Price tripled in 1 year: why you should hold bitcoin
Bitcoin price is nearing its all-time high price of $1,277, maybe because of the impressive growth within the Japanese bitcoin industry. Read here why you should hold bitcoin.
Experts argue that bitcoin price will increase consistently in the mid-term if Japan and the US sustain their growth and if small markets such as India will decide for a massive change related to bitcoin regulation.
Bitcoin price drove by India and Japan
India has always been considered the more important Bitcoin markets because of its poor banking system.
Right now, in fact, 40% of India population can be defined as “underbanked“.
The greatest part of people in India cannot rely on banks and financial institutions to manage their funds.
Recently, the demonetization of 500 and 1,000 bank notes decided by the Indian government led to a national financial crisis, as banks and ATMs ran out of cash to dispense, so Indian citizens cannot obtain cash for their daily basic needs.
Also, PwC explained that 233 mln Indians didn’t have any access to bank accounts since October of 2015 and 43% of adults in India made no deposits or withdrawals in any banks or financial institutions.
Bitcoin hold: why?
Bitcoin exchanges in India – such as Zebpay and Unocoin – began to see a huge growth in their user base and trading volumes.
One key factor that would allow the Indian Bitcoin industry to grow at a rapid rate similar to China, South Korea and Japan is the legalization of Bitcoin.
Bitcoin regulation in India should arrive this summer, according to recent press releases.
This way millions of new users would emerge, and Bitcoin price will rise in the mid-term.
That’s why you should hold bitcoin and store them in a safe place.
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Open your free digital wallet here to store your cryptocurrencies in a safe place.
Blockchain Academy: a new institution in India
Kerala will soon host its own blockchain academy, the second institution to be opened in India.
This became possible thanks to a new collaboration between the Indian Institute of Information Technology and Management Kerala (IIITM-K) and the Blockchain Education Network (BEN).
This new Blockchain Academy will be focused on innovation and tech consulting. Specifically, of course the academy will explore the distributed ledger use cases related to banking, healthcare and governance.
The first Indian blockchain academy was organized by Primechain Technologies Private Limited based in Baner, near the well-known city of Mumbai and it offers a few different courses for both developers and curious people who aim at knowing more about the tech.
Recently, a new Kerala enterprise was announced by Dr. Rajasree during the blockchain conference held at the Technopark in Kerala’s capital Thiruvananthapuram, according to an press release.
This speech also featured Senior research scientist for IBM Research Labs, Dr Dilip Krishnaswamy, and Michael Gord of the BEN, who explained about the blockchain benefits through a video conference.
IIITM, or the institution that co-founded this new academy, supports the so-called “Maker Village project” in the Keralan city of Kochi. Maker Village is an electronics incubator that sees the blockchain as a relevant topic related to the development of new IoT solutions for machine-to-machine payments.
India has always been interested in bitcoin and blockchain news.
For example, last week, Reserve Bank of India (RBI) deputy governor Rama Subramaniam Gandhi explained that digital currencies are “being overstated”. In fact, according to him, Bitcoin’s lack of central authority and pseudonymous nature mean cannot replace fiat currencies.
Also, RBI recently published a new research on how they want to digitize the rupee, or the country’s bank-issued currency, with the main goal of avoiding the use of cash money within the Indian economy.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Bitcoin Price today Breaches $750
The Bitcoin price today keeps growing up over the value of $750.
This is the sixth time that bitcoin price breaches $750 since mid-November, as revealed by the CoinDesk USD Bitcoin Price Index.
Bitcoin was subject to much volatility during a low trading volume, as CoinMarketCap data showed that during the session, the 24-hour trading volume was roughly $90 million.
This was a lower trading activity compared to last month, when it reached $174 million on November 3rd and $173 million on November 17th.
The digital currency price passed the $750 value several times during November.
The Bitcoin price first breached $750 on 17th November, maintaining this level for a short time, then moving back to a lower value even under $ 700.
Also, it is important to remember that the bitcoin price today exceeded $750 and it did the same many times recently, but it never breached $755 during the last few weeks.
In India the bitcoin price exploded and last week it reached almost $1000 as the country tried to exchange value via Zebpay and Unocoin.
According to Coindesk, the bitcoin price today also reached a growing value of Eur 724, and
2016 has been a great year for Bitcoin. For example, scalability innovations like Segregated Witness have been introduced to the Bitcoin community, many positive Blockchain tests have taken place and many new markets have turned to Bitcoin as a new method of payment.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Bitcoin can stabilise volatile market in India
(TimesOfIndia) At a time when the country has suffered devaluation of rupee against
dollar, inflation and fuel price volatility in exchange market, two
students of Fellow Programme in Management (FPM) at Indian Institute of
Management, Indore (IIM-I) have rekindled hopes to address the problems
through introduction of ‘Bit Coin’ currency system.
Bitcoin is
a crypto currency which currently has market capitalisation of $8.1
billion. The recognition is mainly because of its introduction during
financial crisis, when trust on government and policy makers was low. It
is an alternative to card networks and money transfer system.
Khadija Vakeel and Nitya Saxena of IIM-I in their study found out that
at a time, when the country is struggling to achieve a respectable
position on matters of financial inclusion, Bit Coin can be a game
changer.
Bitcoin can also lead to a new industry and challenge
for IT youths and can address the problem of brain drain. While
Singapore is pro bit coin, China stands against it. India is yet to take
a side. Users having Bit Coin can enter into virtual goods and services
exchange. The study states that inflation is simply a rise in prices
over a period of time, which is generally the result of the devaluation
of currency.
This is a function of supply and demand. Given the
fact that the supply of bit coins is fixed at a certain amount, unlike
fiat money, the only way for inflation to get out of control is for
demand to disappear.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Reserve Bank of India closely examining digital currencies
“The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations,” said P. Chidambaram, Finance Minister.
This isn’t the RBI’s first run-in with digital currencies, though. Late last year (Christmas Eve, in fact), it was reported that the RBI issued a public advisory on bitcoin, warning citizens if its potential pitfalls. “No regulatory approvals, registration or authorization has been obtained by entities concerned for carrying on such activities. As such, they may pose several risks to their users,” said Chidambaram.
Open your free digital wallet here to store your cryptocurrencies in a safe place.