The modern concept of cryptocurrency is becoming very popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a side product became a hit. Decoding Cryptocurrency we understand crypto is something hidden and currency is a medium of exchange buy brics coin
. It is a form of currency used in the block chain created and stored. This is done through encryption techniques in order to control the creation and verification of the currency transacted. Bit coin was the first cryptocurrency which came into existence.
Cryptocurrency is just a part of the process of a virtual database running in the virtual world. The identity of the real person here cannot be determined. Also, there is no centralized authority which governs the trading of cryptocurrency. This currency is equivalent to hard gold preserved by people and the value of which is supposed to be getting increased by leaps and bounds. The electronic system set by Satoshi is a decentralized one where only the miners have the right to make changes by confirming the transactions initiated. They are the only human touch providers in the system.
Forgery of the cryptocurrency is not possible as the whole system is based on hard core math and cryptographic puzzles. Only those people who are capable of solving these puzzles can make changes to the database which is next to impossible. The transaction once confirmed becomes part of the database or the block chain which cannot be reversed then. Legality of cryptocurrencies has been one of the major point of concern in India. It has kept many investors on a side where people think that investing in cryptocurrencies might put them in trouble or they might even lose their money. This is completely a hoax as investors have been involved in this excellent money multiplication process for a quite long time.
If we keep aside the ponzi MLM based projects in India or world and we choose the cryptocurrencies wisely, definitely there are no issues as such. Still, for those who are still worried about this upcoming vibrant market, I will try to cover all aspects of legalization of cryptocurrencies in India.
While China has banned the cryptocurrency trading already to come up with regulations, Japan took the first initiative to regulate these currencies. USA and Australia are already setting up the guidelines to regulate as soon as possible.
Fintech Valley Vizag, the flagship initiative of Government of Andhra Pradesh, J A Chowdary who is IT advisor to the CM are involved in creating a firm foundation for the Indians to evolve and adopt blockchain technology. Plans are also being made to open schools to teach blockchain to the young generation. So, when this level of strategies are being made and getting implemented, you can understand the country is welcoming blockchain and the projects based on it. Definitely the cryptocurrencies as well are going to be regulated soon.
Speaking at a fintech event by KPMG, RBI executive director Sudarshan Sen said “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closer”. Statements were released that RBI won’t take any responsibility for the investors going for the cryptocurrencies. As the Indian government watches the domestic growth of cryptocurrency with a mix of apprehension and intrigue, local startups are leading the way in incorporating bitcoin and other cryptocurrencies into India’s lofty digital ambitions. If you see closely, you’ll find that various crypto projects are already functioning in the market like Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).
Particularly, Indicoin just finished their presale and ICO successfully and sold over 95% of the total available tokens. The figure clearly indicates that the investors not only from India but from all over the world have shown huge support for the project. Indicoin is going to be traded on HitBTC and various other major exchanges worldwide. So, even if the regulations are taking some time to come in, the investors can trade with Indicoins. The transactions are not in fiat currency so there is no damage caused to the national law as such. Enough, there has been so much hullabaloo about the boom created by the virtual currencies that the internet has been overloaded with information on how you could earn more money by investing in these currencies. But did you ever think how cool it would be if you could create your own cryptocurrency?