How cryptocurrencies split global central banks. NIFTY 50 10, Is worry over LTCG tax on equity overstated? Prakash Pillay learnt this the hard way. After 10 months you would have mined 25 BTC.
I want to thank you for writing this post and explaining some of the dangers and costs of mining Bitcoins. One must remember that it's the same technology of blockchain that is used in all the digital currencies. Prakash Pillay learnt this the hard way. The value of her investment has grown to around Rs 1 lakh. Ripple was co-founded by Chris Larsen and Jed McCaleb in with an aim to set up as a inter-bank payments. In fact, it is believed that ripple is more popularly known for its digital payment protocol than its digital currency called XRP, or ripple. From his investment amount and reference bonus schemes, he had accumulated 6.
Suggest me can I go for mining or Trading. Ethereum What is Ethereum? Sold one after a year at Rs 1. This article was written around November, Litecoin has a time of 2.
But she has now stopped the monthly investments and just monitors the performance. An unregulated space Unlike other investment avenues, cryptocurrencies are not regulated by government entities or banks. Jain School of Global Management. But if we get ripped off in a bitcoin transaction, it is impossible to get the money back.
The issue of legality One major hurdle in the path of Indian investors who are interested in investing in cryptocurrency, is the confusion about its legal status. In December , the RBI issued a press release cautioning users, holders and traders of virtual currencies, including bitcoins, about the potential financial, operational, legal, customer protection and security related risks.
In its latest press release dated 1 February, , the regulator has further stated that it has not issued licences to companies for trading in any virtual or digital currencies.
RBI also added, that the user, holder, investor, trader, etc. Rishi Arya 31, Vadodara His bitcoin experience: He invested Rs 15, in bitcoins as an experiment in May The investment value has grown to around Rs 26, now. Ponzi schemes abound Aside from the operational issues of trading in cryptocurrencies, there is also a high risk of fraud.
Some companies claim to double the initial investment within a very short period of time. Prakash Pillay learnt this the hard way. He invested Rs 5 lakh and accumulated 6. Though he was able to recover Rs 3 lakh by selling one bitcoin in July, the company is no longer allowing him to sell the remaining bitcoins in his wallet.
Instead, it is asking him to exchange them for MCAP, another cryptocurrency. Prakash Pillay 38, Pune His bitcoin experience: Invested Rs 5 lakh in a bitcoin trading company which turned out to be fraudulent. From his investment amount and reference bonus schemes, he had accumulated 6. Prone to illegal activity Due to the lack of government control, terrorists and extortionists are also utilising the cryptocurrency space to their advantage.
Kishore Jeswani, 50, fell victim to such hacking in September However, although Jeswani met their demands, they did not unlock his computer and he ended up losing his data anyway. This risk also lowers the chances of cryptocurrencies becoming mainstream in India, leaving the future of the market mired in uncertainty. Read more on Bitcoin. Jaitley settles the Bitcoin issue for once and for all. Is worry over LTCG tax on equity overstated? Can the Budget dodge Bitcoin?
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23 Jan Move over, bitcoin. The world of virtual currencies is getting very crowded with so -called altcoins. The explosion in price and prominence of bitcoin has led to the growth of dozens of other cryptocurrencies. Meanwhile, companies are betting that blockchain, the underlying technology of bitcoin, could. 2 Jan Bitcoin offered 1,% or 14 times of its price on January 1 the year before. At the same time there were cryptocurrencies that gave relatively higher returns but they didn't happen to gain popularity as the world's most popular cryptocurrency. Ripple is priced around $2, litecoin can be bought for $, while. 12 Dec A recent surge in Litecoin price shows that investors are beginning to catch on this digital currency as an alternative to Bitcoin. While it has remained the dominant player and continues to be largest digital currency by share of market cap but Bitcoin is losing some ground to other digital currencies on.