The Bitcoin industry is one such industry that has seen the maximum ups and downs all around the world. Some countries banned it and some welcomed it with a full heart. Irrespective of that market of bitcoin has always been on the boom. Many have already assumed it to be going out of the market but they are forgetting the fact that it has the potential to be the leading payment method of the century.
But here we are talking about India Supreme court lifting their ban over trade in cryptocurrency. Back in 2015, The President promoted cryptocurrency under the “Digital India” program. To take this even further an official organization is formed as Digital Assets and Blockchain Foundation India (BFI). This was set up to educate people more and more about bitcoin trading and to keep them aware of the deceptive acts going all around the world.
But on April 6, 2018, it appeared out to be a black day for all the cryptocurrency traders. It was the day when the Supreme Court of India struck down Reserve Bank of India’s banking ban on bitcoin and other cryptocurrencies. It was passed with the aim of regulating Government entities especially banks from the risks associated with these digital currencies. According to them, the currency poses reputational and financial risks along with other legal as well as operational risks. Also, their concern is that bitcoin is not in any metallic or in any other physical form and hence cannot be stamped by the government. This all happened after observing multiple cross border funds transfer leading to potential security threats. This crypto-ban hurt 5 million Indians and approximately 20,000 blockchain developers. But did it require this much of astringent action?
But here is some good news for all the bitcoin investors and traders and even miners too. They are planning to lift the ban been put on bitcoin in India. This overturning decision on a 2-year-old ban is definitely going to be one of the historic verdicts of all time.
The decision which was made back in 2018, panicked several startups that used to offer services in the form of cryptocurrency. Most of them stopped functioning or found some other source of payments. But what about people working in the bitcoin mining field. Their business is totally dependent on mining bitcoin which was left inaccessible and unproductive. But now no more of this, people can freely participate in the blockchain business.
According to the trends that have been observed, this resurrection of bitcoin in the country will accelerate the bitcoin business in a sensational level. This ban would actually act as a catalyst for the Indian cryptocurrency industry.
It’s not that only the people directly dealing with the cryptocurrencies are getting benefitted, there are other beneficiaries as well.
Blockchain Technology- Adding up of blocks from end to end linearly and each block having its hash code and digital information is all about blockchain technology. Bitcoin transactions are completely based on the blockchain technology. With the advent of the cryptocurrency again, is a great push to the blockchain technology as well. A little less pressure on the mint industry of producing lesser paper notes which will all the round save more trees.
When anyways everything is becoming digital then why not our currencies can be digital. With the incoming of the cryptocurrency trade, the blockchain technology is coming into practice again as it was its first real-world application. Also, this might improve international trade and improve the deflating economy as bitcoin is a currency that is universally accepted. People doubt the security level of the digital currency but actually, it might prove to be the most secure currency of all times. Only the person having the lock key can retrieve the information secured inside a block of the blockchain. Due to no human involvement, it is more verified and the cost is reduced due to the elimination of third-party verification.
In-house Investment- A large number of corporations and governments are transitioning their financial services to the blockchain. Meanwhile, India still struggling with legalizing such a universally adopted form of payment. Many companies have withdrawn themselves from the country when the ban was introduced on cryptocurrency in 2018. This was such a negative impact on our economy and a significant loss for the nation. The time has come that these companies can now return with better opportunities. They are going to plan for re-engaging, investing and building partnerships. Hence, once the trade starts with the full swing, very good business prospects are predicted for the upcoming months.
Introduction of Government Digital Coin-
As per the reports of well-known global anti-money laundering watchdogs, big powers like US, EU, Japan etc. have found ways to regulate the trade of cryptocurrencies. Indian Government also came up with this idea of a Government regulated digital coin under the name of “Lakshmi” in 2017. But it was put into hold after the ban on the trade of bitcoin. But as the future seems to be brighter for cryptocurrencies and so is for Lakshmi.
As it is bitcoin has gained its unshackled reputation as a payment method, but some are still waiting for a lightning speed network for making it totally functional. Web hosting services is one such service that can be boosted through the judgment of lifting up of ban over cryptocurrencies. There are many and going to be hosting services that will accept bitcoin as their preferred mode of payment. This trend has benefitted many web hosting services that are functional all over the globe. It makes payment method non-hefty along with that easy and transparent transfers. This would give a big push to the hosting business and motivation to the new capitalists and investors to jump into the pool of web hosting services. There are worries involved that whether many companies will be accepting cryptos or not. But most of the web hosting services are crypto-friendly. So you just need to find the perfect suitable web hosting service for your application rather than worrying about the payments.
Once bitcoin trading gets geared up to capture the market, bitcoin ATMs are also finding their way to setup in the market. This has ensured more traffic and sales and promising many businesses for boosting their sales by bringing 25% more customers. If this is implemented, then this would record one of the biggest benefits of all times. They are very easy to setup and does not require many resources also. Few feet of space, power outlet and a strong seamless internet connection is all it asks for.
There are many more predictions, but these are the top and foremost which will fork out the highest number of advantages. Although the technology of cryptocurrency has always been considered immature, hence there is the largest scope of growth in it. As India is concerned, being a 1.3 billion nation a lot can be expected and miracles would happen for sure.