OneBitcoin price:Rs28427.14(Indian Rupee)
Bitcoins are listed on the stock exchange.
- BTC China.
- Mt. Gox in Japan.
- BitBox in the U.S.
- Bitstamp in Slovenia.
- Bitcurex in Poland.
At present, India does not have a centralized Bitcoin exchange, but users can buy and sell coins through several websites. Around 23,000 Indian users have online Bitcoin wallets where their digital currency is stored
RBI for Bitcoin
At present, there are no regulations governing virtual currencies like bitcoins in India. RBI, on December 24, 2013, issued a press release on virtual currencies like bitcoins, litecoins, bbqcoins, and dogecoins stating that the creation, trade, and usage of virtual currencies as a medium for payment is not authorized by any central bank or monetary authority. Further, RBI has cautioned virtual currency traders and users about various security-related risks such as hacking, malware attack, etc. While RBI has not legalized bitcoins, it has declared them unauthorized as of now. RBI is currently examining the risks associated with the usage, holding, and trading of virtual currencies under the extant legal and regulatory framework of India, including foreign exchange and payment systems laws and regulations.
Advantages:
- it is very possible to be able to send and get money anywhere in the world. Without worry about bank holidays.
- You control your money with Bitcoin. Bitcoin is encrypted to ensure the safety of your money.
- With the Bitcoin block chain, all finalized transactions are available for everyone to see, however, personal information is hidden.
- Due to the fact that Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud.
- With Bitcoin, merchants are able to do business where crime rates and fraud rates may be high. This is because it is very hard to cheat or con anyone in Bitcoin due to the public ledger, otherwise known as the blockchain.
Disadvantages:
The fact is many people don’t know about Bitcoin. ( Lack of Awareness & Understanding)
Bitcoin has volatility mainly due to the fact that there is a limited amount of coins and the demand for them increases with each passing day. ( Risk and Volatility)
Bitcoin has some growth to do before it comes to its full and final potential. ( Still Developing)
Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack, etc.
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