Bitcoinis a digital currency which is used as a medium of exchange without working under a bank and which uses cryptography (used for components that are highly resistant to cryptanalysis. This can be exchanged for other country currencies, products, or any valuable item. This is also blamed to have illegal activities related to it, theft, wrong transaction details, not providing correct accuracy for Crypto Exchange.
Bitcoin was first developed by Satoshi Nakamoto. He also developed the first blockchain which is used to verify and record the transactions. He proudly titled this as “ a peer to peer electronic cash system” which soon took hype around january,2009. It is anticipated in 2010, which Nakamoto disappeared after gaining a one million bitcoins, handed them along with the network key and coding details to Gavin Anderson who later developed bitcoin foundation.
There are many legal transactions where bitcoins where used to either buy food, things just like normal money. The initial value of one Cryptocurrency Exchange in 2011 was $0.30 and now it is accurately mentioned that it is $8581.73 per bitcoin.
As every concept in this world has pros and cons,bitcoin also does. Like other transactions in bank which can be tracked and identified bitcoin transactions are not subjected to tracking and identifying. It is always private and anonymous. This also does not require any intermediate process in transferring money from one person to other since it does not work under a bank and neither does it have a money limit nor transactional fees. People prefer this over normal online transaction with money because this is considered to be a hassle free because it does not require any information like credit card or debit cards and the government is not allowed to interfere in this.
Nevertheless, it still needs to be recognised and accepted over a large part of world. People are not yet aware of this digital currency. It is reported that, once you lost your earned bitcoins, it is nearly impossible to gain them back since it is private and tracking is not authorised. They are highly used in black markets which are naturally illegal.
Bitcoinmaybe considered as “future of money” since it does have a lot of perks but as discussed it does have snags also. For sure, this is neither perfectly right nor perfectly wrong, it depends on person how he uses it and takes it as a boon or if he decides it to be use it as a misdeed. The united states and japan have validated as an official mode of payment along with implemented tax.
In India, it was banned by finance minister MrArun Jaitley in his budget February 2018. In 2019, a petition is filed in the supreme court to challenge its legitimacy.