While bitcoins have become everybody's favorite to make money these days as they are yielding the best return. Their prices have gone several times higher in the past six months. You need to pay $2000 dollars for one bitcoin today and more. Six months back the price was half. However, there are a lot of issues related to the currency. Since it is a digital currency, the consumer safety is no gaurantee. In India, the RBI has warned consumers from buying any cryptocurrency including bitcoins.
Even as China has banned Bitcoin, and RBI has been repeatedly flagging concerns on it while stating potential risks related to financial, legal, customer protection & security, an increasing number of Indians are investing in it every day. The concerns about Bitcoin rise high due to the fact that it is anonymous to an extent and the owners may only be tracked down when the bitcoins are converted to regular currency.
“Bitcoins have their own safety system in place wherein it harnesses an individual’s greed for the greater good. A bunch of tech-savvy users termed miners ensure the honesty of the system by employing their computing abilities into a blockchain – a global running tally of each bitcoin transactions. This blockchain spends the same bitcoin twice and prevents it from going rogue and the miners are then rewarded for their efforts through an occasional gift of a bitcoin. The miners keep the blockchain secure without letting counterfeiting become an issue.” says Mr. Hitesh Malviya Bitcoin expert.