Promotion of virtual transactions, and a shift towards a less cash economy is a key part in the Government’s efforts for cleaning up the system and weed out corruption and black money.The JAM trinity, which is made up of the Pradhan Mantri Jan Dhan Yojna, the Aadhaar card and the spread for mobile connectivity were important precursors to the demonetisation.A question was raised in the Rajya Sabha over the status of virtual currencies in the country, including cryptocurrencies such as Bitcoin.Bitcoin is not controlled by any central authority, and as such is seen as a hedge in times of financial instability.Arjun Ram Meghwal, Minister of State in the Ministry of Finance, in a written reply to the Rajya Sabha pointed out that the RBI had cautioned citizens against the use of virtual currencies, including Bitcoin, and that as such Bitcoin has not been authorised in India.The creation of, trading in virtual currencies enjoy no legal protection mechanisms.The users are potentially exposed to financial, legal and operational risks.

However, this does not mean that Bitcoin and other virtual currencies are illegal in India.Indian citizens are free to use Bitcoin, but do so at their own risk.litecoin amd cpuThe RBI has been tracking developments in decentralised digital currencies and virtual currencies in the country, and has pointed out that they enjoy no regulation or authorisation.bitcoin black swanThe RBI has pointed out a long list of shortcomings in virtual currencies, including Bitcoin, litecoin, bbqcoin and dogecoin.bitcoin value to nairaThe virtual currencies are stored in digital wallets, that can be compromised in various ways including hacks, malware, and loss of password.ethereum chain download

Once lost, the virtual currencies are permanently lost as there are no legal mechanisms to address the loss.Virtual currencies can also be stored on physical media, such as USB drives and hard drives.uk tax treatment of bitcoinThese drives can be physically stolen, or damaged, or lost, which would lead to permanent loss of the virtual currency stored in the physical storage medium.bitcoin gtx 750 tiThere is no way to report problems, settle disputes or charge backs.subway using bitcoinThe transactions for virtual currencies takes place using a peer-to-peer system, with no regulation from an authorised central agency.ban bitcoin vozWithout these support systems in place, users are particularly vulnerable to spam, phishing and social engineering approaches to manipulate users into giving up their cash.linux armory bitcoin

The transactions take place in various jurisdictions where the legal status of virtual currencies are unclear, which exposes the users to legal risks as well.Bitcoin and other virtual currencies have been used for various nefarious activities in many jurisdictions around the world.In an anonymous network of users, such illegal activity could expose each user to the potential of being trapped in legal cases involving financing of terrorism or money laundering.The RBI is currently examining the way Bitcoin is being used in the country, and is in the process of identifying the issues that the use of Bitcoin has, when it comes to the legal frameworks and regulations within the country, including foreign exchange laws and norms for payment systems.For users who are not convinced by the warnings of the RBI, Unocoin is one of the simplest ways to invest in bitcoin.There is a facility for monthly investment plans, real time pricing, and the ability to convert to and from bitcoin at any point of time.

Over 500 merchants across India accept payments in Bitcoin.Publish date: February 6, 2017 4:30 pm| Modified date: March 6, 2017 10:10 am Bitcoin, Cryptocurrency, Dogecoin, RBI, Unocoin, Virtual currencies2 Adrian Niculescu In my work as a marketing advisor I get the chance to see so many companies, business models, and trends and two years ago I started to get interested and invest in the area of cryptocurrencies.If you look at Bitcoin and its high growth it is impossible not to spot the big number of tech startups or better said fintech startups built around this cryptocurrency.There are today companies paying their employees with digital currency and for me, in early 2017 I had the first fee paid in a digital currency.It was a huge shift for me.Towards the end of February, I went to a cryptocurrency site - to take some quotations for the most popular coins available in the market so I got some stats.You can go anytime to Coin Gecko if you want updated stats.Here were the findings where "today" means the end of February, and the circulated supply is the total number of coins in the market and the volume exchanged is the volume exchanged on that particular website: 1.

Blackcoin = The value of BlackCoin for today is $0.03582948.It has a current circulating supply of 76 Million coins and a total volume exchanged of $13,350.4 2.Dash = The value of Dash for today is $28.61082155.It has a current circulating supply of 7.13 Million coins and a total volume exchanged of $2,457,748.63.Dogecoin = The value of Dogecoin for today is $0.00020965.It has a current circulating supply of 108 Billion coins and a total volume exchanged of $75,736.94.Litecoin = The value of Litecoin for today is $3.89284449.It has a current circulating supply of 50 Million coins and a total volume exchanged of $2,316,762.65.Namecoin = The value of Namecoin for today is $0.26088317.It has a current circulating supply of 14.7 Million coins and a total volume exchanged of $7,555.06.NXT = The value of NXT for today is $0.00691765.It has a current circulating supply of 999 Million coins and a total volume exchanged of $27,983.77.Peercoin = The value of Peercoin for today is $0.32148921.It has a current circulating supply of 23.9 Million coins and a total volume exchanged of $20,344.18.

Primecoin = The value of Primecoin for today is $0.04388852.It has a current circulating supply of 18.1 Million coins and a total volume exchanged of $3,180.59.Ripple = The value of Ripple for today is $0.00545900.It has a current circulating supply of 37.1 Billion coins and a total volume exchanged of $1,038,160.010.Bitcoin = $ 1,187.62, market capitalization $19,226,340,425.09In this Top 10 was not included Onecoin which already has 3 million users but it is controversial and uses a network marketing type of business development strategy.So far so good for them, they have thoughts for an IPO in 2018 which would be a great move for the cryptocurrency industry.At the time I did the assessment (end of Feb.2017) Onecoin was valued at  $8.32 and they allowed anybody to create an account in their platform without the need for purchasing coins.If you want to get your feet wet you can open an account here in Onecoin's platform.From the discussions I had in the last 12 months with very important, and knowledgable people from this industry, I sensed the idea that it has built something that follows after the www as we know it.So after www comes a web for money which is not an impossible concept but a very out of the box one.​Earlier this year another very important thing happened.

It was officially launched RAIDA aka Redundant Array of Independent Detection Agents and is considered already the second technology after Blockchain to solve the physical integrity problem faced in general by digital currencies.RAIDA is the system on which a new cryptocurrency was built -- CloudCoin -- which started to be traded on the 15th of March at $0.01 for 1 CloudCoin.CloudCoins consist of 3,200 bits of secret data that only the owner knows.These bits are written into jpg images or in text files that can be stored on your computer and sent to your people by email, Skype, SMS, Facebook or even by regular old paper mail.In other words you can embed money into a nice (or ugly .jpeg picture).Since the launch of CloudCoin, I made some purchases and gathered as much data as possible about it.This currency has all the elements to become number one in the next decade.I would say that the investments in cryptocurrencies are still very volatile -- but something which will possibly be changed as soon as we will see IPO's and other major developments here.Here is a useful link to find out more about CloudCoin: