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Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services by-passing banks and the mainstream financial system. Bitcoin is one of many cryptocurrencies that have proliferated in recent years. Investors who invested Rs 1,00, in the cryptocurrency in November have seen their wealth swell into a humongous Rs crore in just seven years. The cryptocurrency has surged from nearly Rs 10 per bitcoin to above Rs 6,20, in India during this period, according to a report in The Economic Times.
Zebpay is India's first bitcoin company to launch simplest mobile bitcoin wallet app that enables bitcoin transactions using mobile number. Unocoin is another leading bitcoin company in India that enables users to buy, sell, store, use and accept bitcoin. Zebpay has Android and iPhone app which lets you link your bank account for quick transfers. You can buy bitcoins by making a payment to Zebpay's bank account.
You can also withdraw the money to your bank account, and track data on bitcoin valuation in the country. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," the RBI had said. It depends on a host of factors, not least the possibility of self-fulfilling expectations that the price will continue to rise and this will bring in more participants.
We are seeing a shift in resources. Is this a misallocation or seeds of a really worthwhile shift? We suspect crypto-currencies are here to stay.
Experts are of the view that anonymity and the fact that there isn't any central authority managing the transactions make it a shady financial instrument and highly vulnerable to cyber attacks.
Created in , bitcoin uses encryption and a blockchain database that enables fast and anonymous transfer of funds outside a traditional centralised payment system.
Telly Talk Gossip Written Updates. Lifestyle Travel Food Trending. Cricket Cricket news IPL How Rs 1 lakh invested in turned around into Rs crore Updated Nov 30, File photo Photo Credit: Login with Social Network.