Legalize Bitcoin In India
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What Exactly is Bitcoin?
It's worth more than an ounce of gold right now, it's completely digital .Here's a brief look at bitcoin.
How bitcoins work?
Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who 'mine' them by lending computing power to verify other users' transactions.
They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S. dollars and other currencies.
How much is it worth?
One bitcoin recently traded for Rs.181000 as of (01/06/2017), according to Coinbase, a company that helps users exchange bitcoins. That makes it more valuable than an 10gm of gold, which trades at less than 29000.
The value of bitcoins can swing sharply, though. A year ago, one was worth 36000, which means that it's nearly quadrupled in the last 12 months. But its price doesn't always go up.
A bitcoin's value plunged by 23 percent against the dollar in just a week this past January. It fell by the same amount again in 10 days during March.
Why are bitcoins popular?
Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next and even other major countries are accepting it as a legal way of trading products using Bitcoins!
Bitcoin is a cryptocurrency which means it is an alternate currency to our own. Bitcoin adds a new element to the world economy and it cant go through inflation. Bitcoin is supported by thousands of people "mining" for bitcoins. #MAKEININDIA
1. Bitcoins unlike the federal currency are not backed by federal funding and banks to make it secure, instead they have separate people making it secure.
2. Bitcoin mining is where you make your computer do complicated math equations while you slowly rake it bitcoin profit by helping the security of the currency. By offering an incentive (bitcoins) for securing the currency they make people want to help, getting stronger by the day. Bitcoins are an economic revolution and their functions are useful and plentiful.
Bitcoin was stoked in the Indian parliament by a politician on March 24, questioning if the cryptocurrency was a “pyramid ponzi scheme” in a wider call for regulation of the industry. The following week, a session in the Parliament continued the discussion, leading to false reports by major Indian press publications that claimed bitcoin was deemed illegal by the Indian government.
The lack of regulation or acknowledgment by Indian authorities has led to the Indian cryptocurrency industry establishing its own self-regulatory body and watchdog, titled the Digital Asset and Blockchain Foundation of India (DABFI). The industry group has notably approached the Indian government to educate authorities about bitcoin and blockchain technology but has yet to receive a response.
The publication’s source also adds that the Indian cryptocurrency industry could see a positive verdict if a compliance framework and KYC infrastructure for customer data is worked upon by authorities and the DABFI.
Speaking to CCN earlier in February, Sathvik Vishwanath, CEO of leading Indian exchange UnoCoin revealedthat India’s central bank, the RBI, had made no efforts in reaching out to Indian exchanges toward exploring or laying the regulatory groundwork for the bitcoin industry.
“It is not likely that the government, in promoting technology, innovation, and financial inclusion, will resort to a knee-jerk bank of bitcoin as such,” stated Jaideep Reddy, the technology lawyer at Nishith Desai, the law firm tasked by the DABFI to develop self-regulations of the industry. “No major economy has done this [banned bitcoin],” the lawyer added.
There is no reason why bitcoin shouldn't be legal. If people believe that an item, whether physical or virtual, has value, then they should be allowed to use it for trade. Currency does not need to be officially endorsed by a government. Gold, for example, evolved as a currency before any government decided to use it.
Even India can see it as a source of public's income and take tax on it which would overall lead to the country's development in technical field and also as said by Prime Minister Sir Narendra Modi "Support Digital India", So this can be the digital way of exchanging goods without any conversion of currencies !
Every coin has two sides, So even this is neither an exception
1) It is Anonymous
2) Value Depends On Demand & Supply
At any point the value can soar as high as Rs.2,30,000 and as low as Rs.2000 per bitcoin so it can be risky at times!
So These were All the necessary points that needed to be Highlighted! if you really feel that this Should Declared Legal then please sign this petition and share it with as many people as you can!
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