Central Government of India promotes online platforms for money related transactions. At the same time we have before us the matter of Bitcoin globally. The sudden surge in Bitcoin's value has left all experts stunned.
Bitcoin is a type of cryptocurrency that is used in many countries around the world, as opposed to common bank-based transactions and is a completely Internet-based electronic money transaction.
Now that the value of one bitcoin has crossed 10,000 dollars it is again widely talked about. It took just a few days to go from $9,000 to $10,000. As per the recent surge, one Bitcoin is worth Rs 8,76,226 in India.
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The number of economically literate parents in India is low. Bitcoin is relatively unknown even among the economically literate. But there is one website working called bitcoin-india.org. There are 25 or more usable websites where Bitcoin transactions can be made.
Legally Bitcoin is not banned in India. But, Bitcoin trading is not encouraged here. Various countries from America and Europe are using bitcoins. What are Bitcoins? The answers to questions like how they work are very interesting.
Bitcoin is an electronic money cryptocurrency and a global payment system. You can store your purchased bitcoins in wallets on various websites. After completing the process of mining you can get bitcoins. You can also buy bitcoins with your own cash.
Is HIV transmission decreasing, social exclusion reduced? Sleeping indoors in winter can be life-threatening Bitcoins are currently accepted in more than one lakh supermarket chains and malls around the world. Bitcoins can be used to buy goods on websites and can be exchanged to any country's currency. All transactions carried out through Bitcoins are carried out on a secure mechanism called 'Blockchain'.
Bitcoins were classified into two categories in August this year. BCT is divided into one type known as Classic Bitcoins and another type is Hard Forked Bitcoin called BCH which are commonly used to make online purchases as currency units. Classic Bitcoins range from 1 to 0.1, 0.01, 0.001. It helps you buy bitcoins with less money.
What is the reason for the sudden rise?
- The value of a single Bitcoin, which was sold for $1000 earlier this year, has now crossed $10,000. Bitcoin's value crossed the $1,000 mark for the first time in late 2013, has since continued to slide and wobble, and has now seen a sudden surge.
- The reason for the sudden rise in value of bitcoins is not clear as some financial regulatory bodies have taken steps to restrict its use over the past few weeks.
- Earlier this month, US-based derivatives trading firm CME Group announced that it will launch a futures derivative based on Bitcoin by the end of 2017. The announcement boosted confidence in Bitcoin.
- Also, the decision to abandon the controversial project Segwit2x is considered another reason for the appreciation of Bitcoins.
- This would have helped blockchain, the technology that currently enables Bitcoin-based transactions, to be more efficient.
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- Many industry watchers believe that this sudden rise in the value of Bitcoin will not last, but will suddenly come down.
Is this boom sustainable?
- Many people are willing to invest in Bitcoins which is currently a hot topic. But financial experts are skeptical that this interest is justified. Because the real reason for this sudden surge in the value of Bitcoin is still unknown.
- Also, there is no regulatory body to oversee Bitcoin trading that takes place entirely online. Bitcoin trades take place online between two people or two accounts.
- Experts believe that the value of bitcoins will fall as fast as it rose. Bitcoin users around the world have different opinions about it
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