Cryptocurrency: The Future Of Digital Money
By Team Legistify / 2017-07-05
India was regularly buying and selling bitcoin in as early as 2015, the cryptocurrency made its surgical debut as fiat money in November 2016 when the BJP government demonetised 86 percent of paper currency. cryptocurrency usage remained phenomenal. Though its price is volatile in nature, bitcoin is consistently more expensive in India than rates on the international market– by five to 10 percent. Furthermore, Indian nationals struggle to buy bitcoin from foreign exchanges due to government restrictions on cross-border currency flows.

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Today cryptocurrencies have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project.

Invention of Cryptocurrencies

Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto , the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.In his announcement of Bitcoin in late 2008, Satoshi said he developed “ A Peer-to-Peer Electronic Cash System .“  His goal was to invent something; many people failed to create before digital cash.

The single most important part of Satoshi‘s invention was that he found a way to build a decentralized digital cash system . In the nineties, there have been many attempts to create digital money, but they all failed.

After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do.

India was regularly buying and selling bitcoin in as early as 2015, the cryptocurrency made its surgical debut as fiat money in November 2016 when the BJP government demonetised 86 percent of paper currency. cryptocurrency usage remained phenomenal. Though its price is volatile in nature, bitcoin is consistently more expensive in India than rates on the international market– by five to 10 percent. Furthermore, Indian nationals struggle to buy bitcoin from foreign exchanges due to government restrictions on cross-border currency flows.

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Get connected to the Best Lawyers and Chartered Accountants Near You!


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