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How can you trade in Bitcoin in India?

This will be the country's first app-based wallet that enables bitcoin transactions using a mobile number

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Pluto Exchange has launched first app that will trade in bitcoins in India
Pluto Exchange has launched first app that will trade in bitcoins in India. Wikimedia commons
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Dubai based “Pluto Exchange” has launched a Bitcoin trading app specifically targeted at the Indian market. The app was announced by Pluto Exchange founder and CEO Bharat Verma.

All about the app

  • This will be the country’s first app-based wallet that enables bitcoin transactions using a mobile number.
  • The app offers a solution to the coordination problem between payment processors, financial gateways and banks.
  • All other apps already in the market do transactions using bitcoin addresses, which are long and prone to error while copying. This app will enable transactions using mobile numbers only, which are just 10 digits.
  • By using a four-digit personal identification number (PIN), users can now buy, sell, store and spend bitcoins via a mobile number.
  • The app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading.

RBI on Bitcoin

Bharat Verma, CEO, Pluto Exchange said that the Reserve Bank of India is concerned about the use of cash for dealing in virtual currencies, whose values have turned volatile recently.

“The RBI considers bitcoins as decentralized trading that is completely unregulated… so their status is not clear,” he said.

Current scenario of cryptocurrency in India

In India, there are at least 15 bitcoin exchange forums, with the majority being set up over the past two years. Bitcoins have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs of rupees to buy these.

According to investigation agencies here, with the demand and price of cryptocurrencies on the rise, cyber criminals have found innovative ways to dupe those looking to invest. (IANS)

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Tesla Chariman Elon Musk’s Twitter Gets Hacked Again

Musk's tweet caused a financial firestorm with Tesla shares immediately skyrocketing by almost 11 per cent.

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Elon Musk, tesla
Musk faces lawsuits for 'paedo' remark, Tesla tweet. (Wikimedia Commons)

Despite Twitter attempting to ban scammers and impersonators on its platform, one impersonator broke into Tesla Chairman and CEO Elon Musk’s official account on Thursday with a fake lookalike verified account, promising his 22.5 million followers free Bitcoin and ethereum cryptocurrencies.

As the real Musk was busy penning down some poetic words for his followers in the wee hours of Thursday, the impersonator appeared in his thread line with a fake Twitter verified account, asking his users to trade and gain in cryptocurrencies.

“As many of you know by now, we will soon be making Tesla a private company. It is an important step towards stability and it would be impossible to move forward in a desirable pace without making such decisions,” the impersonator wrote in a fake statement in the name of Musk on Medium.

“As a part of reorganization we will be introducing Bitcoin and Ethereum as official payment methods,” he said, adding that “it is one of the steps in moving forward as a company”.

Elon Musk, tesla
Some of his users, however, fell for the fake account. IANS

Musk, who was awake just before the impersonator joined his thread line to fool his followers, was yet to reply to this.

Some of his users, however, who fell for the fake account, took to his thread line: “Report this account, already stealing from people bitcoins,” wrote one user.

“How did it get verified,” asked another.

The head of SpaceX and Tesla has witnessed such attacks on his Twitter account in the past that use fraudulent accounts to trick his followers into sending them cryptocurrencies like bitcoin and ethereum.

“I want to know who is running the Etherium scambots! Mad skillz,” Musk had earlier tweeted.

Twitter, in a statement, reacted by saying it was working on ways of bringing the issue under control.

“We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” The Verge reported, quoting the statement.

tesla, bitcoin
Cryptocurrency Bitcoin, the growing market (VOA)

Musk last week gave a “tearful” interview to The New York Times, talking about his “excruciating” times at Tesla, his 120-hour a week work schedule and saying that he “nearly missed his brother’s wedding this summer and spent his birthday holed up in Tesla’s offices as the company raced to meet elusive production targets on a crucial new model”.

Also Read: Status of Bitcoin in India

On August 7, Musk surprised the investment world with a Twitter announcement that he was considering taking Tesla private and that the funds needed to do so – which some financial analysts estimate at more than $70 billion – were “secured”.

Musk’s tweet caused a financial firestorm with Tesla shares immediately skyrocketing by almost 11 per cent, although subsequently they lost a good part of what they had gained and tanked further after Musk’s interview with the NYT. (IANS)

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