Are Bitcoins Safe and Legal in India? | What is Bitcoin – Explained

Bitcoin is the new age currency that was created in 2008 by an unknown person known as Satoshi Nakamoto. It is the first cryptocurrency to successfully record transactions on a secure and decentralized network. The main advantages of bitcoins which make it attractive for people are- Low fraud risks and strong anonymity protections.

Over the years bitcoins and other cryptocurrencies have received much hype due to the increasing prices of these digital currencies. Bitcoin is neither authorized nor regulated by any central authority in India. The government is planning to regulated cryptocurrencies in India by making a law on it and is currently in the planning stage for it.

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