Fame in the Bitcoin trade has had steady growth across India in recent years, hence there has been a need to find out its evolution, its impacts and future within the economy. This trade has played a key role in encouraging 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
The 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 the public who found the idea strange in the first place. Satoshi made known the first cryptocurrency that was named Bitcoin in January 2009. Afterwards, in April 2011, Namecoin was issued after which Litecoin came in, in October 2011. With well-grown fame as a cryptocurrency, another popular one called Peercoin came along in 2012.
The Impact of Cryptocurrency on Indian Society
Trading Comfort as Bitcoins can be easily converted into other forms of currency, then the money is deposited into the user's account 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 the bank.
The emergence of new markets since Bitcoin trade has given rise to new financial markets which are free and better from the present traditional market dominated by the government. It creates many advantages for investors and traders, including capital market diversity. Also, there is self dependency during the transaction with Bitcoin, no help from a third party is needed for the transaction to take place.
Bitcoin Trade is Secure given that the trade works through a cryptography system which is secure for the funds that 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 the Government or any other central authority. Therefore, no permission is required to transfer funds to Bitcoins from retail investors in India.
Trade is anonymous because transactions are anonymous and at the same time fully transparent. Any company can create an infinite number of Bitcoin addresses without reference to their name and address. Bitcoins are also free from the risk of inflation as the largest range of coins is restricted to twenty-one million Bitcoins. As there is a unit of neither political forces nor firms ready to amend this order, there's no chance for the development of inflation within the system.
However, there are also Negative Impacts borne by Bitcoins on the Indian economy. For instance, there exists a 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 Bitcoins because they may not view them as currency. Bitcoin prices are also highly volatile hence it is hard to foresee a trend in price value.
The 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 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 too.
Through the details shared above, it is easy for anyone who has an interest in understanding the Bitcoin trade in India to comprehend its evolution and impacts as well as its future. It is also possible to understand how the Bitcoin trade has affected the growth of wealth for Indians who take part in the trade. Other facts revealed on the trade give fine reference to how the trade has fared in India since its start.