Abstract
The Indian economy is now moving towards digital currency with each passing day. However, the discussion has moved from digital currency to cryptocurrency, more specifically towards ‘bitcoin’. Cryptocurrency is a digital asset which works as a medium of exchange and uses cryptography to secure its transactions, to control creation of additional units and to verify the transfer of assets. Bitcoin is a type of cryptocurrency; Reserve Bank of India (RBI) has advised caution on use of bitcoin but it is not illegal in India. In this paper, bitcoin is analysed as a medium of exchange and as an investment in the Indian scenario. It isconcluded that, in the near future, bitcoin is not feasible as a medium of exchange, however, it is imperative to accept it as an investment.
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