the matter and decided to warn the people engaged in this business, that there is no lawful protection for this.
An expert group under the Secretary, Department of economic affairs is functioning whose report is awaited, the future actions of the government will be based on this report.
Though bitcoin is not a legal tender but it should not be misinterpreted as illegal. Government has only warned people on virtual currencies, not yet banned them.
This article is only an information about the virtual currencies and no where justifies them or encourages any one to invest in the same.
Bitcoin is a virtual currency. Doing transactions in bitcoin is just like sending an e-mail to your friend, whom you can not physically feel.
Bitcoin is said to be developed by an anonymous person known as Satoshi Nakamoto. No one knows who he is, and it is possible that a number of persons might be behind it.
The unit of bitcoin is named after him as Satoshi.
Bitcoin is divisible upto 8 decimal places i.e. 1 satoshi = 0.00000001 bitcoins.
Bitcoin is a Global Currency because of which they don't have to depend upon a rival country. Though a country has power to ban it, but no one can shut it down, since no one controls it.
Bitcoin software ensures that there will only be 21 million bitcoins that will ever be created. 13 million of which have already been created.
People argue that since the supply is fixed and the demand keeps increasing, the rate of bitcoins will go up. People involved in the business say that it is resistant to inflation and hyperinflation.
Vikram Pandit, former CEO of citi group has invested $ 75 millions in a bitcoin company. He says that Bitcoin has the potential to change the world.
Founders of companies like Paypal, Ebay, X-pedia have also invested in Bitcoins.
Some companies have started accepting Bitcoins like Microsoft does in US.
Eric schmidt, the ex-CEO of google says that bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world.
In India, it is not popular for transactions but people are just investing in it in the hope of making profits. Some people are relating this scenario with the dot com bubble, when people blindly invested in companies with a dot com extension, without even seeing whether the company is making profit or not, and the result was: most of them had to giveaway their money.
The rates of bitcoins can be easily checked on Google, CNN, Boomberg etc.
The ex-Governor of Reserve Bank of India said that virtual currencies will certainly get much better, safer and over time, they will be used for doing transactions.
Bitcoin is NOT THE ONLY CRYPTOCURRENCY, there are 785 such currencies, a few of them are listed below:
LITECOIN
Launched in the year 2011.
Is often referred to as silver to Bitcoin's Gold.
Was created by Charlie Lee, a MIT graduate and former Google engineer.
Ethereum(ETH)
Was launched in 2015.
Is second after Bitcoin among all cryptocurrencies.
ZCASH (ZEC)
Launched in latter part of 2016.
zcash defines itself as "If bitcoin is http for money, zcash is https."
Zcash offers privacy and selective transparency of transactions.
DASH
Launched in Jan 2014.
Originally known as dark coin.
Offers more anonymity and transactions on it are almost untraceable.
This cryptocurrency was created and developed by Evan Duffied and can be mined using a CPU or GPU.
RIPPLE (XRP)
This is a global settlement network that offers instant, certain and low cost international payments.
Enables banks to settle cross border payments in real time, with end-to-end transparency, and at lower costs.
MONERO (XMR)
Monero is secure, private and untraceable currency.
Was launched in April 2014.
Stand of the Government of India
As per the statement of Finance Minister, Mr. Arun Jaitley, from 24 dec 2013 both RBI and GOI have maintained that bitcoin is not a legal tender, although it is operating online.
There are 785 virtual currencies and 11 exchanges have been identified in India.
An interdepartmental committee was set up in the year 2016 that examined the matter and decided to warn the people engaged in this business, that there is no lawful protection for this.
An expert group under the Secretary, Department of economic affairs is functioning whose report is awaited, the future actions of the government will be based on this report.
Though bitcoin is not a legal tender but it should not be misinterpreted as illegal. Government has only warned people on virtual currencies, not yet banned them.
This article is only an information about the virtual currencies and no where justifies them or encourages any one to invest in the same.
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