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Future of Bitcoin !

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Future of Bitcoin !

Future of Bitcoin !




Does bitcoin have a future ?

 

Soon after all the debate and discussion subsided, now there is news that India may soon get a cryptocurrency all its own.

This comes as a good piece of news for the followers of virtual currencies (VCs). The government is in favour of a native or indigenous virtual currency, and to fulfil that purpose, it is trying to learn the technologies being employed in these currencies.

Sources close to the development have informed Zee Business that the government is working on the technology related to virtual currencies and is looking forward to developing a native or indigenous virtual currency within the country. At present, the government is working on the technology and utility associated with it. In fact, it is trying to find a way to use the technology in a positive way.

According to sources, the blueprint of the native virtual currency will be prepared by September 2018 and the final guidelines related to the cryptocurrency will be released by the first week of September.

Right now, it is engaged in talks with RBI, SEBI and other stakeholders.

Notably, cryptocurrencies like Bitcoin and others have been virtually banned in India with the authorities unwilling to encourage people to invest in them at all.

According to sources, the blueprint of the native virtual currency will be prepared by September 2018 and the final guidelines will be released in September
What you can do with Bit coin

What is Cryptocurrency?

Question of the year. Surely was question of the previous years too. Maybe for future years as well.  Yes, everyone is asking here and there about Cryptocurrencies. Everyone is keen to know about it. But only a handful of people  know about it  and it’s power to change the present systems of making  monetary transactions.It’s like if  WhatsAPP is a punch to text messages, Cryptocurrency is a jab to Fiat Currency. 

Decoding Cryptocurrency?

Cryptocurrency,as the name suggests, is a secret/hidden currency which exists in the records called public ledger, just like the balance in your bank account’s passbook, talktime in your mobile phone, DTH,etc.

It cannot be physically seen or felt, but is used for online transactions, making and receiving payments, just like internet banking.

What you can do with Bitcoin

Peer-to-peer transactions: Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader .One would only be able to transact in the form of exchange with any another cryptocurrency.
Some exchanges — WazirX and Koinex Loop — are working on peer-to-peer model that will allow transactions between buyer and seller directly with exchange being just a facilitator.
Rise of black market: 

RBI has banned banks from associating with cryptocurrency, not cryptocurrency. This may push holders of any cryptocurrency to approach buyers on marketplaces like OLX or black market to convert crypto to rupee, presumably at a higher price.
Bitcoins will turn costly:

Any prospective bitcoin buyer in India will now have to buy it from peers, presumably after paying a premium over the current exchange rate.

Alternate trading methods: 
Besides peer-to-peer exchanges, some exchanges many also provide alternatives solutions like buying bitcoin in other currency like dollar through Paypal. This would, however, push the cost higher as one would have to pay extra charge on Paypal to transfer the dollar amount to your bank.
No Loans: Exchanges or cryptocurrency companies now won’t be able to avail loans or hold account in banks

 

 

 

 

 

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Future of Bitcoin !

By August 7, 2018
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