Bitcoin tokens | Photo Credit: Rick Bowmer The stratospheric rise in the value of bitcoins, the digital currency transacted on the Internet, over the last couple of weeks has sparked fresh interest across the country.An online portal for buying and selling bitcoins, buysell.co.in, has reported a leap in the number of transactions for bitcoins in Indian rupees.“We used to do about 20 transactions a day.Now, we are doing more than 50.On Monday, about 70 transactions were recorded”, said Mahin Gupta, who operates the portal out of Ahmedabad, but has a regional office in Bangalore to cater to ‘bitcoiners’ from South India.The large IT workforce in Bangalore is believed to be showing interest in the emergence of bitcoins as an alternative currency.“If we go by the PAN card details and the addresses of the banks, Bangalore appears to be showing a lot of interest followed by other South Indian cities like Hyderabad and Chennai”, he said. group on bitcoins in Bangalore, estimates the number of bitcoiners in Bangalore to be around 1,000.

“We have about 350 active members in the group.If others, who are not part of the group are taken into account, we may have around 1,000 of them in the city.But, the numbers are growing”, he said.Sunny Ray, who started the group in October 2012, when a bitcoin was valued at $10 , said that he was always confident that bitcoin is the “future money”.“In about a month’s time during November this year, the value breached the $1,000 mark when everybody started looking up to the digital currency”, Mr Gupta said, but cautioned that there was a lot of volatility in the bitcoin market when it dropped to $990 dollars.The bitcoin, which was trading at around Rs 67,000 (a little over $1000) on Monday, was trading at almost Rs 76,000 ($1200) on Tuesday.Meanwhile, capitalising on the growing interest in bitcoins among software professionals in Bangalore, Coinmonk Ventures, which is spreading awareness about bitcoins, is holding the first global conference on bitcoins in Bangalore on December 14 and 15.

“The response has been very good even though we are charging $150 dollars for a day and $180 for pre- conference and conference day,” said Mr.Another web-based service, called UnoCoin, where people buy and sell bitcoins, will be launched in two weeks by Coinmonk, which is pioneering the global conference on bitcoins.The Indian equivalent of US DEA — Narcotics Control Bureau had a taste of an incident similar to the one faced by its US counterpart during the Silk Road investigation.Like Carl Force, the DEA agent who extorted Ross Ulbricht and stole bitcoins belonging to the darknet marketplace, an NCB investigator was found involved in illegally acquiring a share of the cryptocurrency confiscated during a drug bust.According to reports, the officer in question Satyendra Kumar Singh colluded with the accused and produced forged documents ordering a Bitcoin exchange to release the frozen 470 bitcoins.Once the platform released the bitcoins, they were transferred to other accounts and liquidated into currency by the accused who were on bail.

In return, Singh allegedly received 50% of the value for his part.One of the officials connected with the ongoing investigation into misappropriation of digital currency was quoted by a leading news outlet saying, “After the accused got bail from the Gujarat high court in 2016, the NCB sought a report on the status of the bitcoin accounts and learned that Singh had authorized the unfreezing of the accounts in July 2016 through a signed and stamped letter on an NCB letterhead.bitcoin ios minerAs no such authorization was given in the case, Singh came under the scanner and an internal inquiry was begun against him.” The perpetrators arrested in 2015 by NCB were involved in trafficking banned psychotropic drugs like anti-depressants and stimulants to US based customers against Bitcoin payment.bitcoin export private key

Following the arrest, their Bitcoin holding accounts were frozen by none other the NCB investigator Singh himself.Singh, along with one of the perpetrators, Mangukiya have been detained, and the department is said to have initiated an investigation into the transactions involving fraudulently released bitcoins and Singh’s role in it.bitcoin cmeIndia, like any other country, has lately registered an increase in cryptocurrency related crimes ranging from drug deals to investment scams.bitcoin cashless societyUnlike similar crimes involving fiat currencies, these have received widespread media coverage due to their uniqueness.bitcoin kurs 12 monateRef: Times of India | Image: Shutterstockbitcoin hesaplar?

Despite RBI caution, Bitcoin exchange Zebpay adds 2.5k users a day in India Zebpay said this shows growing acceptance of Bitcoins as emerging asset class Press Trust of India  | Mumbai May 17, 2017 Last Updated at 21:30 IST ALSO READ Bitcoin steadies after biggest three-day tumble in over two years Ransomware attack: Why do hackers want payments through bitcoins?bitcoin bowl 2014 lineBitcoin jumps above $1,000 for the first time in three years Demonetisation raises Bitcoin exchanges' hope Demonetisation: Bitcoin trading at 25% premium in India amid high demand Despite the Reserve Bank of India's (RBI) call for caution to people against the use of virtual currencies, a domestic Bitcoin exchange on Wednesday said it is adding over 2,500 users a day and has reached five lakh downloads.ethereum mathematics

Zebpay, an app-based Bitcoin exchange, said it has had five lakh downloads on the Android operating system and is adding more than 2,500 users every day.This, it said, highlights the "growing acceptance of Bitcoins as one of the most popular emerging asset class."ethereum reddit forumThe company said it launched operations in 2015 to simplify bitcoin trade along with providing a seamless experience to Indian audience.Claiming that the country was at the cusp of a new financial revolution, the company's co-founder and chief operating officer Sandeep Goenka said customers are opening up to non-traditional investments measures and it is targeting to take the total downloads to over 1 million by September 2017.The company statement said that it has already raised $1 million in a round of funding in last January."Any user, holder, investor or trader dealing with virtual currencies is doing it at their own risk," the RBI had cautioned on its website in February this year.