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6th July 2018:
The value of the Bitcoin has seen significant losses since last week,dropping to its lowest since October 2017.It is below $6,000/ to an 8 month low.
Taxmen send one lakh notices to Cryptocurrency investors.IT Survey reveals $3.5 Billion worth of transactions done over a period of 17 months.
The Hindu Friday Feb 9th 2018.
Nouriel Roubini, who predicted the 2008,global financial crisis has opined that the present "Bitcoin" is the mother of all Bubbles!!
January 2018 28th Bitcoin = $ 11,000/
February 2018 5th Bitcoin = $ 8,200/
Crowdfire founders planning to launching Bitcoin exchange in March 2018-India.
Budget speech 2018-19,Cryptocurrencies of illegal transactions to be controlled by Blockchain technology.-India.
Tokyo based cryptocurrency exchange --Coinchek was hacked,losing $530 Million worth of Virtual Money.World's biggest Hack.
"Regulating Cryptocurrencies can help boost public trust in them as many Nations are showing interest in this disruptive innovation---" World Economic Forum.WEF.
IMF is looking into crypto currencies to understand potential risks and benefits even as the US made it clear that it will not allow illicit trade through this route.
A survey shows that 60% of Americans have heard about Bitcoin and 5% own them.(Global Block chain Business Council and Survey Monkey appraisal).This shows that awareness of Bitcoin is high though actual ownership is relatively low.
Another survey of Researchers showed that as the prices of Bitcoin dropped recently investors of Bitcoin rushing to buy Gold.
South Korean credit card companies are reportedly working on blocking payments to overseas cryptocurrency exchanges. Transactions .The idea is the users cannot buy virtual currency at overseas virtual currency exchanges with domestic cards.
Bitcoin prices slide in three days to USd$10,750/ after South Korea's plan to ban the use of anonymous bank accounts in cryptocurrencies trading from 30 Jan 2018.
As on 24-01-2018 price of Bitcoin to Indian Rupees:
1 Bitcoin Equals 680031.82 Indian Rupees as on 23-01-2018.
Analysts are predicting 85% crash of Bitcoin in 2018.
The greatest Investor of the present day Mr.Warren buffett of Berkshire Hathaway opined that there is a real bubble of such a sort of thing-viz-Bitcoins and cryptocurrencies.He said that Bitcoins will come to a Bad End.
Bitcoin soared to a High of USD$19,000/ on 17.12.2017.
Noble-Prize winning economist Robert J Shiller remarked," The Bitcoin price is like a thermometer measuring the intensity of the epidemic".
What Is Bitcoin?
Bitcoin is defined as….” A type of digital currency in which encryption techniques are used to regulate and generation of units of currency and verify the transfer of funds operation independently of Central Bank”
However, it may be noted that it is not recognised as legal tender but only a virtual/digital currency that exists only on computers and apps and now becoming defacto currency worldwide, there is still no governance and difficult to trace.
There are at present only ambiguous regulations to control Bit coins.
In India it became a possible source to hide unaccounted money after demonetisation. old notes were alleged to be exchanged for a hefty premium in exchange for Bitcoins.
It all stared in2009 by an anonymous hackers.JP Morgan’s CEO, Jamie Dimon, said speaking at a bank investors conference in New York:
…” The currency is not going to work. You can’t have a business where people can invest a currency out of think air and think that its buyers are smart.
It is a digital currency that enables individuals to transfer value to each other and pay for goods and services by passing banks and the main stream financial system.
JP Morgan invested millions of dollars in brock chain that tracks Bitcoin transactions.
Bitcoins are thus a self-regulating digital currency. It does not require a central bank monitoring. It is difficult to trace the bit coin movements and the transactions involved.
The price of a Bitcoin at one-time way back was 1 Bitcoin=$1,242.
Bitcoin was created on January 3rd 2009.Unlike money in currency which is controlled by Banks and Government,
Bitcoins takes care by itself with the persons involved in the transactions. The
Bitcoin network performs the function that is performed by a PayPal or banking transaction.
The bitcoin concept puts everybody who is involved.
Bitcoin currency can be sent through the Tv or smartphones by scanning and through the camera from one country to another into the Bitcoin wallet of another.
One chooses how much equivalent of Bitcoins to be sent, say for example, equivalent to 100Euros, you do that on the specified web address on internet from one address to another and no third party like bank or pay pal etc are involved except the two persons involved. This is the power of Bitcoin.
No third part is involved to control your money or transactions or put limitations or restrictions as in the case of normal currency notes regulated by banks and the government.
Thus, you have no
control over your money but depends on the decisions of these third parties-like demonetisations, limiting the transactions etc recording the transactions etc
though all are afraid that Bitcoins are used as a means of transactions by Criminals is now being accepted in the world over as a more self-regulating crypto currency without a third party and easy to transact and all are talking about usage of Bitcoins as a mode of transacting.
After the 2008 debacle of Lehman Brothers collapse on November 2nd 2008 that a cryptographers document appeared of alternative currency without involvement of banks and financial institutions and Government controls. It describes a completely new system of new monetary system by its author SATOSHI NAKAMOTO.
However, at present this fever of cryptocurrencies is catching up all over the world despite a big fall recently in the value of Bitcoins.
Current status and more about of the Bitcoin:
Check the following websites for more information and news.