Some facts about bitcoins till 12 september 2017.

1. -Swati Chaurasia
BITCOIN

2.  Bitcoin is a Virtual Currency and a payment system.
 No centralised authority .(eg – RBI)
 It was invented by Satoshi Nakamoto in 2009.
 It is an open source software. This means, that no person, company or country
owns this network just like no one owns the Internet.
 Total 21 million bitcoins in currency .
 No intermediary like a bank, a credit card company or a clearing house is involved
while making payment .
 Transactions are verified by network nodes and recorded in a public distributed
ledger called the blockchain.
 Bitcoins can be used in fraction upto 8 decimal places.
 No standard currency is there.
 Trade bitcoin in 15177 cities,248 countries including india
Facts

5. BITCOIN TRANSACTION PER DAY

6. BITCOIN ON MAY 25 ,2017

7. BITCOIN PRICE ON 12 SEPT 2017

8. BITCOIN AS INVESTMENT

9. As per a recent CNBC India report , a committee of finance ministry officials, IT ministry officials,
NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in
India.
The Inter-Disciplinary Committee’s report is expected to be announced by the end of year
2017, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to
regulate transactions.

10. So, if Bitcoins are legalised in India, the following would
happen:
 Bitcoins would fall under the purview of RBI’s 1934 Act.
 Bitcoin investors would be taxed.
 RBI would issue guidelines regarding investment and purchase of Bitcoins.
 If any foreign payment is made through Bitcoins, it would fall under the purview
of FEMA Act.
 Returns from investment in Bitcoins would be taxed.
 Bitcoin trade analyst, Chris Burniske, highlighted that trades from India
accounted for 10% of global cryptocurrency trade, in May.
 On may 2017 India accounted for 16,754.76 coins by trade volume. It has also
been ranked fourth on the Bitcoin cryptocurrency trading market.

11. Virtual currency may hold long term promise particularly if the innovation
promote a faster ,more secure and more efficient payment system
- Ben Bernanke , Chairman of the Ferderal Reserve USA.
Bitcoins is a technology tour de force .
-Bill Gates , Microsoft Founder
I think bitcoins is the first encrypted money that has the potential to do
something like change the world.
-Peter Theil, founder of Pay Pal.
“I have no doubt, that down the line, we will be moving towards primarily a cashless
society and we’ll have some kind of currencies like this which will be at work.”
-former RBI Governor Raghuram Rajan

12. Thank You

13. http://bitcoinity.org/markets/bitstamp/USD