How much time will it take to transfer bitcoins to INR?

Bitcoin is a cryptocurrency; it is a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than to rely on a central authority. The transfer of this currency is like sending the e-mail or text message to a person. To send a bitcoin, a wallet app is used (app: 'Bitcoin Wallet'), the amount to be sent is typed in the wallet app and type the details for the recipient( account number in this case), and you have sent the bitcoin which can later be converted to fiat currency.

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Features of bitcoin:

Bitcoin is a currency that is not tied to a bank or government and allows the users to spend the money anonymously.

No single institution controls the bitcoin network.

It is analogous to an online version of cash. Many products and services can be bought by it.

Bitcoin network controls the bitcoin. Bitcoin network comprises the common man who uses bitcoin, and anybody can become a part of it. To understand this network, we must understand the Bitcoin Public Ledger.

All confirmed transactions from the start of Bitcoin's creation are stored in the public ledger. This complete record of the transaction which is a sequence of records called blocks.

On November 1, 2008, a man named Satoshi Nakamoto (a tentative name whose existence is questionable) posted a research paper to an obscure cryptography listserv describing his design for a new digital currency that he called bitcoin. One of the core challenges of designing a digital currency involves something called the double-spending problem.

Advantages

With bitcoin it is possible to be able to send and get money anywhere in the world at any given time.

You are in control of your own bitcoin. There is no central authority figure in bitcoin network.

With the blockchain, all finalized transactions are for anyone to see.

Bitcoin disadvantages

Fact is many people are still unaware of digital currencies and Bitcoin.

Bitcoin has volatility because there is a limited amount of coins (21 million bitcoins), and demand for them increases by each passing day.

Bitcoin is still at its infancy stage, with incomplete features that are in development.

Legality of Bitcoins in India

As it stands, bitcoin buying, selling, trading, or mining is not illegal by any law in India.

Tellingly, the publication's source also adds that any decision that ruled the cryptocurrency to be illegal in India would mean that India's nascent but growing bitcoin industry will have to shut down.

Bitcoin has been the de facto currency of the Dark Web – the 'hidden' Internet accessible only by Tor – since the pioneering marketplace Silk Road, the 'eBay of drugs,' arrived in 2011.

What roles do bitcoin and Tor play in the Deep Web?

Both of them are the best available privacy and anonymity protecting tools. Tor is used for browsing and Bitcoin for the transaction. It becomes almost impossible to trace either of those things. Let us say that you surfed a deep web version of amazon to buy something illegal. You most certainly don't want to get caught in any way.

You use Tor to access that site so that the browser won't leave any trails or history or cookies. You found your product and want to buy it. Our standard secure banking can be easily traced. So, bitcoin, which uses a massively encrypted and mathematically complicated method of payment, helps you in keeping your payment safe, sound, and untraceable.

Legal position in India

The IMAI vs RBI shows the most recent position of law in India regarding the stance of cryptocurrencies. Reserve Bank of India (RBI) first issued its ban on banks’ dealings with crypto businesses back in April 2018 (the ‘order’), which took effect in July of that year 2018. The RBI notification was then challenged before the Supreme Court of India by the Internet & Mobile Association of India (IAMAI).

The Court, whilst deciding the matter, looked at the draft bill which has been proposed (but not passed) by the legislature, namely Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019. The Court held that the stand of the legislature cannot be gauged from this bill as the bill, on the one hand, imposed criminal liabilities on the users of cryptocurrencies and criminalized certain activities like mining, holding, selling, trade, issuance, disposal or use of cryptocurrency in the country.

On the other hand, the bill paved the way for the government to introduce its own digital currency, namely ‘Digital Rupee,’ by the Central. Bank. The Court also emphasized that The Crypto-token Regulation Bill, 2018 initially recommended by the Inter-Ministerial Committee contained proposals (i) to prohibit persons dealing with activities related to crypto tokens from falsely posing these products as not being securities or investment schemes or offering investment schemes due to gaps in the existing regulatory framework and (ii) to regulate VC exchanges and brokers where sale and purchase may be permitted.