Bitcoin news Bitcoin mining in India: How BitCoin & BlockChain Work? bitcoin illegal in India?(2019)


today our discussion is on blockchain
and Bitcoin and whether the Bitcoin is legal in India and again also the effect
that the Facebook is going to come with its own cryptocurrencies and what is its
effect in India because presently as per 2018 report from various resources and
sources is that in the number of highest number of subscriber to the Facebook is
in from India so first come to the core concept of
blockchain and then will come to another particular area of blockchain which has
obviously become very popular and that is Bitcoin and blockchain is a
distributed immutable ledger so it’s a distributed immutable ledger in various
blocks every blocks contain data and the previous hash and the present hash and all
these they are the hashes of hash so that’s where the question of security is
there and so in a transit is an application of transactions where we can
expect and you can we do have trust, accountabilities, transparency at its core
and that is the beneficial part of the blockchain and bitcoin is one of its
applications where the same hashing and cryptography is been applied and the
concept of Bitcoin came in the year 2009 when there were economic issues economic
problem throughout the world. Countries which are almost banned the cryptocurrencies like
China and even Indian RBI has given guideline there in 2018 to that effect
and there are countries like Canada and USA none who has actually accepted that
cryptocurrencies in many parlance and there are kind of countries who are
watching the things and they are going to take its better part so there is
nothing harm in blockchain because block chain is going to provide us
immutability in every transaction it will definitely going to give the
trustworthiness in every smart contracts in our Bitcoin there are a lot of
legal and other controversial issues are coming up the the most important point
obviously is that if currency been controlled by some non centralized
agencies because in Bitcoin the entire transactions is decentralized so it’s a
decentralized and creation of the Bitcoin will stop in India
2140 so the algorithm is set in that that coin is just like one of the
blockchain where the digital asset is the currency. One person may transfer
ownership of a digital assets like a cryptocurrency from one person to
another and that asset will move from one person’s wallet to another person’s
wallet as a payment will move from peer to peer throughout the network in two
currencies like the Bitcoin, the question obviously all the time raised is that if
there is no control by any agencies of any country then and these be controlled
by some miner. see there is a huge rise in the price of a Bitcoin within every few
years and this phenomenal growth is also a allured the people to invest more and more
in the Bitcoin but the question is that from there on the question of
speculation comes up and another darkest thing is that there in lot of crimes
like arm trading arms trading like narcotic drugs trade trading and other
type of drug tradings, it has been seen that Bitcoin has been used
as the currency now for example in countries like India but we are now
having this type of infrastructure our investigating officers are going to
investigate a case where the money trail is completely in a Bitcoin,
how can a investigating officer clearly find out the entire movement of
the money if the money if the money or the ransom or the considerations of
the criminal money is been transacted by way of the Bitcoin, Bitcoin or like that
currencies so that is an important issue to be, we all should think of obviously
lack of intermediaries there are no intermediaries in terms of this concept
like bank and other things will be there again speculation is that that if the
Bitcoin has taken charge of the virtual real currencies then the
question obviously asked who will going to control the value who will going to
control the mine and what will be the law what will be the result of the
conflict between these cryptocurrencies one white paper on Bitcoin was
published by Satoshi Nakamoto on bitcoin.org and if you download that nine pages
Bitcoin white paper you will see that the entire transactions and all the
activities and and how the double spending problem will going to be solved all
have been discussed in that white paper having a title Bitcoin a peer-to-peer
electronic cash system. so money will be transferred from one party to another
but we need not to go to any bank or any finances institution.
it came after this collapse of real currency market in some of the parts of
the world in 2009 this white paper gives more emphasis on day-to-day
commercial activity on the internet. has given a direct challenge to
the trust based transaction model which we have today like our business with
the bank our business with other organisations and all this which we were
doing day to day and again there is a cost of mediations so there are a lot of
beneficial part has been addressed in that white paper and the abstract in
abstract it says it is purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution so he has given the
challenge to the the trust based system which I have already told and
this white paper is of nine pages and within this nine
page and the entire double spending issue and other issues have been
explained by satoshi nakamoto especially the chapter the transaction that is
very interesting and in the entire chapter we will going to find that
an electronic coin is a chain of digital signature so see it
there’s a block, one after another block and there are digital signature from one part to another part to another part by digitally
signing the hash of the previous transaction and the public key of the next one and adding to the next introduce a new fresh concept in the name of cryptocurrency and now what about the Indian scenario public-interest
litigations been filed before the Honourable High Court of Calcutta and
other part and finally before the Honorable Supreme Court of India against
the legality challenging the legality of Bitcoin transaction in India on April 6 2018 the RBI has come up with a notifications wherein the all the type of
virtual currencies including the bitcoins
have been made prohibited there was a phase-out time been given for
those already transaction committed and and RBI has given caution to the people
and not to deal with these virtual currencies and and interpreting that
notification and it will be clear though we do not have any law because
virtual currency doesn’t follow the real currency subject or theorem or tenants basic tenets of structure so that the law which is applicable to the
physical currencies are not applicable to the virtual currencies and
practically do not have any law to that effect as well but the point is the RBI
after a lot of ….decided that with immediate effect entities regulated by
reserve bank shall not deal in virtual currencies provides services for
facilitating any person or entity in dealing with or such services including
maintaining accounts registering trading settling clearing giving loans
against virtual tokens accepting giving loan against virtual tokens accepting
them as a collateral opening accounts or exchanges dealing with them and transfer
or receipt of money in accounts relating to the purchase sale of virtual
currencies regulated entities which already provides such services shall
exist a relationship within three months from the date of this circular

3 thoughts on “Bitcoin news Bitcoin mining in India: How BitCoin & BlockChain Work? bitcoin illegal in India?(2019)”

  1. Dear Mr. Bivas Chatterjee. Very good informative video. I have seen someone has commented that it needs better editing, but in my opinion as long as the content is good editing does not matter much. We are here to learn not to get entertained. Please keep on posting more such videos.

  2. I have mentioned the RBI notification …….but it is reported that the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" has been drafted and the draft has proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies……

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