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 Bitcoin Fever In India 

Date of Publish - Tuesday, 16th January 2018
igniting_minds

BITCOIN FEVER IN INDIA

Bitcoin has been making headlines in the news these recent weeks owed to its unpredictable rise and fall in the markets. Let's have a deep insight into bitcoin before inspecting it. Bitcoin is a cryptographic peer-to-peer, digital currency otherwise known as Cryptocurrency. An anonymous person who goes by pseudonym "Satoshi Namokoto" is the founder of bitcoin. The decentralized nature is proved to be an advantage as no central authority has the power to control it. As said by bitcoin genius, Andreas Antonopoulos, "It is regulated by algorithm instead of being regulated by government bureaucracies. Un-corrupted."

The Bitcoin usage in India was below par until late 2015. Once when Modi-government demonetized most of the currency notes in November 2016, the bitcoin boomed across the nation.

Do you wonder why?

Demonetization pushed many Indians to find new ways to launder their black money to avoid taxation and further issues. Bitcoin has become a smart choice in which they could launder their untaxed money for legally minted currency. The other probable reason is when the fiat currency is turned into worthless paper overnight by our minister; it shattered the faith of millions of people on the government.

The Reserve Bank of India (RBI) has warned us that they have not yet provided any license or authorization for any company in handling cryptocurrencies. Our finance minister recommended banning cryptocurrency in India over the possible fear that it could be used for unwanted purposes. If the government wants to ban the virtual currency, it could have done it already. Government is for sure uneasy with the virtual currencies, and the choice is upon us whether or not to take the risk.

The cost of one bitcoin was one cent in 2010, but it reached a record high of 17,500 Dollars. It is unpredictable, and it crashed within a few moments. Bitcoin is a high-risk gamble and could turn both ways. Nowadays the bitcoin and other cryptocurrencies are being accepted by various online merchants and stores. Few cryptocurrency based startups in India are ZEBPAY, UNOCOIN, COINSECURE, etc.

The bitcoin is a highly volatile and unsteady market. Nowadays various other cryptocurrencies are available in markets with steady growth like Ethereum, Golem, Ripple,..etc. Although India is uncomfortable with virtual currency, Rumors are that India is planning to release its own called Laxmicoin. India's digitization project could benefit a lot from this plan. The idea of digitalized India is not a far-fetched dream anymore.


Author :
Sonraj Mohandas IMIA037

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