As the craze for cryptocurrency shoots up worldwide, Bitcoin shows no signs of slowing down. The new favourite form of currency, Bitcoin already blew past $9,000 in less than a week's time and now eyeing to enter the five digit club.
Cryptocurrencies can be held, traded, transferred without the need of a central authority and the entire transactions are stored in decentralised public ledger. Cryptocurrencies made international asset transfer possible in near real time, which the much backed and well researched FIAT currency system still struggle to do.
A transfer of cryptocurrency can happen in near real time depending upon the network congestion and the fee paid for the network confirmation. The way Bitcoin is gaining popularity, the Central Banks worldwide will soon join the chorus as banks are already feeling the pinch as the fintech industry is inroading the money remittance and lending markets with innovative blockchain based solutions.
However, the Reserve Bank of India is uncomfortable with "non-fiat" cryptocurrencies like Bitcoin. The fiat cryptocurrency is a digital currency which will be issued by the Reserve Bank of India (RBI) in place of the physical one at present, he said, adding that the central bank is studying this aspect at present.
http://www.dnaindia.com/business/report-bitcoin-aims-to-enter-10000-club-should-you-invest-now-and-other-queries-answered-2562808
