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Cryptocurrency and its impact on India

Oct 07, 2017 Posted /  10732 Views

Cryptocurrency and its impact on India

Cryptocurrency, a name which defines two assets money and its security feature which is kept secret. This is also defined as a form of digital transactions, we can say it is the medium of money exchange in which the digital transaction will be there to transfer money from one place to another. At both the side the cryptographic chips work so that the transaction would be done securely. This technology is quite accepted in the developed countries and widely used to create a secure and a stable monetary system.

Here, if we talk about India, we are accepting this technology to run parallel with the International market with a digital monetary system. This technology is not widely accepted in India but if we talk about the future of cryptocurrency in India, it will be bright. Our government and the private companies which are ready to take the responsibility to run these currencies securely are working together. Through various kinds of sources to spread awareness of this currency, the people are getting information regarding this currency so that they could accept and use this source of digital transactions, as it is quite easier to do minor as well as major transaction than the fiat currency

Today, India is growing digitally and each citizen of this country has happily accepted and online transaction system like PayTM, Bhim App etc. These sources are attached with the bank account of the user and work on the basis of bank details. Here, you can add the required amount to the wallet of these sources and can use accordingly. But if we talk about cryptocurrency system in India, it will bring a great revolution, as there will be no need to add or remove the central government currency to the wallet, for example BitCoin and other companies which have made the monetary system transacted digitally and securely on the basis of Math not the fiat currency.

This currency has great potential and it will bring a great revolution into Indian finance market so that we could make lesser use of fiat currency and could stay safer. Here, we just need to understand the whole monetary system in terms of cryptocurrency, as we have accepted the online transaction system on the basis of bankaccount. But here, we will use the digital codes, as we need to buy and sell the things on the basis of blockchain instruments, as we have discussed that Bitcoin is the first platform which brought this technology into reality and serving the World successfully.

It is for sure that in coming years, we will definitely grow by using this technology, as we do not need to worry about the fiat current and the bank details for which we always think about before doing any online transaction. Here, we just need to understand the terminology because if the developed countries have adopted this technology and made their monetary system fully secured and digitally transacted then why cannot we. As we can see that every Indian is quite happy with the online transactions by using various application but there is a need of bank details etc. We can guess if there will be no need of any fiat currency and we could be able to do any kind of transaction by using digital codes, the acceptance rate will be higher in the coming years, we just need to understand the terminology. An upcoming digital cryptocurrency wallet, Bitindia, aims to move 20% of people from India to start using blockchain payments.

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Tags: Bitindia Bitindia Wallet PayTM vs Bitindia

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