Regulation of Bitcoin in India
what is Blockchain Tech.?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?
The blockchain is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority: the maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software. Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications. Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. The blockchain is a distributed database – to achieve independent verification of the chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain. Approximately six times per hour, a new group of accepted transactions, a block, is created, added to the blockchain, and quickly published to all nodes. This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight. Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.
Some background on SegWit2x
SegWit2x is essentially a software upgrade that will bring improved capacity to the Bitcoin protocol. A majority of Bitcoin miners have signaled their intent to deploy Segwit2x, which increases the base size of bitcoin transaction “blocks” (groups of bitcoin transactions). The final part of this change is scheduled to occur when bitcoin block 494,784 is mined. Right now, this protocol change will likely activate on or about November 16th.
Check the current price of Bitcoin here.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. The Process :
The Authorite des Marches Financiers, the regulator in the province of Quebec, has declared that some bitcoin related business models including exchanges and ATMs are regulated under its current MSB Act. The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013
As no central authority has control over these digital Crypto currencies that is there won’t be any involvement of third party so currently not even world Bank has control on it. But Government authority of India is trying to get all the details of all the consumers who are holding their bitcoin in the digital wallets like Zebpay and Unocoin beacuse these are the two only exchanges available in India.