Khushi Bali, New Delhi
Bitcoin is a cryptocurrency which was invented way back in 2008. Cryptocurrency means a digital currency. It is decentralized without a single administrator. So basically it is a type of virtual cash. There are few symbols of Bitcoin: BTC, ฿, ₿.
How it works?
Bitcoin is a computer file. One can easily transfer it from their wallet to another person’s wallet. All the transactions are recorded in a BLOCKCHAIN. A Blockchain consists of various blocks of information which are arranged in an order.
Each and every transaction is stored publically. There are various cases of thefts also. One may completely lose or delete their bitcoin.
Laws for Bitcoin in India
Bitcoin is not authorized in India and is not regulated by any sort of central authority in India. Therefore there are no set rules or guidelines that have been laid down for resolving disputes that could arise while dealing with bitcoins.
The price keeps on rising and falling apparently. 2 days back, Bitcoin reached $20,398.50 but after few hours it fell back to $20,145. In March 2020, the value of this was around $5000. It has seen a great increase of around 400% in the last eight months.