Join Hands to Build a Smarter India: Sign in | Join now
News

Bitcoin Resumes Service In India

By SiliconIndia  |   Monday, 20 January 2014, 05:54 Hrs
30
29
47
11
Print Email


Bangalore:  Like normal currency, bitcoin currency can also be used for selling and purchasing. The concept was introduced in 2008 by a pseudonymous developer "Satoshi Nakamoto", who called it a peer-to-peer, electronic cash system. This crypto currency can be transferred through internet without an intermediate financial institution.



The transactions are processed through servers called the Bitcoin miners, these servers communicate over an internet-based network and confirm transactions by adding them to a ledger, which is updated and archived periodically using a peer-to-peer file sharing technology.



 In India, this service is slowly resuming its activity after a long gap.  This is because the central bank issued a public advice highlighting the risk of digital currency. BuySellBitCo.in that handles 12 million rupees transactions a month stopped its services and also advised others including INRBTC to shut down their services. Action was taken against Bitcoin operators by the tax authorities for halting other operator services. The problem with Bitcoin service is its vulnerability to hacking. As the transactions made on bitcoins are not traceable, it might become easy for illegal online transactions such as buying drugs and money laundering. Thus, the bitcoin  operators are asking the government ‘s help in making their service possible in India and accordingly, some operators such as Unocoin have resumed their service with strict buying and selling limits India has about 30,000 Bitcoins accounting to one percent of the world’s 12 million. Currently 1 BTC (bitcoin) is equivalent to Rs 6,491. Unlike physical currency, BTC cannot be easily stolen because it requires an authorized physical device to transfer them and once the transaction is done, the ownership changes immediately. This service is growing rapidly but it’s yet to reach major retailers across the world. Currently, there are no online or physical stores in the country that accept Bitcoins, but this could surely be a major source of transaction in the future.



Read More:



Google: Not Optimistic on Future of Bitcoin




 



Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Philips
Ather Mohammad A
Sr. Executive
ISB
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
NIC
Reena Khanna
Founder
Solitaireworld
Dellas  Asse
sys-network admin
Computer Station
Sign Up for DailyDose and Read the Day's Highlights
Write your comment now
Submit Reset
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved