Fame of Bitcoin trade has had a steady growth across India in recent years hence there has been a need to find out its evolution, the impacts and future within the economy. This trade has played a key role to encourage people to invest and earn profits by trading Bitcoin. Despite all the growth in popularity, there have been more facts to learn about the trade than what is already known.
Evolution of Cryptocurrency in India
First electronic money payment in India was attempted on May 1, 1994 but most similar efforts to create a functional cryptocurrency were not successful. This was due to low interest among members of public who found the idea strange in the first place. Satoshi made known the first cryptocurrency that was named as Bitcoin in January 2009. Afterwards, in April 2011, Namecoin was issued after which Litecoin came in, in October 2011. With well grown fame of cryptocurrency, another popular one called Peercoin came along in 2012.
The Impacts of Cryptocurrency on Indian Society
Trading Comfort as Bitcoins can be easily converted into other forms of currency then the money is deposited into user's accounts promptly. A given Bitcoin trader does not have to queue for any transaction as it is done instantly in the network and confirmed in a few minutes. There are also Low transaction charges because fees charged while trading in Bitcoin is as less as 1/10 % which is affordable indeed! There are no fees that are given in any form while transacting through bank.
Emergence of New Markets since Bitcoin trade has given rise to new financial markets which are free and better from present traditional market dominated by the government. It creates many advantages to the investors and traders including capital market diversity. Also, there is Self dependency during transaction with Bitcoin no help from third party is needed for transaction to take place.
Bitcoin Trade is Secure given that the trade works through cryptography system which is secure for the funds are locked through the public key in the system. Funds can therefore, only be sent by the person who is the owner of the private key. Bitcoins are also Global hence they can be exchanged throughout the world in all the countries which recognize Bitcoins. Government intervention does not exist given that Bitcoin trade is not regulated by Government or any other central authority. Therefore, there isn’t permission required for transferring funds in Bitcoins by retail investors in India.
There is Anonymity in Trade because transactions are anonymous and at the same time fully transparent. Any company can create an infinite number of Bitcoin addresses without reference to name and address. Bitcoins are also free from Risk of inflation as the most range of coins is restricted by twenty one million Bitcoins. As there are a unit neither political forces nor firms ready to amendment this order, there's no chance for development of inflation within the system.
On the contrary, there are also Negative Impacts borne by the Bitcoins on the Indian economy. For instance, there exists risk of lack of safety as trade is not regulated by the Government of India. At the same time, some individual investors do not readily accept the Bitcoins for they may not view them as currency. Bitcoins’ prices are also highly volatile hence hard to foresee the trend in price value.
Future of Bitcoin in India
Bitcoin is one among many types of digital cash in India and it has been listed the foremost as one of cryptocurrencies. It is not regulated by the government nor any central authority nor is it run by its developers yet it has gained quality growth in its worth. However its limitation is that its future cannot be foretold with certainty. Meanwhile, the long run of Bitcoins will still be looked forward to. Because of its high volatility, the Government warned citizens thrice not to invest in these Bitcoins in December 2013, February 2017 and Dec 2017 to.
Through details shared above, it is easy for anyone who has an interest to understand the Bitcoin trade in India to comprehend its evolution, impacts as well as its future. It is also possible to understand how Bitcoin trade has affected growth of wealth for Indians who take part in the trade. The other facts revealed on the trade give fine reference on how the trade has fared on in India since its start.