Future of Bitcoin in India
Despite all the brouhaha about bitcoin being termed illegal, with calls for banning the cryptocurrency, what needs to be understood is that no agency has actually outlawed bitcoins. In India, though a bitcoin exchange had to discontinue its operations, the currency is still not illegal or banned, which explains the reason why famous personalities have still got their money in bitcoins.
While it may be difficult at this juncture to make a prediction about which way the wind will blow, considering that a large number of nations are open to the blockchain driven concept of transactions, it is safe to assume that at some point of time bitcoin will surely be part of mainstream transactions.
To take a cue from the speech of the finance minister of India, he has gone on record to state that blockchain technology will be encouraged for payment processes. This literally means that the technology has been accepted, while the product has still not been accepted. It may only be a matter of time before governments get around to accepting this form of transaction.
The fact that it surged to 20,000$ last December before a free fall to its present rate of 6000$ shows that it did have value. It enjoyed a continued upward trend, in a mind boggling 900% increase in a single year. While there have been issues, such as the hacking of two bitcoin exchanges, and the clampdown by banks, it is a fact that bitcoin will find space in transactions. Emerging from the shadows of questionable purchases, Bitcoin came to be accepted as legitimate with the establishment of exchanges.
Early adopters hit jackpot
While the early adopters have hit the jackpot, earning handsome returns, others will slowly get into cryptocurrency. Globally, businesses are moving towards digital transformation, and digital transactions are being encouraged. The speed with which transactions can conclude has made large and small volume transactions equally fast, giving digital transactions a lead over traditional modes. Blockchain as a technology has gained widespread acceptance, adapted in various domains and businesses.
As designs become more and more advanced, bitcoin will find greater acceptance. In a way, the rise and its eventual fall has certainly help bitcoin. It’s phenomenal rise gave it widespread publicity, with many remaining awestruck at the manner in which it exploded on the scene.
Similarly, its fall has actually helped in making it closer to reality. Because at the price at which it was pegged before its fall, it was more of an elusive dream for many who may have liked it. It was more like an expensive limousine that everyone could not afford. By bringing it somewhat closer to reality, it actually brings it within the reach of more individuals.
While bitcoins cannot actually expect to replace legal tender, it can continue to hold fort as a secure cryptocurrency for many transactions. For every person who finds holes in bitcoins, there are an equal number, if not more individuals who would love to take a chance with bitcoins. It could be a gamble, a digital gamble, but worth it nevertheless, if not today, then tomorrow.