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When Bitcoin arrived in India

Jul 24, 2017 Posted /  1741 Views

When Bitcoin arrived in India


“Bitcoin will do to banks what email did to the postal industry”

- Rick Falkvinge, Founder of the Swedish pirate party

Today’s era can be referred as The Technological Era. Without Science and Technology we cannot even imagine a single second of our lives. You may say there are people who quit all the illusions of mankind and keep seeking peace and eternity at a lonely place and thus doesn’t require any technology! Did you ever give it a thought, how he must have been there? Yes, you got it correct, the voyage of quitting technologies passes through the road full of technologies. Everyone is trying to come up with something innovative and fruitful. What actually appears to be helpful sustains in the market. It is always observed that the new technologies or working processes overtake the pre – existing one. For example - It is known to all how mobiles and telephones overtook ‘The Letter Age’, E – mail took over the postal industry, trains and planes took over bullock carts and many more. Similarly, there is this new “Bitcoin” thing which is believed to overtake banks.

What is Bitcoin?

A type of currency that allows its users to buy any good or service without the involvement of any other payment bodies like credit cards, debit cards and also the banks. Since, this works without the involvement of any central authority, bitcoin is referred to as first decentralized digital currency. Its value keeps fluctuating and isn’t static. It may turn out to be a great investment but on the same hand may be the worst as well. Therefore, it is always advised to invest the amount which you have no problem in letting it go.

When Bitcoin arrived in India:

What Bitcoin actually is, it acts as an app or software which provides e – wallet and helps to perform all the business transactions and bitcoin exchanges. Since it didn’t come under any governmental authority, it was very difficult for it to begin in the Indian market. What everyone wants is security and assurance, it failed on these grounds. Moreover, this was something very risky as it had its reach over both ends of the coin. Therefore, RBI has already cautioned bitcoin users and traders about the risk factor.

If we keep this aside then there are certain features which were offered only under bitcoin, therefore it was something which attracted the Indian users:

1. Payment freedom:

It is well known to us how India is filled with rich merchants and traders. Bitcoin had turned out to be life savior system for them. They could easily perform every transaction with utmost ease and convenience. There was no Limit as there are in other modes of payment. They were free to exchange as many coins as they wanted.

2. Low Fees:

The fees for this performance were very low. Therefore, it did cost very meager amount of expenditure.

3. Full protection to user’s identity:

Unlike other modes of payment, where the entire identity of the user is disclosed and easily available, bitcoin ensured that the user’s identity is Secure and safe. It turned out to be something really confidential and different. 

4. Transparency:

When it came to the overviewing of the full details and path of the transaction, the user could easily view it without any discrepancies. The whole process was entirely transparent and one could easily track it in the block – chain.

But at the end, bitcoin coins hold money, and it was well observed that where it was used for the good, it was also used for the bad purposes as well. But, it was remarked by many Indians that bitcoins were legal depending on what a person does with them. 

At present, 1 Bitcoin = ₹1.7 lacs* (approx)

This explains the value of one bitcoin in terms of Indian Rupee. We cannot judge the entire process by the current rating. It keeps fluctuating. 

Apart from the pros and cons it is statistically observed that Bitcoins are somewhat related to the Indian market. Its value keeps rising and falling. But, unlike the investment in Gold, you can easily invest in Bitcoins and perform the business transactions as well.

It is gradually and steadily flourishing in India. At present it is getting more popular as it is something which is exactly like the banking system but also ensures certain extra facilities. It is also predicted that sooner it is going to make home in the Indian houses.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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