Investigating Bitcoin in the Indian Context

Abstract

Bitcoin, established in 2009, has evolved into a global currency operating on a decentralized digital platform without government or central bank backing. Serving as encrypted data chunks, bitcoins facilitate the purchase of goods and services from merchants accepting this digital currency. Bitcoin transactions, involving significant computing power, move encrypted data from one user to another, confirming the spending of money. The peer-to-peer network oversees and verifies these transactions, enabling activities like hotel bookings, shopping, financial transactions, and video game purchases. This paper delves into the rise of Bitcoin in India, exploring its evolution, the advent of blockchain, and its practical applications.