The fame earned by bitcoins is impossible to attain by any other digital currency. When Bitcoin entered the market, its value was less than $1, which has risen to $60,000 and was still rising. All the countries are not happy with the success of this digital currency because it is affecting their central bank-based fiat money system. It is why the government of Turkey has announced a ban on the use of bitcoins and other digital currencies to avail of any product or service. These types of news affect the investors who have invested a huge in bitcoins. The key reason behind this sudden ban on digital currency is unknown, but you can simply access the crypto genius website to manage your bitcoins.
- Now there is fear among the Indian investors about the ban of bitcoins in India also. They think that just like the ban in Turkey, the government will soon take action to impose a ban on bitcoins. A few months ago, a central bank announced banning cryptocurrencies and introducing their own digital currency, which will not be decentralized. The decision to ban bitcoin in turkey was taken overnight and created a disturbance in the global market.
- It has been noticed that a considerable number of people from Turkey have shown a keen interest in digital currencies like bitcoins because they were straightforward to use. But everyone was shocked by the sudden news of bitcoins because they were using them for making payments on a regular basis. The central bank mentioned the reason for a ban that it is a decentralized form of currency with a high risk, and investors can lose a considerable amount of money within a few minutes. It is impossible to take any action regarding the bitcoins because no authority owns them.
- The decision has been taken only for the welfare of the people so that they can prevent from facing a huge loss. There is no doubt in the fact that bitcoin is based on blockchain technology, but no banking institution holds it back. It entirely relies on the online system, and due to technical issues, there might be a possibility that one can face hindrance in making the payments. The banking servers can be dealt off in a rapid manner, but the bitcoin-based prices are performed on the self-developed platform where there is zero interference from any third party.
- There are a vast number of bitcoins owners who were using the bitcoins for the purpose of their business. It is because bitcoin is the best source to make global transfers in a systematic manner. No matter from which part of the world you want to accept payment or make a transfer, the bitcoin transfer only requires a couple of minutes, which can save lots of time. People are worried about how their business will get managed after the ban of bitcoins. If you hold a company in India and consider using bitcoins, you should just relax and manage your business without getting worried about any risk.
- You would surely have heard about the announcement made by Regal motors, which is specialized in selling Rolls Royce, that they will accept the payments through bitcoins. Within a few weeks of the announcement, the government has imposed a ban on cryptocurrencies. The buyers are also confused about using bitcoins to make the payments after this announcement. There is the possibility that very soon, this ban will be relaxed, and the government is also planning to develop the regulatory which can lead to recurring transactions of bitcoins without facing any kind of hassle.
Do Indian bitcoin owners should step back or carry on the bitcoin-related transactions?
Currently, only a few companies and organizations in India have started accepting the payment through bitcoin. Even they have put a pause on accepting payments through bitcoin due to some announcements by the higher authorities. Actually, there would be no possibility of smooth transactions and easy acceptance of bitcoin until the Finance authority will launch special regulations regarding the use of bitcoins. So, at the present time, users can easily transact using bitcoins and even trade without any worry because bitcoin is really a versatile digital currency.