Will crypto currency overthrow the traditional financial system in days to come?

usha manohar wrote:

Kalyani Nandurkar wrote:

As of now, bitcoin and other cryptocurrencies are still illegal in India, as far as I know so there is no question of them replacing the traditional currencies for the moment. And even if they are made legal, I don't think they would ever replace the traditional methods of payments.

The reason why many nations are against crypto currency and have tried to ban it is because of it's transparency of movement . Since every single coin is traceable there is no way one can get away with it. This is what scares the leaders and the banking institutions who would definitely not want it...but all developed nations are adopting it which shows that they realise it's future impact .

Probably that too, but I think for the common Indian, the feel and warmth of having cash in the pocket is a comforting feeling which no other currency can provide, not even credit cards. And to come to accept bitcoins or other cryptocurrencies, it will take ages as still, not each and every citizen of India is connected to the internet. There are no doubt, large number of data users, but the usage is limited to probably shopping and entertainment and to some extent, mobile wallets such as Paytm, but the idea of using cryptocurrencies will take much more time to get accepted.

Kalyani Nandurkar wrote:

usha manohar wrote:

Kalyani Nandurkar wrote:

As of now, bitcoin and other cryptocurrencies are still illegal in India, as far as I know so there is no question of them replacing the traditional currencies for the moment. And even if they are made legal, I don't think they would ever replace the traditional methods of payments.

The reason why many nations are against crypto currency and have tried to ban it is because of it's transparency of movement . Since every single coin is traceable there is no way one can get away with it. This is what scares the leaders and the banking institutions who would definitely not want it...but all developed nations are adopting it which shows that they realise it's future impact .

Probably that too, but I think for the common Indian, the feel and warmth of having cash in the pocket is a comforting feeling which no other currency can provide, not even credit cards. And to come to accept bitcoins or other cryptocurrencies, it will take ages as still, not each and every citizen of India is connected to the internet. There are no doubt, large number of data users, but the usage is limited to probably shopping and entertainment and to some extent, mobile wallets such as Paytm, but the idea of using cryptocurrencies will take much more time to get accepted.

True ...It will be like any new idea , like internet was in it's infancy ...

I am new to this world of online earning and have come across these terms of cryptocurrencies. I have understood so far that these are virtual currencies and they are still not legal in many countries including ours. Also I keep hearing that there values keep fluctuating and I am not sure what makes it fluctuate. It is still a very unfamiliar thing for a person like me. So I try to stay away from sites where you earn in cryptocurrencies as I am not sure about how to handle it.

I think it is in infancy stage but soon might become the real thing. But I still have a nerve feeling that it is going to take some time as a lots of rules and regulations have to be in place before it becomes legal.

Arunima Singh wrote:

I am new to this world of online earning and have come across these terms of cryptocurrencies. I have understood so far that these are virtual currencies and they are still not legal in many countries including ours. Also I keep hearing that there values keep fluctuating and I am not sure what makes it fluctuate. It is still a very unfamiliar thing for a person like me. So I try to stay away from sites where you earn in cryptocurrencies as I am not sure about how to handle it.

I think it is in infancy stage but soon might become the real thing. But I still have a nerve feeling that it is going to take some time as a lots of rules and regulations have to be in place before it becomes legal.

I agree it is complicated and the value fluctuates like other international currencies . As per today's value ,one Bitcoin is valued at 4,85,000 rupees and it was less than one lakh rupees two years ago. It went through a very volatile stage when demand rose to an all time high , reaching 12,000 dollars level but has now steadied down..

I came to know about it through my son who is part of a Rchain group in the USA ..

usha manohar wrote:

Arunima Singh wrote:

I am new to this world of online earning and have come across these terms of cryptocurrencies. I have understood so far that these are virtual currencies and they are still not legal in many countries including ours. Also I keep hearing that there values keep fluctuating and I am not sure what makes it fluctuate. It is still a very unfamiliar thing for a person like me. So I try to stay away from sites where you earn in cryptocurrencies as I am not sure about how to handle it.

I think it is in infancy stage but soon might become the real thing. But I still have a nerve feeling that it is going to take some time as a lots of rules and regulations have to be in place before it becomes legal.

I agree it is complicated and the value fluctuates like other international currencies . As per today's value ,one Bitcoin is valued at 4,85,000 rupees and it was less than one lakh rupees two years ago. It went through a very volatile stage when demand rose to an all time high , reaching 12,000 dollars level but has now steadied down..

I came to know about it through my son who is part of a Rchain group in the USA ..

Bitcoin was started by group of individual people and not by government of particular country may also be the reason why individual countries are against its use. I read that Rchain is like blockchain which is used in crypto currencies but I am not exactly sure about Rchain uses . Your son is very lucky to be working on this technology in USA since this technology is in very much demand now a days.

arjun sai wrote:

usha manohar wrote:

Arunima Singh wrote:

I am new to this world of online earning and have come across these terms of cryptocurrencies. I have understood so far that these are virtual currencies and they are still not legal in many countries including ours. Also I keep hearing that there values keep fluctuating and I am not sure what makes it fluctuate. It is still a very unfamiliar thing for a person like me. So I try to stay away from sites where you earn in cryptocurrencies as I am not sure about how to handle it.

I think it is in infancy stage but soon might become the real thing. But I still have a nerve feeling that it is going to take some time as a lots of rules and regulations have to be in place before it becomes legal.

I agree it is complicated and the value fluctuates like other international currencies . As per today's value ,one Bitcoin is valued at 4,85,000 rupees and it was less than one lakh rupees two years ago. It went through a very volatile stage when demand rose to an all time high , reaching 12,000 dollars level but has now steadied down..

I came to know about it through my son who is part of a Rchain group in the USA ..

Bitcoin was started by group of individual people and not by government of particular country may also be the reason why individual countries are against its use. I read that Rchain is like blockchain which is used in crypto currencies but I am not exactly sure about Rchain uses . Your son is very lucky to be working on this technology in USA since this technology is in very much demand now a days.

Like any other venture that is viewed with doubt and suspicion , rchain too is facing a lot of criticisms and negative press by certain section that feels threatened by it's future impact on the financial world.

There are Pros and Cons of the cypto currency use. I believe that a system that is well regulated and something with a governing body would be a safe bet and hence the traditional financial will and needs to exist.