Bitcoins! What are These!

Bitcoins! What are These!

Bitcoin is an innovative payment network and a new kind of money. It is one among many cryptocurrencies. According to me it depends on which nation you referring Bitcoin for which process is important to know.

Bitcoin and similar cryptocurrencies are regulated as both currency and as a security under U.S.A law. It means if merchant accepts then you can pay your bills in the form of Bitcoins. Bitcoin uses peer-to-peer technology to operate with no central authority or banks Involved, means they are unlike Dollar, Rupee, Yen, Dinar etc manged by Banks or Monitory authorities. Managing transactions and the issuing of bitcoins is carried out collectively by the network of Bitcoin Authorities only.

It means RBI or any BANKS are helpless and No GST or TAX etc are in picture among any transactions you do. No mediators at all, from any nation you can get money in the from of electronic funds and payments directly.

One bitcoin is worth of 2,55,146.59 Indian Rupee as on Feb, 2019. So as small as 0.0001 units of Bitcoins are also available.

Many states are also pursuing legislative/regulatory efforts to legal and regularize to cover crypto instruments and usage. Bitcoin simply act as higher version of USD with much higher Value. Bitcoin is completely Digital format currency hence the dependency of Paper and Coin versions get vanished by time.

A report also says in last year more than 500 merchants in India and five of India’s largest companies including Dell accepted the cryptocurrency as payment. Bitcoin’s craze is catching on and that to date there are more than 600,000 users in India as per Forbs. However, RBI still not released or raised Ban against cryptocurrency trading.

Within India if you wish to purchase Bitcoin the you have firms like Zebpay exchange and Unocoin Platforms are available, these are US based firms.

Like Bitcoins we have Litecoin, Bitcoin Cash, Dash, Monero, NEM, Dogecoin, Nxt, Peercoin, Potcoin Etc.

Along with USA, Canada, Australia, The European Union accept Bitcoins, Bitcoin is 100% legal in Mexico as of 2017. However China, Russia, Vietnam, Bolivia and many other countries donot prefer them

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