Legal Issues related to Bitcoin Exchange in India
January 9, 2018
With the continuous blooming in the Bitcoin, the growth of much other virtual currency has been triggered. These virtual currencies are called Altcoins. After the start of Bitcoin in 2009, many other digital currencies like Ethereum, Peercoin, Litecoin etc have been introduced. The basic concept behind the Bitcoin is to remove the involvement of any Third Party from the transaction. Basically, Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payment. There is no central banking system involved in this type of transactions, this system is controlled by independent individuals and companies, these companies and group governs the computing power and participate in the Bitcoin Network, they are known as “Miners”. This gives rise to a question, “Is Bitcoin Legal or not?” and answer to this question depends upon in what country you live in. As Central Government is not involved in the overall transaction process of Bitcoin, in some country it is not seen as a legitimate way to exchange money.
When Bitcoin was created in 2009, it was started as a way to decrease the overall cost of the transaction fee than traditional online payment mechanisms. These transactions are logged in encrypted in form of ‘blocks’. These ‘blocks’ contains complete data containing all the details of the transactions made through bitcoins from the very beginning. These blocks form a blockchain which is like a public ledger.
In India, Bitcoin exchange is legal and can be a really good way to invest your money. Bitxoxo provides you with the opportunity to Best bitcoin exchange in India and use it as a currency to make purchases throughout the globe. You can hold bitcoin in your wallet and then sell them when their prices go high. Selling bitcoin in India when the prices are high can be really profitable.