Bitcoin is a peer –to–peer payment network and digital currency based on an open source protocol which makes use of a public transaction log. When paying with bitcoin, there is no exchange of physical notes or tokens between buyer and seller.
In India, Restaurant Kolonial announced that its patrons can pay in bitcoins instead of rupees , thus laying claim to the title of being India’s first eatery to accept the new age currency.
The only other business establishment in India which accepts bitcoins is Mumbai’s castle Blue Spa & Salon. In Bangalore, the technology startup accelerator Microsoft ventures Accelerator is doing its bit for bitcoin by lending its office space to host the country’s first Bitcoin meetup of 2014 in India’ tech capital.
Initiatives such as these explain why bitcoin, an electronic currency that is minted in the cyberspace & stored in digital wallets, is encouraging Entrepreneurs venture capitalists to invest their money in businesses that use bitcoins to buy and sell goods in the internet.
So at last I can say that bitcoin is getting strong in India and may replace paper money which will reduce the burden of government to much extent.
(PGDM -IV SEM)