A government panel is looking at ways to fix accountability for transactions done through virtual currencies and whether a separate oversight body needs to be created.
Following a spectacular rally this year, cryptocurrencies such as bitcoin have witnessed what some say is a 'healthy' correction.
Currencies like bitcoin and ethereum are based on the philosophy of decentralization with intention to create an alternative payment system independent of any financial institution and any central regulatory body.
“Ethereum is basically bitcoin plus. While bitcoin is purely a digital currency and nothing more, ethereum has a host of additional features,” said Aditya, an open-source program developer.
Ether, bitcoins closest rival, has appreciated over 5,000 percent since the start of the year and was faring at levels of USD 404, while this report was being filed.
The new record comes at a time when other cryptocurrencies -- altcoins -- are seeing robust global traction and ether (having the second highest market cap among cryptocurrencies) setting a new all-time high above USD 300.
Like bitcoin, ether is a blockchain based asset (similar to a security, like a bond, issued in physical form) which acts as a fuel operating the distributed application platform Ethereum.
The likes of bitcoin, ethereum, ripple, litecoin have witnessed a sharp dip of around 20 percent, 25 percent, 35 percent, 27 percent respectively, over the past 24 hours.
You have heard about this instrument a lot lately.
Bitcoin has appreciated of over 100 percent since January and is currently trading above levels of USD 2,000. Ethereum, which has the second largest market share among cryptocurrencies is at levels near USD 17o.
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.