Hike on Digital Currency- Bitcoin

Cryptocurrency is a digital currency designed to work as a medium of exchange. It is used to verify the
transfer of funds and regulate the generation of units.Over the last few years investments in the crypto
currency in India have grown up and reports say that there are over one million Bitcoin users in India.

Crypto currencies are of different kinds. One among those is Bitcoin which was the first decentralized
currency, created in 2009. Initially the prices were not stable. However during 2012-13 the bitcoin price
gradually began to rise. The value of one bitcoin was near Rs.5000 in the year 2009 but now the value is
approximately around Rs.847,289. According to bitinfocharts.com, in 2017 there are 9,272 bitcoin wallets
with more than $1 million worth of bitcoins.As a single person can hold more than one bitcoin the exact
number of bitcoin millionaires is uncertain.

Recently RBI has issued a statement saying that Investers who are dealing with virtual currencies are at
their own risk. Also one should remember the username and password of their account because the
money is worthless if you forget the password and it cannot be recovered too. It is also found that there
are many fake agents selling crypto currencies with the promise of delivering high returns.