When Was Cryptocurrency Introduced in India? Timeline Of Bitcoin and XRP Overseas
Cryptocurrency was introduced in India around the same time as it gained popularity in other parts of the world. In 2009, an anonymous person or group of people known as Satoshi Nakamoto created the first decentralized cryptocurrency, which started the upward spiral that we now know today as Bitcoin. Nakamoto’s vision was to create a “peer-to-peer electronic cash system” that would be free from the control of governments and financial institutions. And so, in this blog post, I will try to give you a snippet of when was Cryptocurrency in India, and what the laws on Crypto Currency over there currently look like.
Around the same time that Bitcoin was being created, another cryptocurrency known as Ripple (XRP) was created with the aim of revolutionizing the way international payments are made. Although XRP is not as widely used as Bitcoin is in present day, it is even more powerful with its long term banking capabilities for the financial services industry.
Other top Cryptocurrencies that are also starting to become popular in the overseas markets include the following:
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
These are just a few of the top Cryptocurrencies that have great potential for international use in the future. With their popularity on the rise, I can definitely see Bitcoin and other currencies being regulated in the near future.
What Does Bitcoin Currently Trade At? And How Is It Regulated In India
The value of Bitcoin has been volatile since it was first created in 2009. The price of one Bitcoin reached its all-time high of $1,165.89 on November 30th, 2013. After that, the price dropped to around $200 in 2015. In early 2017, the price started to increase again and by December 17th we had a $60,000 Bitcoin. With these astronomical price surges, I was licking my chops thinking that I could have purchased something no one knew about when I was hearing about it in the first time in High School, and it was trading at 8 cents a share! Woe is me is I believe what the kids are saying these days regarding making stupid decisions like this.
The news regarding Crypto Currency in India that I can find currently basically says that it is being near-outlawed in India. Their government is a lot less capitalism focused than in the West, and so Bitcoin could very soon become a thing of the past in India. Maybe Monero will take the cake as the de-centralized crypto currency of the future.
Bitcoin Vs Ethereum In India, Is Bitcoin Used For Commerce In India?
Bitcoin and Ethereum are two of the most popular cryptocurrencies today. Bitcoin is the more well-known of the two, but Ethereum has been gaining ground in recent years. So, which one is better?
There is no easy answer to this question. Both Bitcoin and Ethereum have their own strengths and weaknesses. In the end, it really depends on what you are looking for, and on your overall user preference. In India however, I have not seen much trading activity in Ethereum, although Bitcoin is extremely popular overseas, and is starting to become a huge part of their de-centralized economy. Even with this fact being true however, in the regulated economy over there, we are not seeing much Bitcoin transaction usage, and instead are actually seeing India’s government start to take away Crypto Currency rights, in fear that it may one day replace their fiat money in a struggling economy and high global inflation rates. Hope you enjoyed reading, read on or subscribe to our blog for additional details and information!
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