Bitcoin is a cryptocurrency and accepted as worldwide payment systems.It is first decentralized currency as the system doesn’t works on single administrator and central bank.The network of bitcoin is peer-to-peer and transactions takes place directly between users directly without any intermediary.These transactions are verified by network nodes through the use of cryptography and also recorded in a public distributed ledger called a blockchain. Bitcoin funds are not tied to real-world entities but rather bitcoin addresses.
Cryptocurrency dealer Pluto Exchange announced the launch of India’s first bitcoin i.e., mobile application for transacting virtual currencies on 28.12.2017 i.e., on Thursday.Pluto Exchange founder and CEO Bharat Verma said his company is ready to launch the country’s first app-based wallet that enables bitcoin transactions using a mobile number.
“This app offers a solution to the coordination problem between payment processors, financial gateways and banks,” Verma said.All other apps in the market do transactions using bitcoin addresses, which have longer process.But this app enables the transaction using the mobile number of the user which is a simple process. Sounds Good right…!!!
Yea…!!!By using a four-digit personal identification number (PIN), users can now buy, sell, store and spend bitcoins through a mobile number.
He said the app would permit a range of transactions, including payments, remittances, business-to-business commerce, supply chain finance, asset management and trading.He also said that the RBI was concerned about the use of cash for dealing in virtual currencies, whose values have turned volatile of late.