UNDERSTANDING THE IMPACT OF CRYPTOCURRENCY AND BITCOIN ON INDIAN ECONOMY.

India is technically advanced country. With the use of smartphones, which is spreading rapidly along with the internet availability, information flows is at a faster rate. Most of the technology startups are interested in Bitcoin because it can be integrated into almost any software and can be monetized.
Today, cryptocurrency, led by Bitcoin, Litcoin, Ether, etc. are taking the financial world by storm as more people invest and buy these currencies. At the same time, there is still widespread confusion and bias which retracts for the overall effectiveness of Cryptocurrency. Educating users about such alternative forms of currency is extremely important given its volatile nature.
Some of the salient features of Cryptocurrency include -
(1) Cryptocurrency can be converted into other forms of currency and deposited into user's accounts at a lightning speed
(2) Most Cryptocurrency can be transacted anonymously, and can be used as discreet online cash anywhere in the world. Users therefore do not have to pay for any currency conversion fees
(3) While not 100% immune from theft, Cryptocurrency is generally safe to use and difficult for malicious hackers to break
(4) Bitcoin and other Cryptocurrency can be saved offline either in a "paper" wallet or on a removable storage hard drive which can be disconnected from the internet when not in use
It has no backing of any government and its value does not depend on the precious metal. All the currency in the world are valued against precious metal, usually gold, and are backed by the concerned government. Though Bitcoin community is small in India, it wants RBI to step in. They want RBI to create policies to improve the safety of the consumer. The community feels strict guidelines of know your customer (KYC) will help to curb illegal transitions of cryptocurrency.
The community has suggested to the government to set up its own exchange, just like the stock exchange, where all Bitcoin traders can trade, as they trade with other currencies of the world. You can trade with commodity tips.
RBI along with central banks of the world are unable to track economic activities of this cryptocurrency. Hence they are worried about this unpredictable and uncontrolled form. It is impacting banking, finance, and economies of the world. These are the backbone of every country’s progress.
RBI clearly shown disinterest to support any form of crypto currency in India.But that's not an end.we all are frustrated with this middlemen and agencies and need direct parties to trade in India with the form of some agreements and for payments we need vitual currency like Bitcoin.
We have lots of untraceabilty in system right from pan to adhar card to passport linkages .even in agriculture farmers can also get rid of middlemen and sell thier material directly with the smart contract.
The future is inevitable for digital currency whether it's Bitcoin , ethereum,zcash or monero.
India will have thier digital currency in another 2–3 years when entire world will be dealing only in form of crypto currencies.
Sooner we adopt the technology better else we will have to pay very high cost at later point of time to adopt all this changes.
My only worry is Ponzi schemes and some illicit transactions are making this technology more worried.
Technology behind crypto is block chain and disruptive in nature one should not forget that and India can't be behind this race.
I think Cryptocurrency it self is a bigest power center of the word and it can not be stoped by any other power center.