Merry Christmas dear readers!!!
-> Welcome to New Age Informers where we believe in sharing knowledge with you all with the joy of hearts. Christmas is a festival or occasion which makes us feel happy and blessed. Today we will be going to discuss about the cryptocurrency and bitcoins which is very hot nowadays everywhere in the world.
-> First of all let us discuss about bitcoin and how it works?
-> Bitcoin is a newly created currency since 2009 by an unknown person from cyber security field. Bitcoin can be used everywhere in doing payment and buying anything online. But nowadays, Bitcoins are the new way of becoming rich by investing money in owning bitcoin as day by day the price of bitcoin is increasing. Bitcoins can be stored or kept in a "digital wallet", which can be either on a cloud or on a user's computer.
-> The rising craze of bitcoin and cryptocurrency had made the Indian regulators including Reserve Bank of India(RBI) and Finance Ministry too. Indian regulators are worried because the investment in bitcoins is insecure or vulnerable. They had alerted the traders and investors about bitcoins- a virtual currencies and it's risks,"The creation, trading or usage of Virtual Currencies (VCs) including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities." This was told by the RBI in a press release which was issued in the end of the 2013.
-> Reserve Bank of India had listed five threats related to the trading in Bitcoin. They are as follows:-
1) As Bitcoin is digital currency, there is a risk of losing passwords and even getting the account or wallet being hacked, etc.
2) The second risk is the absence of any authorised central agency to maintain and regulate the payments and exchanges.
3) The third one is there is no basic benefits for VCs, making the value a matter of speculation.
4) The companies which are doing the task of exchanging are located at discrete location in all over the world.
5) The last one is that the trading may subject the user to illegal activities as the cryptocurrencies are used for illegal activities secretly.
-> RBI warned again in the starting of this year, on February 1, 2017, by releasing a note stating,"The Reserve Bank of India advises that it has not given any license/authorization to any entity or company to operate such schemes or deal with Bitcoin or any virtual currency. As such , any user, holder, investor, trader, etc. dealing with Virtual Currenciess will be doing so at their own risk." Recently, on 5th December, 2017, echoed it's alert regarding the bitcoins,"Attention of members of public is drawn cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding thee potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs."
-> The Finance ministry had constituted an inter-disciplinary committee by special Secretary in the Department of Economic Affairs, on March 15 this year. This committee will take stock of the present status of bitcoins in India and globally as well. It involves nine member representatives from RBI, SBI, NITI Aayog and Department of Financial Services. Government also tried to carried out an online survey about bitcoins- digital currency by asking a question "Whether Virtual Currencies (VCs) should be banned, regulated or observed?" on it's official platform 'MyGov', in the month of May this year. They get approximately 4000+ answers in the form of comments.
-> On June 27, 2017, a meeting was held by the Mr. Arun Jaitely who is the Finance Minister and Minister of Corporate Affairs as well. it was held to discuss risks related to the bitcoin and was attended by Ravi Sankar Prasad (IT minister), NITI Aayog's former vice chairman Mr. Arvind Panagariya and many other senior officials related to this field. But unfortunately, they were not able to take any decision about this matter. Later on in the first week of August, 2017, the committee which was made to look at this matter had submitted its report to Mr. Arun Jaitely. And finally on November 30, last month, finance minister Arun Jaitely announced, "The government's position is clear, we don't recognize this as legal currency as of now." On 13th of this month, Income tax (I-T) department examines the exchanges made by the bitcoin traders and investors in metro cities like Delhi, Mumbai, Pune, Bengaluru and Hyderabad.
That's all for today guys. Enjoy your Christmas and follows here for more updates daily.
facebook: CLICK HERE!!!!!!!!!!
Twitter: @NewAgeInformers
Instagram: @new_age_informers_
-> Welcome to New Age Informers where we believe in sharing knowledge with you all with the joy of hearts. Christmas is a festival or occasion which makes us feel happy and blessed. Today we will be going to discuss about the cryptocurrency and bitcoins which is very hot nowadays everywhere in the world.
-> First of all let us discuss about bitcoin and how it works?
-> Bitcoin is a newly created currency since 2009 by an unknown person from cyber security field. Bitcoin can be used everywhere in doing payment and buying anything online. But nowadays, Bitcoins are the new way of becoming rich by investing money in owning bitcoin as day by day the price of bitcoin is increasing. Bitcoins can be stored or kept in a "digital wallet", which can be either on a cloud or on a user's computer.
-> The rising craze of bitcoin and cryptocurrency had made the Indian regulators including Reserve Bank of India(RBI) and Finance Ministry too. Indian regulators are worried because the investment in bitcoins is insecure or vulnerable. They had alerted the traders and investors about bitcoins- a virtual currencies and it's risks,"The creation, trading or usage of Virtual Currencies (VCs) including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities." This was told by the RBI in a press release which was issued in the end of the 2013.
-> Reserve Bank of India had listed five threats related to the trading in Bitcoin. They are as follows:-
1) As Bitcoin is digital currency, there is a risk of losing passwords and even getting the account or wallet being hacked, etc.
2) The second risk is the absence of any authorised central agency to maintain and regulate the payments and exchanges.
3) The third one is there is no basic benefits for VCs, making the value a matter of speculation.
4) The companies which are doing the task of exchanging are located at discrete location in all over the world.
5) The last one is that the trading may subject the user to illegal activities as the cryptocurrencies are used for illegal activities secretly.
-> RBI warned again in the starting of this year, on February 1, 2017, by releasing a note stating,"The Reserve Bank of India advises that it has not given any license/authorization to any entity or company to operate such schemes or deal with Bitcoin or any virtual currency. As such , any user, holder, investor, trader, etc. dealing with Virtual Currenciess will be doing so at their own risk." Recently, on 5th December, 2017, echoed it's alert regarding the bitcoins,"Attention of members of public is drawn cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding thee potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs."
-> The Finance ministry had constituted an inter-disciplinary committee by special Secretary in the Department of Economic Affairs, on March 15 this year. This committee will take stock of the present status of bitcoins in India and globally as well. It involves nine member representatives from RBI, SBI, NITI Aayog and Department of Financial Services. Government also tried to carried out an online survey about bitcoins- digital currency by asking a question "Whether Virtual Currencies (VCs) should be banned, regulated or observed?" on it's official platform 'MyGov', in the month of May this year. They get approximately 4000+ answers in the form of comments.
-> On June 27, 2017, a meeting was held by the Mr. Arun Jaitely who is the Finance Minister and Minister of Corporate Affairs as well. it was held to discuss risks related to the bitcoin and was attended by Ravi Sankar Prasad (IT minister), NITI Aayog's former vice chairman Mr. Arvind Panagariya and many other senior officials related to this field. But unfortunately, they were not able to take any decision about this matter. Later on in the first week of August, 2017, the committee which was made to look at this matter had submitted its report to Mr. Arun Jaitely. And finally on November 30, last month, finance minister Arun Jaitely announced, "The government's position is clear, we don't recognize this as legal currency as of now." On 13th of this month, Income tax (I-T) department examines the exchanges made by the bitcoin traders and investors in metro cities like Delhi, Mumbai, Pune, Bengaluru and Hyderabad.
That's all for today guys. Enjoy your Christmas and follows here for more updates daily.
facebook: CLICK HERE!!!!!!!!!!
Twitter: @NewAgeInformers
Instagram: @new_age_informers_
Indeed, investing in cryptocurrencies is not a game of kids, and you would have to work really hard in order to make money from it. While it's your work and dedication that is going to show results, we can only guide you with its path. If you are also new to crypto and wondering how to invest in Bitcoins, then you've come to the right place. In this article, we are going to provide you with a guide about the best ways to invest in Bitcoin.
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