Introduce Bitcoin currency in India on an urgent basis
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I am not sure how many of you have heard about Bitcoin, but it is increasing becoming one of the most important means of commercial transactions the world over. It is used throughout the developed world, but is yet to be introduced in India.
Bitcoin, to be honest, is actually a cryptocurrency that is meant to facilitate online payments or digital transactions. It is a decentralized, peer-to-peer cryptocurrency system that is designed to allow online users to transact through digital units of exchange called Bitcoins. Started in 2009 by an unknown programmer or a group of programmers under the name Satoshi Nakamoto, it has gained tremendous popularity as the third type of currency system, apart from traditional currencies such as US Dollar or Euro and Bullion such as Gold, Silver and other precious metal. In a world of digital marketing, where consumers are increasingly turning to online means of payments, cyrptocurrencies such as Bitcoins are all set to take over the market. And yet, the government of India (GOI) is blithely unaware of this wonderful system of payment. Here are a few of the advantages of using Bitcoins:
1. Bitcoin payment system is totally safe. All the payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in a block chain on each computer that updates and informs all accounts in the system. As such, credit card frauds that we often encounter in other modes of payment never occur on Bitcoin.
2. There are only two ways you can access Bitcoin money. Either through ‘mining’ or a complex process of mathematical algorithm processed by your computer or through standard Bitcoin currencies that are placed in wallets prior to a transaction.
3. Identities of Bitcoin users are kept under warps. A transaction made via Bitcoin cannot be traced back to a particular user, unless the user himself/herself chooses to reveal his/her identity. This user anonymity stands in stark contrast to credit card transactions online, because transactions can often be tracked.
4. Governments, banks and other institutions have no means of freezing Bitcoin accounts unlike actual bank accounts that can be frozen anytime.
5. Unlike credit card transactions, where charges are applied to some goods and services or other e-wallet or online transactions, Bitcoin transactions are totally free.
6. Giving personal information, such as credit or debit card details, is not necessary when it comes to Bitcoins transactions.
These are just some of the multifarious benefits associated with Bitcoins. In 2015, the number of merchants and vendors accepting Bitcoins has exceeded 100,000. However, despite Narendra Modi’s big digital India push, Bitcoins have still not been introduced in India. While India does have a number of e-wallet companies such as PayTM, Ola Money, MobiWink and Freecharge, the safety and security features associated with Bitcoins far supercede the rest. It is high time the GOI accepts Bitcoin transactions as made legitimate in India. Sign this petition, and we shall send this to the prime minister request him to take up the issue.
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