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Only 7% of Indian respondents want to ban cryptocurrencies due to unclear regulation. That’s according to Cryptocurrency India Survey by Times of India & Deloitte, which surveyed 1,800 Indian respondents in January 2022. 62.5% of respondents want the government to issue clearer guidelines, while 30.2% support taking measures to make cryptocurrencies more popular. According to recent reports more than 20 million Indians invested in cryptocurrencies and 77.4% want investments in crypto to be given the same treatment as securities.
Bitcoin is a revolutionary new payment network and a new form of electronic money. It’s a digital currency which enables secure and instant financial transactions at dramatically low costs between any two individuals anywhere on the globe. Bitcoin allows its users to transact directly, peer-to-peer, without an intermediary and can be used just like other currencies or assets in exchange for goods or services. Bitcoins are the unit of currency of the Bitcoin payment network. The most used abbreviations for Bitcoin are BTC or XBT.
Bitcoin is the very first cryptocurrency and was founded by an anonymous person or group of individuals, named Satoshi Nakamoto. To this day, Satoshi Nakamoto’s identity and nationality are still unknown. Bitcoin is decentralized. Unlike traditional currencies like the Euro or the US-Dollar, there is no government, institution or other central third party that oversees the issuance and circulation of Bitcoin. That means Bitcoin cannot be censored, manipulated or controlled by a single centralised institution or government. Also, if you store your Bitcoin in a digital, non-custodial wallet, no institution, government or third party is able to lock you out of your funds.
For more information about Bitcoin and other cryptocurrencies visit our Blockchain FAQ section.
Last updated February 03, 2022.