India is becoming one of the rapid users of Bit coins in recent days. The demonetization which happened in November 2016 has created a big impact in the usage of Crypto currency. Crypto currency helps people to exchange money in a digital payment way. It has started to get deeper roots in India just after the demonetization. Many people suffered without many but they learned how to cope up with technology.
People think demonetization is really not necessary for India but it taught many people to get into Crypto currency transactions which are recorded in the server. The first used Crypto currency was Bitcoin which was launched in 2009. Only a few transactions happened with the help of digital cash but after the fall of rupee notes, most of the people have started to transfer digital cash.
India on digital cash
Flipkart, Amazon and much more online shops are making us take digital payments and it is quite easy to carry out everything in online. Most of the people now have bank accounts for salary packages. When an online transaction account is launched people can identify how to pay and transfer money in online. Even our mobile recharges happen with the help of Crypto currency. Nearly 100 million people in India are using Crypto currency for transferring money or even for booking tickets.
From PayPal to Bitcoin
The Bitcoin is getting famous in present days and more people are learning to use Bitcoin instead of PayPal. Most of the online transactions happen only with the help of PayPal which is one of the leading digital payments. But Bitcoin is comparatively good. So people have now gained a good knowledge in transforming from printed notes to digital payments. Using this Bitcoin facility people can buy foods or clothing and anything which they are in need of. Bitcoin is based on SHA 256 hash algorithm. The block chain is like a database which keeps on monitoring every user’s activity in transferring the money. This helps the people to pay right taxes on time. Don’t think that Bitcoin is not safe because it has got forth like scripting language which encrypts the complete secured data.
Now, it’s the time for India to stand up for Crypto currency. The Bitcoin has got the wallet to store money in it. People can now use digital payments which are secured payments. Money is the only power in any financial sector for upcoming era. People are marching forward to get into digital age.