The end of Rs 500 and Rs 1,000 announcement by Narendra Modi has led to rise in digital payments thereby helping India move towards Digital India. In the last few days it has been seen that the difficulties among the people to purchase goods for their livelihood post banning Indian currency notes like Rs.500/- and Rs.1000/-, looks like the nation that comprised of over a billion people have realized the advantage of digital currency.
Looking over the Google bitcoin revolution uk Trends page, it seems like “buy Bitcoin” is rapidly gaining popularity. Bitcoins are a digital currency, made by computers, whose prices are validated through a public ledger. Like any digital money, this money can be used to pay for goods and services, such as buying coffee, a food packet at a restaurant or even clothes.
Although digital currency is yet to mature, it has the power to play a key role in the future of financial services. As bitcoin and other related technologies grow in adoption, our financial system is going to rely heavily on a large centralized institutions that has a globally distributed network. With the proliferation of the internet, we have witnessed the industries such as media; software and communications were transformed and invigorated. Sooner or later we will experience a similar revolution in financial services, where digital currency permanently substitutes our age old, costly, and time-consuming systems and arises a brand new structure that facilitates payments, streamlines accounting processes, and enforces contracts with ease and scalability. In this fast developing landscape, digital currency can emerge as the valuable trade that empowers the “internet of money.”
“There’s no doubt that digital currency is going to play an important role going forward.”
– John Donahoe, President & CEO of eBay
Cryptocurrency enthusiasts remain hopeful Bitcoin will oust cash sooner or later.
Millions of Indian people have limited or no access to financial services through traditional means. This means Bitcoin can fill a need, should that ever arise. Benson Samuel, one of the most popular names in Indian bitcoin community and the co-founder of Coinsecure, welcomes the decision. He states, “This is very good for digital currencies in India, as people will now be forced to look into alternatives to store value. Decentralised digital currencies will play a vital role in maintaining a variety of options for people who need to use the same.”
“People are getting remittances in bitcoins, instead of Paypal. They are able to liquidate them by paying just 1% transaction fee,” said Sathvik Vishwanath, CEO and co-founder, Unocoin.