0 Anonymous Asked: August 4, 2020In: Bitcoin What is the future of Cryptocurrency in India? 0 bitcoin buy bitcoin Share Facebook 1 Answer Voted Oldest Recent amrinved1 21 Questions 24 Answers 0 Best Answers 70 Points View Profile amrinved1 Added an answer on August 4, 2020 at 4:16 am Necessity is the mother of all inventions. It has never been trouble-free to deal with the archaic financial institutions that operate with lengthy procedures. Also taking a cut in every transaction happening through them. Hence, it was felt immensely necessary to bypass the system and trade with an alternative instrument. And that is how virtual currencies (‘VC’) were born. It also stems from the fact that a free market will always look for a laissez-faire situation with minimal interference from the established administrative organs of the State. It was then, only a matter of time for the technology to evolve to create an instrument for transactions, sales, barter, etc. Bitcoin was perhaps the buzzword around the world in 2017. Almost everyone had at least heard the term. There were innumerable curious heads all around. A few looking to own some. Others wanted to invest in it to know why it was such a “BIG NEWS”. Bitcoins were actively traded and also reached a whopping $19,783 at its peak in late 2017. This grabbed everyone’s attention to VC and cryptocurrency. Well yes! it did make heads turn. Also made a few spin..hahaha. All the buzz has subsequently subsided now. However, the technology behind bitcoin, i.e., blockchain has become the backbone of every VC. At present, multiple VCs are being actively traded with Bitcoin, Ethereum, and Litecoin being some of the higher valued VCs. This brings up one damn important question as to what drives the value of a VC? And what is the actual value of it since it is not issued by any State backing and works on the principle of a decentralized ledger? You go out and tell people there is an invisible man in the sky who created the universe, and the vast majority will believe you and tell them the paint is wet and they have to touch it to be sure! That’s how unpredictable we humans are. So before attempting to know the future of VCs, from an Indian perspective, it is imperative to understand the position and sentiment towards VCs in India. Also, bitcoin buying is gradually increasing in India 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer.