Bitcoin is in the
news for a lot of reasons these days. A
form of digital currency, created and supported electronically is named as
BitCoin. Bitcoins are not a printed form of currency; they’re produced by
people, and increasingly businesses, running computers all around the world,
using software that solves mathematical problems. Bitcoin is a cryptocurrency
system invented by an unknown programmer or a group of programmer’s. It was
released by an unknown programmer under the name of Satoshi Nakamoto as open
source software.
This system is peer to peer and transactions take place with
users directly, without any intermediary. These transactions are confirmed by
network nodes and recorded in a public distributed ledger called a block chain.
The system works without a central repository or single administrator. Because
of this, bitcoin is called as the first decentralized digital currency.
As of February 2015, over 100,000 merchants and vendors agree
to receive bitcoin as payment. According to a research created by Cambridge University
Bitcoin is acquiring 300 percent increase in its value
within one year. It could be the kind of investment you may be looking for. However,
in animosity of all the curiosity, many of us have wondered if it is safe to
accept, store and sell bitcoins in India .
Bitcoins can’t be minted like paper currencies. They can only be mined. There are 21 million
bitcoins been created and only 16.8 million or 80 percent of all bitcoins have
been mined.
How to buy Bitcoins:-
You can use various digital currency exchanges to buy
bitcoin. Credit card can be used for purchase of bitcoins. In India , you can purchase Bitcoin
from Zebpay exchange. Zebpay has Android and iPhone app which lets you link
your bank account for quick transfers.
Buying Bitcoins can be made by making a payment to Zebpay's
bank account. And can also withdraw the money to your bank account, and can track
the data on Bitcoin valuation in the country.
Legality of Bitcoins
in India
Bitcoin accepting, selling, trading or mining is not illegal
by any existing law in India ,
however, it is not yet officially recognized in India . The Reserve bank of India
or the RBI, had earlier cautioned users, holders and traders of Virtualcurrencies (VCs), including Bitcoins.
The central bank had declared that the trading or usages of
virtual currency, including bitcoins are not approved by any central bank or
monetary authority. It can’t be used as medium for payment.
RBI Deputy Governor R Gandhi warned against
crypto-currencies such as Bitcoin. He informed as the Bitcoins possess potential
financial, legal, customer protection and security-related risks. Payments by
Bitcoins are on peer –to- peer basis and there is no established framework for
recourse to customer problems, disputes, etc. There is no legal status for
Bitcoins.
At the same time Bitcoins are not banned in the country by the
central bank. But not authorised by the
central bank of India .
For online legal consultancies from the best lawyer to know
more about Bitcoins and its legality visit the biggest online legal solution www.licit.ooo or can download the app https://goo.gl/L8GeYk
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