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No, government cannot kill Bitcoin. It can although restrict its usage. Killing Bitcoin completely is not easy as it has already spread over the world. Further, government cannot interfere in a decentralized concept. Bitcoin does not need anyone’s approval to operate. Government can introduce some regulation to the crypto market to make it more secure, which is, indeed, a good thing.
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The Central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin.
Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.
Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.
I don’ t know whether this will happen or not, but yes, the Reserve Bank of India has said that it is planning to launch its own blockchain network. If this will happen then the crypto market in India will be a regulated one which means there would be less scams and frauds. |
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It’s quite tough to control emotions when you see your money going out of your hands. But one should try not to panic and sell their investment at loss. You should hold and wait for the price rise. But if you are falling short of money then holding is not an option for you. Try day trading instead.
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why bitcoin is important to me? because the bitcoin is money, money is very important to our lives, bitcoin is the future savings of the precious assets we have for the future
The obvious answer to your question is that Bitcoin was the first decentralized currency which led to the beginning of crypto world. Every new thing attracts the people. By offering so many advantages it attracted large number of people who started investing in it. So it enjoys the faith of the investors. |
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Yes, Bitcoin has made many things simpler. You can use it for making various payments, even global payments. All you need is your smartphone and a Bitcoin wallet in your phone. You don’t even need to give your personal details like credit card number which eliminated the risk of hacking your bank account. What the best point is that you can earn profits while availing all these advantages.
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Yes, I do believe in Bitcoin but before giving you reasons for believing in Bitcoin I would like to ask you what your reasons for not believing in Bitcoin are. Only because its price is falling? But price fluctuations are completely normal. Why people are in such a rush? It’s not easy for Bitcoin to die; in fact, Bitcoin has a great future ahead.
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Will bitcoins be recognized by the Indian Government ?
Bitcoin is legal in India. I mean, although they have not declared it legal but they have also not made it illegal. You can still invest in or buy Bitcoin. Only the banks in India are prohibited to deal in cryptocurrencies. This was, in fact, quite expected as banks have never shown a positive attitude regarding cryptocurrencies. But this does not mean that it is illegal in India. |
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Obviously it feels like crying out loud and disgusting. But then I come back to normal thinking that such losses are normal for a trader. I search and understand where I went wrong and make sure not to commit such mistakes in future. Losses definitely not hinder me from investing further; instead it encourages me to invest again and carefully to recover my losses.
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If cryptocurrencies will be the basic mode of exchange in the future, what will happen to the banks then?
That would be the best if it happens. It would lead to the elimination of banks which are the main fraudsters. They are charging a great amount for doing anything related to money even if it means just holding on to it. It would become possible to use cryptocurrencies in daily routines easily. This would be especially beneficial for people living in far flung areas or the outskirts of the cities who do not have easy access to banks. They can then easily use cryptocurrencies at their homes as it would be widely acceptable then. |
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No, definitely not. Why people are asking questions like that. Paper money can never disappear even if it would be beneficial. Bitcoin cannot be used in place of fiat money owing to its low acceptability, need of internet, etc. People are not knowledgeable enough to use it. Some people cannot afford it. Yes the usage of paper money can reduce but it will not disappear.
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Should Bitcoin be banned in India?
If there ban to the Bitcoin in India, what would be the future of India?
I don't think Bitcoin is harmful to the society. It provides us an opportunity to have the speedy transaction with transparency. Being decentralized, there is no regulation/restricts on it. So govt can't really ban it, they might try to regulate it in some way or another but govt. seems to helpless at this point of time so they just try to create a negative hype against it. |
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Yes, digital currencies do have a lot way to go. The world is becoming digitalizing and everyone is engaging with it in some way or another. It has made many day to day financial operations easy. People are adopting it with open hearts and becoming cashless as much as they can. It gives us the freedom of not carrying cash everywhere which reduces the chances money being stolen or lost.
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Bitcoin is promising currency, but somehow because of it's volatile value. How can bitcoin help the community? especially the 3rd world country.
Bitcoin can help youth to earn and invest. It can make many people rich and provide ease to the user to make a transaction easy and faster around the globe. If we talk about investment, BTC and crypto proved to be the best investment tool in past 5 years. It is gaining popularity among people all around the world especially youth which is goo sigh about its future expansion. |
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This is not surprising at all. China is always concerned with strengthening its own national currencies and therefore does all such things which may benefit it. So this move is adopted by them to divert the attention of Chinese people from digital currencies to gold and silver. These have been used as investments since a long time. So once they accumulate big amount of gold they will be able to influence it.
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Hello everyone!
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
This invention of Satoshi Nakamoto incredibly stunning us, Bitcoin known as a revolutionary invention.
Can Bitcoin solve the worlds problem?
I don’t know what problems you are expecting Bitcoin to solve. But yes, Bitcoin can solve some of the problems like it eliminates the intermediaries which reduce the cost of transactions. It acts as a store of wealth for people. It is solving many financial problems in this way. Bitcoin offers transparency while staying anonymous. So there is no risk of hacking or breach of data privacy. |
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Bitcoin, according to me, always tops the list. Besides this Ethereum and Ripple are also good to go. As the price of many cryptocurrencies is low now days, so this is the best time to invest your money in these coins. Experts says that it is the golden era to buy BTC as this price will never gonna come in long run.
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I completely agree with you regarding everything you said about the affect of internet on our lives. But how could you blame Bitcoin for this. I mean the usage of Bitcoin has a very insignificant contribution in increasing the usage of internet. Internet is being used for many other things. You should blame social media websites instead.
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