Digital Currency: An Advanced Mode Of Payment
In India, the majority of people use either internet banking or credit cards to pay bills and shop online. They don’t know much about another payment mode Digital Currency Bitcoin in which they can pay the mobile or DTH bills. In the near future, the virtual currency will be launched soon for the users for paying utility bills and shopping online.
For those who don’t know about the Bitcoin, it is basically a digital currency generated by the techniques of encryption using peer-to-peer technology for operating. The founder of the currency fixed its global supply to 21 million. Neither the government nor any statutory authority produced it as the controller of Bitcoin is unknown to the world. In Bitcoin payment mode, the user’s paying amount is deducted from their Zebpay wallet and transfers at the current price of Bitcoin to the company. After that, the Zebpay pays the amount to the mobile carrier companies in native currency.
The digital currency is not illegal in India. As it is brand new technology, there are no specific laws for its operation. It is under the observation of the Reserve Bank of India who maintains it in the country. The only state to licenses the Bitcoin in the United States New York. They officially have a bitcoin index on the New York Stock Exchange.
There is blockchain technology used to operate this mode of payment under which full transparency is offered to the users. It contains an open digital ledger that records all the transactions cannot be altered. According to company, there are no chances of fraud in these types of transactions.
The popularity of Bitcoin is on rise year by year. The turnover of the Zebpay in its first year crossed RS 100 crore that shows the growth of this digital currency in India. On the other hand, the Chinese use Bitcoin for transactions of more than RS 10,000 crore every day. That shows the power of this digital currency which will likely to change the way of online transactions.