Do
you know about Bitcoins ?
You may have read or hear about bitcoin mining. It is very buzzing and
common word in today’s world. Now a days, it has become very growing competitive
business. Some people consider it as a currency. Recently the US investigation
agency FBI cracked down and found an online exchange using bitcoin for the
trading of illegal trades.
Bitcoin is not real money. It is an online currency (virtual currency)
that can be exchanged for goods and services like real currency. It is not
legal in India. It came into existence in 2009. It is not regulated by any authority
or regulator. It has no serial no. as like other currency have. So we cannot
trace the buyer or seller through it.
Other currency is backed by gold, silver other metal or central bank. It
is generated by a process in your computer called ‘mining’. A little app sits
on your computer creates bitcoin very slowly in exchange for providing the
computational power to process transaction. It is said that the system will not
create more than 21 million bitcoins. This concept attract the people to join
early to make the most of this opportunity.
There is decent incentive for small businesses to accept bitcoins- It is free
to use and without any transaction fee. You can buy services of web designer,
PC games, homemade ornament etc.
According to a report, in India there are about 50,000 Bitcoin user. The
value of Bitcoin has increased surprisingly over the one year. At the beginning
of this year the value of Bitcoin was just 13$ and now it is around 900$.
According to reports, there are about 11 millions coins now. The key exchange
of Bitcoins is Tokyo based Mt Gox exchange.
India’s first Bitcoin’s conference held in Banglore on 14th
& 15th December. This is the second global conference in Asia on
Bitcoins. The conference will be attended by RBI (Reserve Bank of India) and SBI
(State Bank of India) also. CoinMonk named organization is trying to spread
information about Bitcoins in India. It is working towards to regulate and
recognize bitcoins in India.
However, Bitcoin is very far from the getting status of real currency but
we cannot ignore it for future. It has potential to get the wide acceptance across
the world.
For more detail and any
other query related investment, you can contact me through my email
Warm regards,
Arvind Trivedi
Certified
Financial Planner
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