In 21st century after the internet the next breakthrough was Bitcoin. When the Bitcoin was invented in 2008 its value was zero. Where as if we see today’s value of Bitcoin is in lakhs.
So in order to understand whether Bitcoins are safe or legal in India let us first understand about what is bitcoin?
So similarly like the currency of any other country Bitcoin is also a currency currency is not physical but digital. If we see in India, Indian currency could only be used in India but this case is not the same for Bitcoin, we can use Bitcoin in any country because it is globally accepted.
The next advantage of Bitcoin is that it is not regulated by any Central authority or any government body and there are no middleman also.
So let us know that how persons like you and me can use Bitcoin.
To understand the Bitcoin is a type of cryptocurrency which means that it is not present in physical form it is digitally operated which is a computer file and stored in a digital wallet. We can buy Bitcoin in exchange of money, the next advantage of Bitcoin is that we can also buy commodities with this currency, further bitcoins are in Limited supply due to which the demand of Bitcoin is also very much. For example example in any bank transfer we can see the details of a party in the transfer, in Bitcoins the case is totally different sender and receiver cannot be traced.
Coin was invented in 2008, but who invented Bitcoin it was invented by any individual or any company or any group of people this is still a mystery.
It is presumed that Satoshi Nakamoto had brought the concept of Bitcoin. In 2011 Satoshi had mysteriously disappeared and nobody knows about him.
During the last few years the value of Bitcoin has raised by a high amount. So in such a less time how such a price increase of Bitcoin had happened? This is only due to the hype of Bitcoin. Example if we see in the case of gold gold is valuable because it is limited.
In the same way 18 million Bitcoins has been extracted in the world and only a total of 21 million coins of bitcoin could be extracted. So due to the Limited availability and supply of Bitcoin the popularity of Bitcoin is so much.
So as we know by the law of supply and demand when the demand of any commodity increases and supply decreases then automatically the price of the commodity is increased, the same case is with Bitcoin.
In 2019 Warren Buffett had also commented about the rise in popularity of Bitcoin he had said that it is like a gambling instrument because people do not use this as a alternative to real money, but but due to the increase in the value of this currency.
In 2013 when a bitcoin owner was cleaning his desk hard disks in which 7500 Bitcoin private key was kept.
Every Bitcoin is protected by a private key, this private key is same to the UPA pin whenever we forget the UPI pin then we can go to the bank in order to change the pin, but this is not in the case of Bitcoin. If the private key of Bitcoin is misplaced it cannot be used anymore.
In the world more than 25% of Bitcoins had been lost due to similar search reasons.
Now let us know about Bitcoin mining.
Like the meaning of mining some precious metals are extracted from the core of the earth, the Bitcoin mining is a virtual process in which miners solve complicated mathematical equation and which in turn generates new bitcoins.
What is the status of Bitcoin in India?
The Reserve Bank of India in consultation with different Ministries had said about bringing such a framework which will ban crypto currency trading in India.
In 2018 the Reserve Bank of India had issued a notice to all the financial institutions in India so that they do not use digital currency in that time a lot of nodes by being committed due to cryptocurrencies mainly after the demonetisation of 2016.
Recently in March 2010 the cryptocurrency trading Ban was removed by Supreme Court of India and all other restriction related to Bitcoin have also been removed.
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