WHY BITCOIN IS COSTLY IN INDIA?

Bitcoin is a digital payment system invented by an unknown programmer under the name of Satoshi Nakamoto. It is also called as crypto currency. It was released on 2009.

First, it was introduced as an open source software, this system transfer money through a peer-to-peer system, there is no intermediary like a bank, all details are recorded in public distributed ledger called a block chain.

Since the system works without a central administrator, Bitcoin is called the first decentralized digital currency. And has services in legal and illegal black markets.

As of Feb 2015, over 100,000 merchants and vendors accepted Bitcoin as payment, according to research produced by Cambridge university in 2017. There are 2.9 to 5.8 million unique users using a cryptocurrency wallet, and most of them using bitcoins.

WHAT IS A BLOCK CHAIN?

The blockchain is a public ledger that records bitcoin transactions. All confirmed transactions are included in the block chain.

HOW BIT COIN TRANSACTION WORKS?

Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes,

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Online banking users to reach 150 billion by 2020-study

Online banking users to reach 150 billion by 2020-study

With the ongoing digital drive in India, the number of users opting for online banking is expected to double to reach 150 million mark by 2020, from the current 45 million active urban online banking users in India, according to a report drafted by Facebook and The Boston Consulting Group (BCG).

In a report, titled? ENCASHING ON DIGITAL: Financial Services in 2020? the two firms have highlighted the rising influence of digital in financial services and the transformation required to make the most of this revolution.

"India could not be more ready for a digital revolution in financial services? with government interventions on one hand and growing consumer awareness on the other. Wide scale adoption of digital has the potential of reducing the cost of acquisition and cost of servicing to 1/10th. This can substantially improve customer level profitability and can add to retail profit pool by USD 3? 3.5 billion by 2020? said Amit Kumar, Partner, and Managing Director, The Boston Consulting Group, India.

India is in the midst of a digital revolution, with Internet users going beyond just search and social networking and moving to more mature activities like online shopping and banking. Already 70 percent urban internet users are digitally influenced during financial product purchase, that is, they use at least one digital channel during the purchase journey of a financial product.

In terms of digital adoption, financial services are already much larger than other categories like consumer electronics or travel.

As more and more Indians access the internet on their mobile phones, there is a big opportunity for financial companies to create a powerful digital experience that is intuitive and secure for their customers. The report confirms that consumers are leaning in towards digital adoption of financial services faster than previous estimates, and the time is now for the financial services industry to invest so we can help more people contribute to a digital future? said Umang Bedi, Managing Director, Facebook India and South Asia.

According to the report, along with the new Indian consumer, the digital ecosystem of India has also evolved rapidly over the last few years. India is set to leapfrog many advanced economies in this space.

From creating?Digital India?, to setting up open architecture layers such as Aadhar, India Stack, Bharat Bill Payment System and GST, the Indian government is actively developing the entire digital ecosystem.

The report highlights that in spite of a growing digital adoption by the consumer and increased government focus on digital infrastructure, financial institutions are yet to fully harness the opportunity.

More than 50 percent of consumers are dissatisfied with their online banking and mobile app experience largely because of fear of hidden charges, lack of trust, complicated information provided among others. This is also indicated by the very low downloads of mobile apps of financial institutions when compared with e-commerce apps.

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