Hype around Bitcoin: Awareness and Prospective in India

Abstract

After demonetization, the emphasis was given on cashless economy by the Government of India. Keeping in view the concept of cashless economy, importance of Crypto currency can not be denied. Crypto currency (CC) is a virtual currency and it works as a medium of exchange by using cryptography for security. It comprises diverse currencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Cardano (ADA), Neo (NEO), Stellar Lumens (XLM) and so on. Many countries like Canada, Australia, Bulgaria, Chile, Denmark, Estonia, Finland, Germany and Luxembourg have adopted Bitcoin in order to moving towards a digital eco-system. The research was conducted to find out the awareness, perception and understanding about the functioning of bitcoin among individuals. This paper is all about awareness of bitcoin amongst Individuals and prospective if allowed by the Government of India.