CAN BITCOIN REPLACE INDIAN RUPEES AS CURRENCY

BITCOIN is a Digital (or virtual ) Currency which possesses a genuinely serious monetory value but doesn’t have any physical and tangible form. It neither exist in the form of coins nor in the avtaar of notes.

Currently, almost every currency, circulating in different countries of the world, is issued and governed by the government of their respective country. All of such currencies exist in the form coins as well as notes too. Therefore, the possibility of circulation of Fake Currency within the System always exists. However, BITCOIN is capable of wiping off such probabilities.
BITCOIN is such a Digital currency which is neither governed by any of the Banks nor by any government.

It is invented by SATOSHI NAKAMOTO. This recently developed currency does not possess any metallic and paper avtaar but exists in the form a certain code within the computer.

Bitcoins are purchasable and sellable through the computers equipped with Internet. The bitcoins can be stored within digital wallets after purchase. Despite the fact that Bitcoins aren’t controlled by any bank or government, the bitcoin holder can still make effective money transactions throughout the world using Bitcoins.
One noteworthy fact about Bitcoin is that with the current situation of Bitcoin’s economy , the concerned authority can make 2.1 crores of Bitcoins only, out of which 1.5 crores of Bitcoins are already circulating around the world. The object behind limiting the quantity of generating bitcoins is to avoid every such possibility which may weaken the monetory value of bitcoins.
Bitcoins can be easily exchanged with some of the prominent currencies like Pounds, Dollars, Euro, etc.

 

Many of the famous and widely known Economists of the world have declared Bitcoins as the best performer in the market, as compared to performances of other currencies.
Another great thing about Bitcoins is that it offers CHANGE upto such low degrees which can’t be offered by any other currency. Today, the coins of 50 paisa & 25 paisa are strictly unacceptable in the market. While on the other hand, one can transfer even 0.00000001 btc using Bitcoins.
Mt. Gox, a Japan based company, is the biggest Online Exchange company of the Bitcoin World. Apart from this, Coinlab, an America based company, signed a deal with the aforementioned Japanese firm which have further eased the purchasing and selling of Bitcoins around the world.

 

HOW TO GET BITCOINS

 

TAKING FROM A BITCOIN HOLDER

The first method is that when you sell something to a Bitcoin Holder then instead of receiving the payment in any other currency, request the buyer to transfer the bitcoins of equivalent monetory value.
It should be noted that for receiving the bitcoins. it’s necessary for receiver to attain the code of the associated software. After getting the code, the bitcoins can be transferred to the bitcoin address using this code.
Interestingly, once the bitcoin gets generated, the user can save the aforesaid code in his HardDrive, PenDrive or even in his Virtual Wallet too. The Code is innately secured but the wallets aren’t. Therefore, the user must set an effective password in order to raise the security level of his virtual wallet.

 

BITCOIN MINING

In Bitcoin Mining, the solving of Mathematical problems is done. The person who solves the problem first gets the bitcoins as reward. Bitcoins entered into the market with this very method of Bitcoin Mining and now the business is going on through the bitcoins.
As this digital currency, Bitcoin, isn’t under the control of any bank or government of any nation. Therefore, its users are free to buy whatever they want without encountering any opposition.
Because of such reasons, Bitcoin have become the most expensive currency of the world. In India, the price of 1 bitcoin is equivalent to Rs. 50,650. About 30,000 Indians possess the bitcoins BUT Reserve Bank of India has not validated this currency so far.

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