This year began with interesting twists and turns and many more
surprises might come our way. With changing policies and trends, we see a
world shifting from manual to tech freak. Then why digitisation would
lag behind. Expect the unexpected and its effect would be drastic though
positive. Since, every wave brings along both sides of the coin. With
the dream of our Prime Minister of digital India, new technologies come
our way to make our efforts easy. One of which is Bitcoin.
Bitcoin is an innovative mode of payment through a secured network.
Through bitcoin, one can make transaction from anywhere in the world to
any person directly without interference of any intermediary. With this,
immediate direct transfer, the transaction fees remains low. Also,
anything can be purchased using bitcoins. Since, the world is turning
digital, it is the best way to transfer money as it involves the block
chain technology and is highly secured. People confuse it with currency
but in actual, it is a commodity in exchange of which transactions can
take place.
The question comes, where can we get bitcoins. So, there is a Bitcoin
Exchange where you need to open your account and get registered. All you
need to do is initially fund your account. Then place an order and once
the order gets executed, you can receive your bitcoins and these coins
are available in almost all currencies or rather can be used for
overseas transactions as well. The proceeds taking place is mentioned
below which will give a clear idea on how does it work.
Imagine bitcoin as a mobile app that provides an e-wallet from where you
can transfer any amount of money to any person directly. The bitcoins
are secured by individuals called miners who verify your transactions.
The internal process taking place is little complex and the technology
is called block chain where blocks are created and connected through a
network to form a chain. Certain codes are generated for every
transaction taking place which get registered in a transparent public
ledger. The interesting fact is that anyone can view the codes generated
for the bitcoin transactions. You might think why we should make use of
Bitcoins in spite of other alternatives. So, to answer this, ask
yourself- Is there any option in your alternatives which is so much
transparent yet highly secured. You need not reveal your personal
information while making transaction through bitcoin as in any other
plastic money. Also, bitcoins are virtual while all other plastic cards
occupy physical space. The most important of all is since there are no
intermediaries, you need not worry about bank holidays etc and hence,
fees charged is low.
Listing all the above reasons, you have enough reasons to choose bitcoin out of all the other options.
This is a digital era and India does not lag behind when it comes to
technology and also adapting to the innovations. With recent
demonetisation effects, e-wallets have grown rapidly and people tend to
use these mobile wallets often. As per the facts and observations, it
was noted that bitcoins are becoming strong rival of Gold when it comes
to safe haven. Hence, it is in high demands and is trading at a premium
of 25% i.e. at a higher price than its worth. Few months ago, Unocoin
and Mobikwik partnered with one another to boost up the usage of bitcoin.
No doubt that people are depending on it and it is increasing at a fast
pace especially because of the announcement of demonetisation by our
Prime Minister.
When the world goes cashless especially India, people who transact in
cash also ultimately use e-wallets and rely on them. And why not when
they are safe, highly-secured, accessible and the most important of all
is that they are quick mode of payment which offer hassle free service..
