BITCOINS

What is it? An electronic payment system/ virtual currency system Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.

VALUE OF BITCOIN 1 Bitcoin = rs.116252.20 Indian Rupee 1 Bitcoin = $1806.14 US Dollar 1 Bitcoin = €1,677.87 Euro

Hawala and bitcoin IF A Indian taxi driver in London wants to send earnings home to his brother, a nomad farmer, he probably uses an informal money transfer business. Going into a Indian-owned shop, he can hand over a wad of cash and within a few hours his brother will receive a text message telling him that his money–minus a commission–is ready for collection. Without either side of the transaction having a bank account, this is an efficient way of transferring cash. Such arrangements, known as hawala

Hawala and bitcoin Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open- source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

History