Everyone asks 10 questions about bitcoin
Archive: Bitcoin is the world's most valuable currency. Today, it is more valuable than gold. The rate of this cryptocurrency is increasing rapidly. Many people buy bitcoin as an investment or use it to buy products and services. Do you are doing
Although some governments have formally recognized the trade in bitcoins and bitcoins, the reality is that demand is growing. Many questions are being asked about the bitcoin and its future.
Zebpe's chief operating officer, Sandeep Goenka, has answered some of these questions. Zeb Pay was launched in late 2012. The company is India's largest bitcoin exchange and is the first in the industry to launch a bitcoin wallet app that enables bitcoin transactions via mobile numbers.
Currently, ZebPay has a total of over 400,000 (400,000) users who use the application to buy, sell, store and spend bitcoins. About 1 lakh (100,000) new clients are added every month and the company aims to reach Rs 1,000 crore by the end of the financial year.
Question 1 Why is the price and demand of bitcoin increasing?
Depreciation of currencies, especially the US dollar and a strong global economy, are some of the reasons why bitcoin is in demand. In addition, the bitcoin was designed to mimic precious metals, and its supply is limited by design - only 21 million bitcoins will be available.
The number of students is increasing every year for two reasons: beginners are experimenting and using bitcoins. For example, freelancers in India accept payments in bitcoin. The second reason is that people see this currency or technology as 100 times more revolutionary than any current currency or payment network. I'm sure more people will use bitcoins in the future, so I buy and store bitcoins.
This is what increases demand and price.
Question 2 What is the value of bitcoin? Can I buy a bitcoin?
The buying rate for bitcoin (as of end of March 2017) is around Rs. 87,000 and its selling rate is around Rs. 85,000. The price changes every second. You can buy a piece of bitcoin. For example, you can buy a bitcoin for 100 or 1000 rupees.
Editor: According to this post, the latest price of Bitcoin (1BTC) is Rs 66,122 (see www.zebpay.com).
Q3. Can a private blockchain platform like R3 be used to trade bitcoins?
People accept the fact that blockchain empowers bitcoins and that financial institutions need to change the way they operate. We understand that blockchain is connected without any cryptocurrency, called "private blockchain" or "licensed blockchain", which is not really the future. This is not one of the advantages of Bitcoin Blockchain, a public account managed by virtual currencies. You can think of blockchain as a public internet with many players. Private blockchain is like a company's intranet.
But having a blockchain without a bitcoin is a misnomer - we don't think you can have one without another.
R3 is a huge consortium and private blockchain. The consortium has the support of bankers. They have started using the term "split ledger". It is not a blockchain and has nothing to do with virtual currencies.
Q4. What is the RBI's view on blockchain and bitcoin?
The advantage of RBI is that it considers blockchain as an interesting technology. There is a way to wait and see - wait for the spread and development of technologies.
The RBI's investigative team also released a detailed white paper on bitcoin. It has also issued two press releases. He says there are legal and technical risks involved. They are concerned about the misuse of bitcoins.
The basic role of public tokens is still appreciated.
There will be a lot of POCs and pilots, but I don't think there will be a massive rollout in the next two years. Technology is not ready.
Q5. Is it legal to buy and sell bitcoin in India
. There is no law in India that prohibits this.
The RBI knows we are there and we have corresponded with them. We trade more than 200 rupees a month. We handle bank accounts and we are a registered company.
commerce companies accept bitcoins?
Generally, in any commodity or currency trading, 98 traders speculate about the possible future price and the purchase, sale and purchase of 2 goods and services. The same is true of commodities and the stock market. People buy and sell based on news and assumptions. They speculate on whether they will make a profit in the future. This is fine because it provides liquidity to the asset. Similarly, there is speculation about the future value of the bitcoin.
In India, there are very few traders who accept bitcoins. But in the West, big companies like Dell, Expedia, WordPress, etc. They accept bitcoins. So you can buy Dell laptops with bitcoins or make hotel or airline reservations and pay in bitcoins. Japan's largest e-commerce company, Rakuten, has begun accepting bitcoins. The same is true of South Africa's largest e-commerce company.
It does not make sense for Indian e-commerce companies to start accepting bitcoins as many Indian consumers own bitcoins. It has not yet reached the public.
But it will be interesting to see what happens around 2018-2019.
Zeppay stores coupons from various service providers, and if you have bitcoins, for example, you can save your airtime using prepaid coupons. We do not pay directly to these providers. You can buy these coupons from us in bitcoins. We sell more than Rs 5 million every month and contribute to the development of the society. They are working. This number doubles every 3-4 months.
7.When are you seeing the widespread use of bitcoins in e-wallets these days?
We believe that Wikipedia has already taken off and is the most valuable currency in the world. Today (at the end of March 2017) the price is 50 1250 and for a month the rate was consistently 1000. Now it is at its peak. It has been the best performing asset since its invention. In China and the United States, bitcoin trading is worth billions of dollars. In India, we do business worth Rs 200 million a month. We are adding 1 lakh subscribers every month. It will increase rapidly and you will see an increase of 10 times every year.
Q8. How does the bitcoin factor in taxes change and prevent people from neglecting to pay taxes on transactions?
It's about you We track all transactions in our exchange to ensure that all consumer tax principles are followed. In the last week of March, we make sure that the money you have in Zeb Pay is credited to your bank account. This ensures that you report all profits and losses on your bitcoin trading on Zeb Pay. We do not allow users to buy and sell bitcoins until they have completed their KYC. We have customer's PAN card data. All purchases and sales are made through bank accounts only.
Q9. Will Bitcoin transactions (ignore exchanges) be possible from Monday to Monday in the future?
It is now possible to send bitcoins simultaneously. You can send to friends and relatives in the form of bitcoins (if they are willing to accept). You can transfer bitcoins to US universities to pay university fees. This can be done without the intervention of a credit card company, wallet or PayPal.
But the buying and selling of bitcoins will always require an exchange as it guarantees trust between the two parties. Technically, automatic escrow accounts can be used instead of exchanges such as ZebPay. However, resolving disputes will always require a trusted third party.
Question 10 What steps should consumers take to protect themselves from bitcoin fraud?
The basic advice is not to invest in anything that doesn't make sense. There are schemes and scams designed around bitcoin mining. A simple rule of thumb for consumers is to consider that any scheme that guarantees something should be taken with the utmost skepticism.
We say it's a high risk technology, it has potential, but we never guarantee anything.
إرسال تعليق