BitCoin in India

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Last year, more than 500 merchants in India and five of India’s largest companies, including Dell, accepted the cryptocurrency as payment, according to GBminers co-founder Amit Bhardwaj. The number grows by day. True, that Bitcoin is far from popular, and most Indians prefer fiat money, but a recent Forbes article reports Bitcoin's craze is catching on and that, to date, there are more than 600,000 users in the country.


What about the future ?

Observers predict that India’s government will regulate Bitcoin in stages. India’s Bitcoin industry welcomes these changes knowing that government acceptance will give the cryptocurrency the backing it needs. In fact, India’s Bitcoin industry has long tried to popularize Bitcoin with strategies that include conducting security checks, requesting identification from users, such as government-verified address documents, Permanent Account Numbers (PAN) or Aadhaar IDs, and sometimes even checking bank details. Private Bitcoin companies have also launched an association, called the Digital Assets and Blockchain Foundation India (BFI), to educate lay people on Bitcoin benefits and usage. Government intervention credits their efforts.

On the other hand, experts wonder whether some of these intended regulations will harm Bitcoin in that government interference contradicts Bitcoin’s allure, while other rules may hamper the blockchain innovation and development


Current Situation of Bitcoin in India

Bitcoin is neither legal nor illegal. However, it is not recognized as a currency by the government. 

(it can be considered just google play credits which aren't currency but still valid in playstore)

At present, the only thing the government wants is that you should pay your due tax from Bitcoin earnings.

Is it a smart choice to invest in Bitcoin

It never is a smart choice to invest in Bitcoin or any other cryptocurrency. However, due to the mind boggling returns that these cryptocurrencies have given, people are getting more and more fascinated towards it. Please be aware that you should invest only what you can afford to lose.


The Major issues with bitcoin 

*That it's not mainstream and operates on dark web.

*More than 70% internet user don't even know what is dark web or how to access it.

*It has been infamous for being used for criminal transactions,illegal buisnesses, operates on untrustworthy websites.

Then what should we do to make cash disappear from our economy ?

What we can do now is create virtual currency and allot it a value in exchange of real currency
we can launch it a popular rewarding scheme or app. people will start gathering that currency as soon as they get to learn about is exchange value with real cash when there will be sufficient amount of funds and we can bring it mainstream making it valid for multiple food ordering websites, shopping websites,payment platforms etc... then it can be used as a real currency.
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                                                                       ~Madhusudan Tiwari
                                                                        ( Physics Hons.
                                                                         Department )
                                                                          "The Innovation Hub"
                                                                           (Team Member)

#TIH2019


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