Bitcoin in the recent past stormed your way into the financial arena and became a very big buzz word soon. People jumped onto the bitcoin bandwagon and started investing in it to make huge money.
But just as it stormed your way in the financial sector its downfall was apparently not been observed by anyone. However, within a short span of time it witnessed a severe downfall also as it experienced a very upward swing.
There was a very huge craze for the currency and many other regulatory authorities also. Many of the global banks and other financial institutions were of the fact that bitcoin had entered the bubble phase and that it was now impossible to stop from the coin to make any headlines.
However, the Government and other financial institutions and some of the financial institutions have refrained it from giving any legal status.
Is this the end of Bitcoin at all?
It will be very early to say it as it may not probably be the end of the Bitcoin phase.
Also, the Reserve Bank of India said that they are exploring a flat digital currency which will soon be a good start for INDIA and the currency would soon be keenly be watched.
What is a flat digital currency?
A flat digital currency is something which the government considers to be a legal tender money but no having any physical commodity.
A flat money is solely based on the economy and the faith and credit of the economy.
BUT IS THE INDIAN BANK (RBI) is not fully comfortable with the concept of grating the legal tender status to the economy.
The RBI has also not till date declared Bitcoin as the legal tender money and it also highlights the risk of the virtual currency.
Most banks however already withdrawn from the crypt o currency of the banks.
So, is there a future for the Bitcoin any at all?
It will be very difficult to say that there’s is any future for Bitcoin ever available and India has also not put any ban on the same for it.
What does the future hold it just need to be waited and watched.