Friday, 4 April 2014

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BITCOIN

4/04/2014 03:16:00 pm    106 comments

Bitcoin is a form of virtual currency. If you have bitcoins, you do not physically purchase goods by handling notes or tokens to the seller.

Bitcoins are used for electronic purchases and transfer. Every single purchase is immediately logged digitally on a transaction log that tracks the time of purchase and who owns how many bitcoins.

How are Bitcoins priced?

Bitcoins are like ay other currency, they fluctuate in value relative to other currencies.

The difference between bitcoins and other currencies is that there is no centralized bank that prints the currency and sets relative values. The value of bitcoins fluctuates through supply and demand. 

Bitcoins in India?

RBI has issued an advisory cautioning general public against use of bitcoins and other virtual currencies due to potential money laundering and cyber security risks.
Many bitcoins operators in India, like buysellbitco.in and INRBTC.com have suspended their services indefinitely.


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