Do Cryptocurrencies like Bitcoin hold future in India?
Where one single bitcoin was worth a few dollars, it is now worth about 717162.95 Indian rupees creating millionaires in the process. Bitcoin is digital or electronic money that is almost similar to your paper money in its electronic form, line in your bank account or e-wallets. But one thing makes everyone to think before buying a bitcoin is it is decentralized and unregulated. The currency is not issued by any authorized bank nor is it controlled by one. If you want to know future of bitcoins in India, read the valuable information given here and see how all it works.
Bitcoin is most famous among the pool of cryptocurrencies floating around the world. The legality of cryptocurrency like bitcoins changes from country to country, till today there is no regulation on cryptocurrency from the government. We can’t predict the future of bitcoins in India, Reserve bank of India has already warned people against its use. It has been almost five years since bitcoins debut happened in India, and the demand for them is rising now as traders are gearing up for a giant leap.
Is it safe for Indians to invest in bitcoins?
People who invested in bitcoins have found many benefits; you can remit anyone in the world at relatively low transaction fee. But looking at the current trends, it is not much safe to invest on bitcoins in India. Recently, Indian financial minister commented that the government will not consider cryptocurrency as legal tender. RBI, the mother of all banks in India has not given the permit to operate with bitcoins in the country.
As of now, threats and scams haven’t troubled bitcoin purchasers and the number users are increasing day by day in Indian trading. Right now, 11 trading platforms are offering bitcoins for India. You can purchase them by making a payment to Zebay’s bank account. Many people are not sure about the future of bitcoins in India, there are no proper guidelines on bitcoin trading. No doubt that bitcoin provides the vision of modern era in the financial world. Investing in bitcoins enables common people to overcome themselves from the possibility of a sudden drop in purchasing power of their rupee because of debt-ridden government.
Post demonetization period, digital transactions are all of the rages in India. The fact that regulation is not clear is one of the risks to invest in bitcoin but it seems to be doing the brisk business in India. Many people in the country ignored bitcoins during initial days, but the awareness and craze over them are growing rapidly. The worrying point for some people is bitcoins are banned in few countries, RBI warned people that investing is decentralized virtual currencies are extremely risky.
As there is no centralized authority to look over transactions, bitcoin users may face issues in future. Bitcoins are not bounded by single country’s law, so it becomes difficult for legal authorities to take action in case of hacks, frauds or any other issues. Along with criticism, demand is also increasing in the same way for bitcoins. You should have the minimum awareness to get involved with bitcoins in India. If you have decided to purchase cryptocurrency, make sure to move them into your own personal wallet and buy only from reputed traders.