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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

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)

Next Story

New Cryptocurrency Developed by MIT Researchers is Way More Faster, Efficient

The researchers built their system on top of a new cryptocurrency network called Algorand, which is secure, decentralised, and more scalable than other cryptocurrencies

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Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.

MIT researchers have developed a new cryptocurrency that drastically reduces the data users need to join the network and verify transactions by up to 99 per cent compared to the current popular cryptocurrencies.

Cryptocurrencies, such as the popular Bitcoin, are networks built on the blockchain, a financial ledger formatted in a sequence of individual blocks, each containing transaction data.

To join a cryptocurrency, new users must download and store all transaction data from hundreds of thousands of individual blocks. They must also store these data to use the service and help verify transactions. This makes the process slow or computationally impractical for some.

In a paper to be presented at the forthcoming Network and Distributed System Security Symposium, the researchers introduced Vault — a cryptocurrency that lets users join the network by downloading only a fraction of the total transaction data.

It also incorporates techniques that delete empty accounts that take up space, and enables verifications using only the most recent transaction data that are divided and shared across the network, minimising an individual user’s data storage and processing requirements.

“The paper title is a pun. A vault is a place where you can store money, but the blockchain also lets you ‘vault’ over blocks when joining a network,” said Derek Leung, a graduate student in the Computer Science and Artificial Intelligence Laboratory (CSAIL) at the MIT.

virtual currencies, bitcoin, investors
Transactions in cryptocurrencies occur the same way that you make transactions using any other fiat currency. pixabay

“When I’m bootstrapping, I only need a block from way in the past to verify a block way in the future. I can skip over all blocks in between, which saves us a lot of bandwidth.”

In experiments, Vault reduced the bandwidth for joining its network by 99 per cent when compared to Bitcoin and 90 per cent when compared to Ethereum, which is considered one of today’s most efficient cryptocurrencies.

Also Read- Researchers Feels Cyber Attacks Are Outpacing Physical Terror Attacks

Importantly, Vault still ensures that all nodes validate all transactions, providing tight security equal to its existing counterparts.

The researchers built their system on top of a new cryptocurrency network called Algorand, which is secure, decentralised, and more scalable than other cryptocurrencies. (IANS)