The digital currency has appreciated over 90 percent since the start of this year and is close to breaking the USD 2,000 mark. The market cap of bitcoin is now over USD 31 billion.
A revolution of sorts, bitcoin is a currency system based on Mathematics, and hence, is completely devoid of authority and the commodities of the physical world.
Sandeep Goenka, co-founder of Zebpay predicts bitcoin prices to be in the range of USD 2,500 to USD 3,500 by the end of 2017.
BGF launched the ICO on 27th April, 2017 in Bangkok and within 24 hours had received 1.6 million dollars of investment from retail investors globally. ICO is like an ‘IPO’ where investors get coins/tokens instead of shares in a company or fund.
Today bitcoin broke past the USD 1,500 mark and made a new record high of USD 1,540, as per CoinDesk price index.
The price of ether -- the fuel that operates the distributed application platform Ethereum -- peaked at USD 83 and now is faring at levels of USD 80 on the CoinDesk price index.
Previously, bitcoin had peaked at USD 1,325.81, hours before the US SEC verdict, but later fell below USD 1,000 in March after the rejection, as per the CoinDesk Bitcoin Price Index (BPI).
Sean Sullivan’s research into the “customer portal” of a family of cypto-ransomware known as “Spora” reveals that the criminals run their operations like an actual business with regularly scheduled spam runs to lure in new victims and while the crooks are flexible about deadlines, the method of payment is non-negotiable: it must be in Bitcoin.
Speaking to Moneycontrol, Somaiya said that he is expecting a meeting with a senior official from the National Intelligence Grid (NATGRID) to discuss the sudden jump in bitcoin trading in India during the period of the cash ban.
"This [an ICO] can make traditional venture capital companies obsolete in the coming few years. Every industry eventually gets disrupted, venture capital hasn’t been disrupted. So VCs invest in innovation and they finance the disruption of industry but they very rarely innovate themselves," Brock Pierce, Co-Founder and Managing Partner of Blockchain Capital.
If the government declares Bitcoin to be illegal in India, then the exchanges will have to shutdown, the source said.
Speaking to Moneycontrol, Andreas Antonopoulos said that an issue with the bitcoin block size does exist but it is being sensationalized and inflamed by those who want to establish some control over the decentralized network.
"The use of Bitcoin, a hypothetical currency, is increasing at a rapid speed in India as well as in the world. Experts have expressed concern that Bitcoin is a pyramid ponzi type scheme," Kirit Somaiya said.
“At a time when governments must fight to restore the public’s faith in cross-border economic cooperation, blockchains can play a critical role in strengthening economic resilience while ensuring the global economy works to the benefit of all,” the G20 statement read.
Unocoin partners with Shapeshift to allow its users to convert blockchain based assets like Ethereum, Zcash into bitcoin.
This widespread use and increasing dependence on technology no doubt has its benefits but it also brings along challenges in terms of data security.
Post the news, the price of bitcoin went downhill to USD 1,022, as per the CoinDesk Bitcoin Price Index (BPI).
Watch the interview of Charles Hayter Founder, CryptoCompare.com, Saurabh Agrawal, CEO & Co-Founder, Zebpay, Sathvik Vishwanath CEO & Co-Founder UNOCOIN and Saket Modi CEO, Lucideus with Manisha Gupta on CNBC-TV18, in which they shared their reading and outlook on bitcoins and the road ahead for bitcoins in India.
The per-ounce spot price for gold was at around USD 1,227 in overnight trading. Compared to gold, bitcoin's price is at USD 1,282 as per BPI, during the filing of this report.
Saurabh Agrawal, CEO and Co-founder, Zebpay said, â€œThe Bitcoin prices are on a rise. ETF news has definitely triggered the upward movement, though chances of getting approval are low, but if the ETF gets approved, it will be a big milestone for the entire Bitcoin ecosystem, and we may see Bitcoin prices touching USD 1500 very soon.â€
Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks.
Traditional financial players have largely shunned the web-based "crytpocurrency", viewing it as too volatile, complicated and risky, and doubting its inherent value.
Bitcoin startups Zebpay, Unocoin, Coinsecure and Searchtrade on Thursday jointly launched Digital Asset and Blockchain Foundation of India (DABFI) for the orderly and transparent growth of virtual currency market.
Bitcoin players in India namely Zebpay, Unocoin, Coinsecure and Searchtrade have formed Blockchain and Virtual currency Association of India (BVAI) today. It will be a self-governed body and the association‘s first meeting decided to reply to the RBI‘s circular warning people against virtual currencies.