Bitcoin: First Decentralized Digital Currency In India

Abstract

Now this day we see many new innovations in Monetary System. Now at one side Digital Currency comes with a new concept called Plastic Money with great and easy ways to pay and get money to anyone. And the other side we still struggling with Fiat Currencies problems which effecting economy of any country very badly. Conventional currency has been based on gold or silver. Around the world, people are using software programs that follow a mathematical formula to produce Bitcoins but bitcoin is equally facing risks, non acceptability of central banking system in developing Nations. This paper studies the present scenario of Bitcoin, its evolution and its impact on developing Nations like India