Bitcoin India Vs. Bitcoin Estonia-Which Country is More Crypto Favorable
Updated: Jan 8, 2020
If we join the dots, day-by-day, month-by-month, year-to-year, and form a graph, we will discover that, since it’s unveiling in 2009, the worth of Bitcoin has only witness progressive growth. And, with its value expected to reach $10,000 mark, this festive season, you can accept this electronic current to attain the next level of dominance in the coming years.
The central idea of this cryptocurrency is decentralization, giving the freedom to people and investors to place their money on Bitcoin to make great gain gains in future, without any government norms and regulations. The supply of Bitcoins is not regulated by the central and state government or any federal/ financial institution; instead, the company itself governs the supply chain. The above is the aspect, which has also drawn great criticism from a section of the crowd, for being non-transparent, unregulated to the government.
The Bitcoin currency uses the Blockchain ledger to keep a record of every financial transaction that takes place through this currency. The Blockchain is a distributed, transparent ledger where the special people known as the miners verify and record the transaction. The Blockchain ledger is shared over all the computers in the network, and this is usually in great number, thousands. This is the thing, which makes Bitcoin network robust security-wise, as the hacker with an intention to get hold of the system, need to perform his or her magical act of hacking of all computers in the network (thousands); otherwise, it will be a failed attempt. This is the reason; we have never come across stories of Bitcoin, where since it has been in the global market. Furthermore, the data once added to the Blockchain ledger, can be modified or deleted.
Bitcoin in India
In the year 2018, the Reserve Bank of India has disvalued buying and selling Bitcoin India. As per the late Finance minister of India, then Mr Arjun Jaitley said: “Bitcoins or any other cryptocurrencies will not consider as legal tender in India.” This means Bitcoin holds no worth in RBI perspective.
To simplify, the US dollar, which is a legal tender in a majority of countries across the globe, cannot be used as a legal tender. Similarly, you can invest in cryptocurrency in India, but it is not a legal tender in the country.
However, there is no blanket ban on Bitcoin in the country; therefore, exchanges are operative in the world largest democracy.
There is also a massive buzz in the air that the Modi led government is working on a draft that proposes ten years imprisonment to those who are involved in buying and selling of Bitcoin and other Cryptocurrencies. In addition, this would be a no-bail able offence.
While, there is a number of factors fostering the government to take such a bold move, but one big reason could the surge of money laundering in the country.
So, in a nutshell, Bitcoin has no future in India, in years to come, rules would be tougher. And, if you are planning to invest in Bitcoin in India, then you must think twice.
Bitcoin in Estonia
Estonia is heaven for trading Bitcoin, and the Blockchain consulting services Estonia is thriving in the Northern European country. Globally known as the birthplace of Skype, Estonia is a crypto-friendly nation, where the government is taking all the initiative to strengthen its economy with the flow of electronic currency.
The government of Estonia sees Bitcoin as an alternative which holds the future. However, individuals and companies those who are responsible for buying/selling Bitcoin must be registered as per the government. The procedure to set up a cryptocurrency in Estonia is breezy-easy, you don’t have to move from one office to another and wait for months to get any reply. Here, in Estonia, the entire process is online and a matter of a few hours.
Further, the Estonian government is planning on launching the country’s first state-backed electronic currency.
To boil down, the government of Estonia always has a welcoming stance on Bitcoin and other cryptocurrencies in general.
At the End of It All
After going the above highlights, it is fair to say that the Bitcoin currency is going to transform the financial industry for the betterment-ease of payment and more transparency in Estonia. Bitcoin undoubtedly is the future of Estonia’s digital society. Not just through its own operation, Bitcoin is changing the dimensions of the financial industry, though, all the cryptocurrencies, which portrayed its core technology, Blockchain.