RBI, government try to get a grip on Bitcoin business

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A number of bitcoin operators in India began suspending their business following RBI's warning against the use of the currency. A number of bitcoin operators in India began suspending their business following RBI's warning against the use of the currency.
SummaryAfter RBI’s warning against the use of virtual currencies, many bitcoin traders suspend ops.

It appeared in 2009 as a currency unit just after the global meltdown. The first Bitcoin ATM opened in Vancouver in Canada in October 2013

PRODUCTION: Bitcoins are “mined” based on a pre-defined mathematical algorithm and is a reward for carrying out computational operations that aim at discovering the solution to a random mathematical puzzle. There is no central bank or monetary authority that controls its production

USAGE: To use Bitcoin, one needs to download the software from Bitcoin.org. The software acts as a bank account. It stores a secret code on the user’s computer which enables funds to be spent from one’s bank account or ‘wallet’

BENEFIT: Bitcoins have absolutely no counter-party risk to hold and transfer. The only risk is of bitcoins being lost if your computer crashes. It is possible to back up the wallet file on a USB drive and even email it.

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