With
the world going digital in every sphere of life, it is high time people afstop
using money in cash form. A slight change comes in the form of internet banking
facility. Payments can be made online via smartphones and computers. Another
revolutionary change in the form of digital money is making its way slowly, and
is already set on the path of increment. It is called bit coin. Bitcoin is a
new payment system. It is the first
decentralized peer-to-peer payment network that is powered by its users with no
central authority or agents. Bitcoin is the first implementation of a concept
called "cryptocurrency”. Nobody owns bitcoin; it is controlled by all is
users around the world.
Advantages of bitcoin:
·
It
allows a great deal of payment freedom to the users. Payments can be made
anywhere in the world any time. There is no question of bank holidays or
timings.
·
No fee
is charged for the transactions that take place.
·
Bitcoin
transactions are secure and reliable. They do not involve use of personal or
confidential information about users.
·
Bitcoin
payments are completely under the control of users. There are no chances of
hidden costs being added in transactions.
·
The
working of bitcoin is transparent and neutral.
With
the growing acceptance of bitcoin as a
mode of real time payment, the security offered by cryptographic
protocol and the ease in payment system, bitcoin as a great future in coming
times. The international trade and business and developing communication
technology are fertile ground for bitcoin.
India
is a rapidly developing nation which is making its presence conspicuous on the
world map in every respect, thanks to the massive efforts on the part of the
current government led by PM NarendraModi.
A number of
schemes and policy changes in recent times are promoting international business
and trade relationships with many other countries. ‘Digital India’ mission is
one such move that encourages the use of technology. Young and old alike are
trying to gain knowledge of computers and learning how to operate all kinds of
apps and gateways on smartphones. The bitcoin too is an app that can be
installed in the smartphone. Payments can be made anywhere anytime via the bitcoin
app. When such convenient and quick method of money transaction is available,
India cannot be left behind in adopting it. India is the youngest nation in the
world and the young generation is always ahead in adopting new technologies.
Generation X in India will soon get accustomed to bitcoin transactions and
begin to use it as a matter of routine. It will simultaneously gain popularity
in the entire world.
There is no doubt
that in the near future bit coins will find increasing users in India!!!
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