What does Budget-2018 say about Cryptocurrency? Ajay wants to trade his sp20 bitcoin to usd for Vimal gutkha, but Bansi. M is ready to exchange his Vimal Gutkha only for tea.
Commodity money: Cocoa-beans, tobacco leaves, and Gold nuggets but they were either perishable or lacked uniform weight and purity. Metallic Money: Full bodied coins and then Token coins but they were bulky to transport. Bank money: Chequebook, demand drafts, NEFT-RTGS. Bankers and card-companies charge commission on every transaction, and bankers themselves were responsible for the sub-prime crisis. Cryptocurrency is a digital currency created, stored and transacted using blockchain technology. Bitcoin, Digicoin, Litecoin, Etherium, Laxmicoin are some of the examples.
Miner or person who already owns cryptocurrency. I’ve explained above topics in much finer details in video number 2, 3 and 4 in my last year’s BES171 Lecture series. Crypto-currencies are not legal tenders in India. We’ll eliminate the use of these cryptocurrencies in financing illegitimate activities. We’ll eliminate the use of these cryptocurrencies as part of the payment systems. IF Paytm or Mobikwik allowed users to buy movie tickets using bitcoins instead of the Indian rupee, then action will be taken.
This implies Arun Jaitley doesn’t like Cryptocurrencies, NOT ONE BIT. In bitcoin system, maximum coins that all miners can collectively fetch is 21 million, and each coin can be subdivided into 108 Satoshi units. And just like video game stages, the more miners progress, it becomes harder and harder to mine. If initially, your PC could mine 1 coin per day, now it’ll require 30 days. If your computer has more than one graphics card, it will give a higher speed.