Effective yet Risky Tool: Bitcoin

Effective yet Risky Tool: Bitcoin

In an attempt to drive digital economy, Bitcoins can play a role of a potential payment and transaction mechanism for companies. But they are burdened with risks in the nonattendance of proper regulatory and monitoring framework for the currency, a study rolled out this week claimed.

“Nonattendance of the data in the Bitcoins transaction about counter parties is a huge drawback and may result to unintentional payments such as laundering of money,” Gopal Jiwarajka, President of PHD Chamber of Commerce and Industry, claimed to the media while releasing the survey study on bitcoins in an interview. “Bitcoins are burdened with dangers and not supported by any concrete asset but by absolute demand,” he further added. The industry body this week organized a conference meeting to determine the perspective of industry about the dominance of Bitcoins in the system. The survey claimed that even though there is a huge awareness in the system about Bitcoins, there are barely any users of this digital currency.

Effective yet Risky Tool: Bitcoin

Though almost 97% of the respondents were conscious about the term Bitcoins, none of them compacted with the crypto currency for their companies, it further said. Additionally, it was found that the huge obstruction encountered in dealing with Bitcoins by the Indian industry as a measure of transaction mechanism is regulatory and security aspects related with the crypto currency. The cost of bitcoins to $3025 in June 2017 increased from $100 in June 2013. “Bitcoins are a charming instrument, conversely extremely volatile, and vulnerable to high jeopardy makes it a susceptible instrument,” Jiwarajka claimed to the media. Bitcoins have achieved marvelous ground on worldwide financial investments in last few years, he further added.

Proper directives and vigilance to control the crypto currency might drive the digital bionetwork in the nation, he further added. “Low payment cost for bitcoins makes it an extremely needy instrument for digital payments lately. There is an elevated possibility that bitcoin may increase on the back of better rate of acceptance in coming couple of years,” Jiwarajka claimed to the media in a statement. Getting rid of the risks and having a mechanism for regulatory might make this a feasible option for marketing it as a crypto currency in the nation, Jiwarajka claimed.