cryptocurrency vs bitcoin
cryptocurrency vs bitcoin
With concepts such as blockchain, cryptocurrencies, smart contracts, non-fungible tokens (NFTs) and digital assets in the metaverse, the effects of Web 3.0 are evident on our society. These concepts have permeated every corner of our civilization, leading to various public and legal discourses, and creating conceptual distinctions regarding these concepts. One such discourse that has created a strange demarcation in our market is that between cryptocurrency and bitcoin, which can often be puzzling even to readers well-versed in the crypto paradigm. The acceptance of bitcoin over other cryptocurrencies as legal tender by the Central African Republic attracted many non-traditional investors and reinforced the distinction between bitcoin and other cryptocurrencies.
Government of India’s stand on cryptocurrency
The Government of India had taken a neutral stand on the issue, which favored far-sighted investors in the Indian market as they took advantage of this space, especially those who invested in bitcoin in its early stages. People considered crypto currency as a means of making quick money instead of adopting it like the stock market. Thus, there has never been a real debate about the value of cryptocurrency vs bitcoin in India.
However, the Government of India, after seeing the fluctuating trend in this market, deliberated several times and decided to impose a 30% tax on any transaction involving cryptocurrencies. This initiative of the government created massive awareness about the crypto domain in the Indian market, sparking many conversations and debates, one of them being the stability of bitcoin compared to other cryptocurrencies, where a clear opinion in favor of bitcoin emerged. I and secondly the validity of these currencies. As a precursor to a robust regulatory regime, India’s first digital rupee project known as Central Bank Digital Currency (CBDC) (e₹) has already been launched by the Reserve Bank of India.
future of cryptocurrency
With the recent crash in bitcoin, the future looks bleak, as the notion of stability surrounding the currency has waned in popularity around the world. This was further compounded by the doubts created by inflation, which severely affected the trading volume in the cryptocurrency as a whole, thus leveling the playing field between bitcoin and other coins such as Ethereum, Solana and the likes. On the other hand, blockchain technologies have already begun to impact businesses outside of finance and have penetrated into healthcare, legal, cyber security, insurance, and many other areas where it is being used as a way to streamline transactions. Used as ledger.
However, the focus of Web 3.0 has shifted from the currencies mentioned above to NFTs and virtual digital assets that are sold for consideration on the metaverse, which promises to be the future and is already attracting the attention of governments around the world, including India. which has decided to impose 30% tax on other digital assets as well. This sounds like a token regulation and with such rapid developments in this area there is a real need to address the regulatory space regarding Web 3.0 for clarity and investor protection.
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The views expressed above are the author’s own.
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