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Bitcoin – SEK (^BTCSEK) Crypto Price Quote
Powered and implemented by Interactive Data Managed Solutions. Easily clip, save and share what you find with family and friends. Easily download and save what you find. What does Budget-2018 say about Cryptocurrency? Ajay wants to trade his wheat for Vimal gutkha, but Bansi.
M is ready to exchange his Vimal Gutkha only for tea. Commodity money: Cocoa-beans, tobacco leaves, and Gold nuggets but they were either perishable or lacked uniform weight and purity. Metallic Money: Full bodied coins and then Token coins but they were bulky to transport. Bank money: Chequebook, demand drafts, NEFT-RTGS.
Bankers and card-companies charge commission on every transaction, and bankers themselves were responsible for the sub-prime crisis. Cryptocurrency is a digital currency created, stored and transacted using blockchain technology. Bitcoin, Digicoin, Litecoin, Etherium, Laxmicoin are some of the examples. Miner or person who already owns cryptocurrency.
I’ve explained above topics in much finer details in video number 2, 3 and 4 in my last year’s BES171 Lecture series. Crypto-currencies are not legal tenders in India. We’ll eliminate the use of these cryptocurrencies in financing illegitimate activities. We’ll eliminate the use of these cryptocurrencies as part of the payment systems.
IF Paytm or Mobikwik allowed users to buy movie tickets using bitcoins instead of the Indian rupee, then action will be taken. This implies Arun Jaitley doesn’t like Cryptocurrencies, NOT ONE BIT. In bitcoin system, maximum coins that all miners can collectively fetch is 21 million, and each coin can be subdivided into 108 Satoshi units. And just like video game stages, the more miners progress, it becomes harder and harder to mine. If initially, your PC could mine 1 coin per day, now it’ll require 30 days.
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If your computer has more than one graphics card, it will give a higher speed. So, big miners would assemble a PC with 4-5 graphics cards, and then loop 50-100 PCs together and use their collective computing power to solve the data blocks in a faster manner than other miners. Because of this bitcoin-mania, graphics card prices have increased by 2 to 4 times in the last year. This degrades the lifecycle of hardware, increases e-waste generation and electricity consumption. Experts estimate that cryptocurrency related electricity consumption generates 20 megatonne CO2 annually.
This is equivalent to the pollution caused by 1 million trans-Atlantic flights. Tax evasion Suppose you do not have a high-speed computer but still interested to own bitcoins. Many shopkeepers allow payment from PAYTM app. But PAYTM app is linked to mobile numbers, and to obtain a mobile number, you’ve to give photo-id proof. The money is ultimately transferred to a bank account, but you’ve to provide KYC documents to open a bank account. Narcotic drugs were sold using Bitcoin as a currency, and FBI could prove the case by drugs-delivery and indirect exchange of dollars to bitcoins but it’s both a technological and legal nightmare for law-enforcement agencies. Cryptocurrency Exchange Systems also bad because: Suppose you don’t have a high-speed computer to mine bitcoins, suppose you have no goods and services to sell to a bitcoin owner then the third way to obtain bitcoin is- give that person rupee, dollar or any other legal-tender currency in exchange.
But since crypto-currency transactions are non-traceable, the government is deprived of tax-revenue. Yes, if a bank account or credit card is used for purchasing bitcoin from an online portal, and the resultant profits were converted into rupees and deposited into a bank account, then Income tax officials can indirectly try to trace it and send notices. Observe the following graph of bitcoin to dollar exchange rate. 20,000 to purchase a bitcoin in December, he’d have made substantial losses.
Bitcoin, Digicoin, Litecoin, Etherium Don’t have any sovereign nation’s backing. Cryptocurrency has no intrinsic value, It is just a virtual data code . Cryptocurrencies fetch hundreds and thousands of dollars because new supply comes at slow-pace due to limitations of present-day computing technology in solving crypto-data blocks. But once quantum-computing technologies develop more, some geek can decode all the data blocks in a matter of seconds and then flood the market with such coins, It will crash the prices. Difficult for an Individual Indian to purchase a bitcoin. 0089 Bitcoins- that much amount many Indians could afford to invest.
Scamster also promises to sell the said bitcoin when bitcoin: dollar exchange rate escalate and redistributing profit according to the fractional ownership. 1, like that continues the game until he has built a large cache to run away. Finance Ministry cautioned Indians about above danger ki: Virtual Currencies are like Ponzi Schemes. Budget says we’ll stop the use of Crypto-currencies In illegal activities.
Laxmicoin, India’s first Official cryptocurrency has been launched. This is a fraud, the government does not recognize any cryptocurrency as legal tender. Our crypto currency is not associated with any government agenda or initiative. None of these dates are important, I have only mentioned them to narrate the story’s sequence of events. After Subroto Roy took Junta’s money for SAHARA Schemes, SEBI initiated action afterwards, that it was illegal collective investment scheme.
The case is going on for years and the money is not yet returned to the investors. Same with Sarada Chit fund scam, Rose Valley Chit fund scam. Jewelry schemes where consumers pay 11 installments while the company pays the 12th one. Builder offering fixed return on investment until construction is completed. State Government will have to designate authority for attaching assets and redistributing investors’ money within deadlines.
Falkland Island: is a Disputed territory claimed by both Argentina and UK. A war fought between them in 1982. Ecuador’s Galapagos Island: Here, Charles Darwin discovered several species of finches that varied from island to island. Does the Equator pass from this country?
The price of 1 Petro coin will equal the market price of one oil barrel from Venezuela. In the beginning, only the citizens of Venezuela can purchase petrol coin, using the currencies mentioned above. Gradually, we’ll allow international investors can buy. In the beginning, Petro can be used only for paying government fees and government taxes.
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So, President Maduro is trying to solve this by creating a new currency. Although, the USA has banned Petro coins as well, due to allegations of Russia having provided the blockchain technology to Venezuela for inventing these coins. This is only a virtual currency- similar to online video games. Petro coin is a fiat money. It is not made up of crude oil or gold, it’s just a digital-code, so has no intrinsic value. 1 petro coin is convertible to 28.
Anyways we need not bother ourselves with these details for MCQs. How does Venezuelan petro-coin gimmick affect crude prices and Indian economy, whether we should deepen diplomatic ties with them to give tit-for-tat to Donald Trump’s protectionist policies? What is the capital of Australia? Does tropic of Capricorn pass through Australia? It is the 50th state of USA, so think what will be its legal tender? America will help this island country in Defence, Social Security, and budgetary support. Till now, Marshall Island’s legal tender was US Dollar.
However, unlike BITCOIN wallets, this SOV will not have any anonymity. UID type mechanism this country has. It means all Financial transactions can be done using either currency, no shopkeeper can refuse to accept. Despite knowledge is sufficient for MCQs.
Marshall Island Public service commission’s civil service exam. But such ball by ball commentary is not important for competitive exams. With this, I conclude the first part of the budget provision that cryptocurrencies are not legal tender. In the next part, we’ll see what is Blockchain technology? RBI use it for the promotion of digital payment system? And other miscellaneous developments regarding digital payment in India such as UPI 2. Completely safe on the environment since no paper or metal used in creating bitcoins.
Hyperinflation can’t occur in an economy using bitcoins as a mode of payment. To replicate the sadism of UPSC examiner, I have deliberately kept first statement open to multiple interpretations. In bitcoins, Monetary inflation is not possible because System will not generate more than 21 million bitcoins. Budget-2018 declared cryptocurrencies as not legal tenders in India. What were the primary objectives behind this announcement? Raise the indirect tax revenue of Govt, which is greatly eroded due to the selling of goods and services in-exchange of bitcoins. Save gullible investors from Ponzi schemes related to bitcoins.
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Stop the use of cryptocurrencies in financing illegitimate activities. Have the majority of Indians started using bitcoins instead of rupees to buy soaps and shampoos ke Government is suffering the loss of crores of rupees in GST evasion! Dec-2017, Finmin cautioned against Ponzi schemes in cryptocurrencies. Bitcoins are tracked by the Central Banks of the countries. Anyone with a Bitcoin address can send and receive Bitcoins from anyone else with a Bitcoin address. Online payments can be sent without either side knowing the identity of the other.
Select the correct answer using the code given below. First statement is wrong, therefore, A and D are wrong. Then apply common sense: if feature-3 is possible then 2 ought to be right! Its supply is limited due to a shortage of nickel. It cannot be used for payment of financial obligations higher than Rs. Many such questions can be framed from the theory so Watch the Lecture.