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.
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.
How it works?
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.
Indian Scenario
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.
