Is Digital Currency 'Bitcoin The Future Of Cashless India?
In India, after demonetization there is a move to focus upon the e-wallet and cashless economy. Ever since the prime minister, the finance minister is now referring to digital India and digital currency. You and we assume that the gesture is on the basis of transactions without the use of credit, debit and e-wallet. But is this a digital currency?
What Is Digital Currency?
Digital currency is a virtual currency running on the Internet. This virtual currency on the Internet was started in January 2009 in the name of Bitcoin. Anyone in the world can be paid by using this virtual currency and most importantly, there is no need to make any bank a medium for this payment.
Bitcoin is based on peer to peer technology. This means that the transaction can be done between two computers with the help of Bitcoin. There is no need for a Guardian or Central Bank for this transaction. Bitcoin is an open source currency where anyone can keep its control from its design to control. Anyone can do the transaction through this because no registration or id is required for this. Through this medium, there is a lot of transaction in nature that does not present any banking transaction in the present time.
After the launch of Bitcoin in 2009, there has been a steady increase in popularity. However, the Central Bank of any country has not given the recognition of the currency to Bitcoin. But some multinational companies, such as Dell and IBM, allow purchase on their networks via Bitcoin. There is a Bitcoin trade in London's Global Forex Market, but trading is only virtual. On the basis of this trading, the price is fixed relative to all the currencies present in BTCON's International Currency Basket
Even now Bitcoin is used by few companies. Until the number of usage increases, it can not be considered safe for the common man. Since it is a new medium for global transaction, its future can not be estimated. At the same time, in the use of Bitcoin for the last 6-7 years, it has also been found that this is also the preferred medium for international drug mafia and terrorist organizations. So one has to be careful
India would probably make their own digital currency. They cannot control Bitcoin prices so they would not want to use it as a national currency. Also, Bitcoin is simply too expensive to implement in India. Most people would have 0.000001 or less Bitcoin in their wallets and dealing with numbers that small does not make sense in a country's monetary system.
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