Friday, 12 May 2017

The problem of cash in the world, and especially in India.

The unfathomable crisis that lives the financial system has the economy in a dead end. The ephemeral balance between inflation and deflation will sooner or later be broken. For many, the complication is the money and the multiple operations that are beyond their control from the creation of money from nothing on the part of the bank to the abuses of tax havens and smugglers. That's why the idea of ending the cash has begun to take hold in the last year.

Conventional banks make us jump through many electronic security rings to simply open a bank account, but bitcoins allow us to set up a Bitcoin address in a matter of seconds, no questions asked, and no fees to pay. All this is done to some extent, anonymously, and the best thing is that we can keep several Bitcoin addresses, which are not linked to names, addresses or other personally information.

The demonetization suffered by India was what primarily promoted the exchange of bitcoins. However, if we delve into the consequences of the measure, we find disturbing stories. People have been forced to make long lines on the sidewalk of banks in metropolitan areas and in villages in India to try to change their money, and numerous people allegedly died while queuing or when health services refused to accept the old cash all this could be avoidable with the exchange of Bitcoin in India.

India is the second most populous country, and the country has experienced significant growth in the technology sector, which has placed it before the eyes of the world conquering much capital investment in its domestic market. With this favorable economic environment and the adaptation of the payments towards new electronic technologies, Bitcoin has found a good place in the population of India. 

Although, as in most countries in the world, Bitcoin's legal status in India is not exactly defined but that has not prevented the citizens of India from using bitcoins, more and more people and shops that buy bitcoins in India looking for the best price and best exchange rate

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