Bitcoin in India - Few Interesting Facts for You!

Bitcoin is a worldwide payment system without the help of any bank. This is basically used to exchange money in between traders. Bitcoin is such a thing that it’s price will keep on increasing. The price of bitcoin will never decrease. Bitcoin is basically a digital currency. Nowadays Bitcoin has become a hot topic among people. Price of bitcoin in India is as same as gold. No one is aware that what will happen to the bitcoin.

The government of some countries like China, Japan, Australia has started weighing the regulations. Government is more worried about the tax of bitcoin and if it becomes as important as money then they will lack the control over their country.

Advantages of using bitcoin in India

It is basically exchanged between individuals. In 2015, many of the farmers accepted this bitcoins, as they knew that the price of bitcoin will never decrease.  Bitcoin was created 2009 by an unknown person. There is no middleman in exchanging this bitcoin. Bitcoins can be used in a number of ways like:

  • You can book hotels on Expedia
  • You can buy furniture that is overstocked.
  • And buy games from Xbox

These are few things that you can buy with bitcoins, you can even use it in other countries in order to exchange currency. In 2017 the value of bitcoins was increased to thousands, and the government has already started thinking about it. Bitcoin has become an important thing among people. Bitcoins are very useful to buy things from international countries in order to exchange money. And if you buy anything from international countries it will be very costly, so it’s better to use bitcoins instead of money. Because the value of bitcoin will never decrease, and all the international countries will accept the bitcoins as it has no tag on it, that a bitcoin is national or international.

People those who start their business may accept the bitcoins as there is no credit in card fees. A number of people are there who buy this bitcoins as an investment as they know that the value of bitcoin will never decrease, rather it will increase day by day. These are few advantages of bitcoin in India.

Acquiring bitcoin

You can exchange bitcoin with another person. Many of them call it bitcoin exchange, as everyone is aware that the value of bitcoin will never decrease,  some of the marketplaces allow to sell or exchange the bitcoins in different currencies, this is one of the leading exchange, as “Bitstamp”,  and “ bitfinix” .but there is also a question of security when ten million dollars of bitcoins were stolen by hacking bitfinix. Exchanging bitcoins is very easy as exchanging money through a mobile app, the way you exchange money through a mobile app, similarly you can exchange bitcoins through a mobile app.

You can mine bitcoins by solving critical maths puzzle. Many of the people solve the maths puzzle and earn bitcoins as an investment, and in this way, bitcoins are created. Those who can solve the puzzle they are awarded 12.5 bitcoins within 10 minutes,  solving these puzzles becomes an addiction to the people and they keep on doing it and earns bitcoins as this becomes an investment. These bitcoins are generally kept in the digital wallet which remains in the cloud or in users computer. This wallet is kind of virtual bank account from where he can use these bitcoins to buy good or to transfer it or to receive the bitcoins.

A number of people earn these bitcoins and store them and after gathering a lot of bitcoins they sell them and get a lot of money. But it’s not like bank accounts that it will be ensured by the FDIC. Some people are there who accidentally delete the bitcoin account or if they have viruses in there computer system it can attack the system and destroy the bitcoin account.

So it is very important to install anti-virus software and turn them on always as viruses can destroy your system. Even those who have bitcoin account in the cloud they should be very careful as their account may get hacked as many companies have faced this problem, and this is a serious problem about bitcoin in India.

Anonymity

Bitcoin in India is very dangerous as hackers always search to hack your cloud account to steal all the bitcoins that you have gathered.   The names of sellers or buyers are never recorded only their wallet ids are recorded. Transaction of every bitcoin is recorded in public log.

Since the names are not revealed it’s pretty easier for the smugglers to pay for the drugs and get them from foreign countries. Because of these reasons bitcoins have become choice for people currency for the online buyers or for the people those who do all these illegal activities.

Bitcoin in India is much riskier as compared to help. Hackers can hack your wallet from the cloud, but if you earn a lot of bitcoin then it’s a kind of investment also.