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TopIntroduction
Bitcoin is the most functional currency as it is first decentralized currency and easy in transaction. It was launched by a person or cluster known under the alias, Satoshi Nakamoto in 2009. It is open-source software whereas one and all can participate individually. There is no requirement of central authority or administrator as it uses peer to peer technology. As of December 2018, there were 17 million bitcoins in circulation which have global value amounted to approximately 10.1 trillion U.S. dollars. Also bitcoin index value amounted to 3,689.56 U.S. dollars and there was 4036 Bitcoin ATM worldwide at the end of December 2018.
Objectives of the Study
- 1.
To know about knowledge of bitcoin among individuals;
- 2.
To identify the key factors which are indispensable for the adoption of bitcoin in India;
- 3.
To find out the preference of the people for the transactions such as payment of bills, investment, transfer funds etc. via Bitcoins;
- 4.
To evaluate the factors which influence buying decision of bitcoin.
Literature Review
B. Eshwari and Ahamed Adeeba (2018) found in their study, which is empirical, on “A Study on Perception of Bitcoin and Their Awareness and Impact among investors in Asset Management Company With Reference To Bangalore City” that investors are aware about Bitcoin of Asset Management Company. All the investors’ perceptions towards Bitcoin are more focusing on better returns which will be the reason to overcome other investment avenues in future and higher bracket investors are more focusing in investing on Bitcoin rather compared lesser bracket group. Also all the investors prefer Bitcoin to be regulated by regulatory body in India.
Mehrotra Anmol and R.M. Vanishree (2018), conducted a study on “A Study to Understand the Awareness about Bitcoins among the Youth Population in Bangalore”. They researchers concluded that Bitcoin does have some scope in markets like India and it can be used in the future. For now, to use Bitcoins, India first needs to make sure that people do understand the basics of how digital currencies work and how they can use Bitcoins. It was also showed that there is very little correlation between Age and the knowledge of cryptocurrencies which means that age is not a barrier when it comes to understanding. They also found little correlation between Gender and the knowledge of cryptocurrencies which again means that there’s no big connection between both.
Sharma Kapil, Gupta Harshita et al. (2017) conducted exploratory research on “Role of Bit coin in Indian Economy-A brief study.” They focused on the Bitcoin adoption in India and mentions brief information on the Bitcoin crypto currency, the scope of the adoption of Bitcoin in the country and some challenges to Bitcoin adoption concerning Rupee exchange as well as security and privacy concerns. They also discussed the issues on both sides of bitcoin mainly in interest of financial organizations and economists with a prospective transformation, with an application of advanced technology, and revolution with a digital currency.
Mittal Alka (2017) analyzed in the study on “An Analytical Study Of Present Position Of Bitcoins”, the Indian Tax and legal considerations regarding Bit coins, the problems and risks related with Bitcoins such as Cyber Attacks and Hacking, Price Fluctuation and Inflation, Fraud, Uncertainties in the Government Policies, and risks related with Bitcoins such as Money Laundering, Drug Trafficking, Tax Avoidance and Evasion and Terrorist Financing.