People have been waiting to invest in Gold, Diamonds, Stock, Currency, and Property etc. to make use of their savings. And the demand of everything has vanished with the emergence and awareness of Bitcoin. This year has seen Crypto currency ruling all over. It has changed the market view. Bitcoin is one of them.
Bitcoin was invented by Satoshi Nakamoto in 2009. It is a form of digital currency which is operated through open source software, which means it is not owned, operated and managed by any government, country, state, company or an individual. When the market reach is open to everyone, the ideas and creativity flourishes. The transactions are performed without any intermediary like a bank, a credit card company or a clearing house, it uses peer-to-peer technology. Transactions are safe and verified by block chain. It is secured by individuals called miners. They are rewarded for verifying the transaction, the fastest miner will be rewarded. Everything stays transparent to the world through public ledger. A blockchain is an incorruptible digital ledger that can be programmed to record details of financial and non-financial transactions
Initially, the price of Bitcoin was equal to 0. Gradually, by April 2010 the price of one Bitcoin increased to $0.003.
By the end of 2011 - $2
2012- $650- $800
October 2016- $600 - $780
The price of one Bitcoin today June 2017 is USD 2769.50 that is 1, 78,038 INR. There is always a slight fall in the prices but over time price only keeps increasing. Profit from Bitcoin is not only through buying and selling but you earn profit from the friend of the friend of friend’s earnings. You earn just through investing, no need to carry out a business out of it every time and if you do you become a richer than ever before. One more plus point is that you need not buy a whole Bitcoin, you can buy 0.5 or 0.25 or as per your convenience breaking into parts and you earn interest.
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Now is Bitcoin legal in India? What is the scope of Bitcoin in India?
India has now taken a shift to digital media and digital currency. During demonetization in India, from a doctor to a cobbler everybody was depended on digital money and that is an evidence that India is now open to digital money and it is a huge market for cryptocurrency too. The release of Bitcoin to the people in India could help us reduce wastage of time and money and increase transparency. The best thing the blockchain system can help us in tracking the circulation of black money. Corruption and black money circulation will the tough. Increased security will gain trust from the users.
Since India is on the verge of rapid development and competition, it’s the right time to introduce people to Bitcoin. It is a new step towards Revolution.