Bitcoin is a decentralized and utterly anonymous digitalized coinage having a peer-to-peer network and blockchain network, which assists bitcoin in achieving the decentralized features. Furthermore, Bitcoin is an exceedingly robust and technically beneficial cryptocurrency as the market capitalization and comprehensive Bitcoin applications are exceedingly huge.
You might be familiar with the fact that bitcoin prices declined by an exceeding extent in recent times as the cryptocurrency market shattered the entire crypto market. If you want to get profitable results in your bitcoin trading expedition, check this platform Immediate Bitcoin. After the market crash, the value of bitcoin was restored a little bit, but then it was hanging on an average price.
Recently, bitcoin’s value started to incline, and currently, the value of bitcoin is tremendous. According to proficient analysts and researchers, the bitcoin rally has claimed to drive the attention of Indians to cryptocurrency.
What is Bitcoin?
Bitcoin was invented as a currency and payment ecosystem at first glance, but later it evolved as an investment asset. Bitcoin is subjected to technologies like peer-to-peer networks, blockchain, mining, proof of work, and securing hash algorithm 256. Bitcoin is subjected to a gigantic market capitalization and trading volume at the instance. The prominent reason behind the fact is the features rendered by the bitcoin network.
Bitcoin offers you features like anonymity, flexibility, transparency, and security simultaneously; all the more, bitcoin is decentralized, which means there are no centric parties involved in the network of bitcoin. To sum up, bitcoin is an electronic cash system with a complete peer-to-peer network, and there are no centric parties involved in the network.
Bitcoin in India
The corundum of bitcoin and India is scorching at the instance as several investors have blazed the trail of investing resources in bitcoin subsequent to the sudden rally of bitcoin. As per the trustable exchange, both domestic and foreign have stated that there is a sudden surge in trading volume and trading values in the Indian region. Rather than just buying bitcoin, Indians have now started to invest in other cryptocurrencies like ethereum, dogecoin, and Monero.
Crypto Panel in India
Reserve bank of India has passed ample statements regarding the cryptocurrency regulation panel in India. You might be familiar with the fact that the federal bank of India drafted a bill regarding cryptocurrency regulation, and the bill led by the reserve bank of India was about to ban bitcoin and other cryptocurrencies such in India, all the more it was about to ban every possible activity subjected to crypto including crypto mining.
As per the drafted bill, miners will be given a time span of 6 months to completely prohibit the activities. Regardless of the drafted bill, Indian investors kept investing and trading in crypto. The bill was supposed to be tabled in the budget session parliament but was deferred due to multiple reasons.
New Flanged Panel
The Reserve Bank of India relieved crypto investors of India by announcing a new flanged cryptocurrency regulation panel; yes, you read it right. As per the robust sources, the newly flanged cryptocurrency panel will go easy on the cryptocurrencies and will majorly focus on the comprehensive solicitation of bitcoin or other cryptocurrency technology.
Did RBI Ever Ban Bitcoin?
The Reserve Bank of India acknowledged bitcoin in 2017, and the government authority banned bitcoin in the year 2018. The Reserve bank of India banned financial institutions from accepting bitcoin as a payment method. The ban lasted for merely a few months, and later, it was lifted by the Supreme Court.
The primary reason why the Supreme Court had to lift up the ban was a petition filed by investors and trustable crypto exchanges. Subsequent to lifting up the ban, every financial institution and other trustable exchange were allowed to accept bitcoin as a payment method.
RBI halted bitcoin payments in the country due to its volatile nature. Undeniably bitcoin is a phenomenal payment method with some robust features, but the decentralization of bitcoin has led to enormous volatility.
The volatile nature of bitcoin is underlined as a financial threat to the economic ecosystem of the country by many economists. To mitigate the volatility rendered by bitcoin, RBI banned bitcoin, but there were no Jail terms at that instance.
This is everything you should know about the recent rally of bitcoin driving Indians towards crypto.