USD INR | Chart | United States dollar - Indian Rupee

Understanding the Petro Dollar, its possible decline, Fiat Currencies and how it all affects India and Why maybe it's time to look elsewhere to hold foreign reserves.

The whole thing came up recently during some discussions I had about why people use the dollar for international trade and what would happen if the major economies of the world just stopped using the Dollar. What is the Impact of BRICS. Why US has so many wars in the middle east and they are supposedly for oil but they never really take over any oil. How US is so rich to have 800 military bases around the world with a defence budget larger than the rest of the world combined. About why countries still hold US dollar reserves when US is in trillions of dollars of debt and being in so much debt, how is US economy still afloat? So I thought of putting it together here for myself and anyone else who may want to learn about this. Now, this is what I have gleaned from my reading on the matter. I am no economist so if anyone wants to correct me on anything, I would be welcome to accept the criticism with reference material substantiating your point.
in 1944, all the countries entered into the Bretton Woods Agreement which basically said that all of the world’s currrecies would be backed by the US Dollar and the US dollar would be backed by gold and any country could convert their currency into US dollars and then redeem US gold in exchange for that at the rate of 35 dollars per ounce of gold. Since US had the largest gold reserves at the time (75% of the entire world's gold), everyone agreed. This also allowed US treasury to fix exchange rates of dollar into different currencies and set the interest rates for interbanking transactions etc. However, the multiple wars of the US during the ’60s caused domestic inflation in the US and the value of Dollar to fall. This caused panic in all the countries and they started redeeming gold from US treasury. The US gold fell from 20,000 tonnes to 8100 tonnes very quickly. Thus, in 1971, Nixon closed the gold window i.e. he suspended the ability of any nation to redeem US gold against dollars and took the gold backing off of the US Dollar. While that allowed US to retain its gold reserves, it made the need of the US dollar among other countries non existent. So everyone started to move away from the Dollar. After that, US economy started to spiral and the price of gold became 135 dollars per ounce. On top of that, the Arab world hiked the oil prices. Now, the US desperately needed to stabilize the spiral. So they brokered a deal with the Saudis that the oil producers would not only trade oil in nothing but US Dollars and convince the OPEC (the middle eastern, north African and other oil producing countries) to do the same but also invest their (OPEC’s) oil profits in US treasury by buying US Treasury bonds. This basically means that they (OPEC) are buying out US debt. Not only this, US is printing Dollars against the amount of Foreign investments in the US treasury which is made by Oil producing nations which are their oil profits. So basically, profits from every barrel sold by OPEC make way to the US treasury and become the value against which dollars is printed. Ultimately, more the profits in oil, stronger the dollar and lesser the profits in oil, weaker the dollar. Thus US gets a double benefit out of every barrel of oil in a way. In exchange the US would sell them (Saudis) advance weapons and all the gold they demanded. (So basically weapons and gold sale in exchange for trading oil in dollars props up US dollar. Gold is still propping up US dollar indirectly by forcing the oil producers to trade in dollars). Thus the petrodollar was born. This caused the world to need US dollar again. If you wanted to buy oil, you needed US dollar by either converting your currency or by selling stuff to the US. The latter is more preferred as it is cheaper than exchanging your currency and also grows your economy. So once again, US became the benchmark of international trade since no country can hope to grow its economy without using energy aka oil and you can’t have oil without US dollars. As long as all these countries need oil, US can just print Dollars out of thin air and balance it against oil barrels (as explained above) without actually even owning a single drop of oil. (Other countries need to own the gold that they balance their currency against). US does not need to control oil, they just need to control the currency it is traded in to keep their economy afloat. (more on that later in US foreign policy). Similarly, US bokered a deal with the Latin American countries to not only trade in the US Dollar but also to give precedence to US, EU and Japanese products in trade. So if more and more countries decide to shun the dollar and trade in other currencies, this would eventually cause OPEC to switch as well and Dollar could collapse.
How? Well, US is basically just printing enormous amounts of money out of thin air. This money is being used domestically and to a much larger extent, globally. If international oil trade in dollar stops, people stop needing the dollar and use their own currency. So all the internationally circulating dollars would come back to US. Now that is just too many dollars against very little amount in the treasury and that would cause hyperinflation and economic spiral. However, the logical next step would be to just destroy the excess dollars coming in from abroad and that would keep the country’s economy afloat. While that is okay but remember, what is the dollar being printed against? The foreign investments in the treasury which are the profits from the oil trade in dollars. That would go away as well essentially leaving nothing in the treasury against which the dollar is valued. Hence dollar will literally not be worth the money it is printed on.
Second, since US currency is basically a petrodollar, its power depends on the control of oil. So right now, whoever controls middle east has major power. Today, Saudi Arabia controls Middle East and US controls Saudi Arabia. US-Saudi brotherhood sort of makes it impossible for other countries to have an influence over this. Russia has tried for decades to establish a strong foothold in the middle east but has been unsuccessful. It has also dictated the US foreign policy far the last 5 decades. Like I said, US needs to control not the oil reserves but the currency oil is traded in. Hence all the wars we hear that were for oil, were not actually for oil per se but intimidation tactics against countries that announced that they would no longer accept dollar as a currency in international oil trade. Egs When the Ayatollah of Iran announced their intention to denounce dollars in oil trade and use their own currency instead, US backed Iraq to go to war with Iran and even provided the Weapons of mass destruction to use on Iran that they later used as an excuse to invade Iraq and prosecuted Saddam Hussein for. When Iraq invaded Kuwait ( a major producer of oil) to be able to pay their loans to Kuwait and then later asked for Euro to be used for oil trade rather than Petrodollar, US invaded Iraq. When Gaddafi asked gold based Dinar instead of US dollars for oil trade, US invaded Libya. When Chavez did the same, Us staged a coup in Venezuela. However, starting a non-petro currency would break this link and oil and Middle east would become less relevant for Economic power and only be of interest for energy concerns. It is still important but less so than a economic and geopolitical chessboard of US that it is today. It may actually be a solution to achieving peace in the middle east.
However, another thing that happens is Middle East controls prices of oil which is tied to the Dollar. Recently, the Middle East (OPEC or basically Saudi Arabia) has decided to drop the international prices for their own economic reasons. Now, the countries that have oil production as a major source of revenue and trade in dollars eg many N African countries, Venezuela have seen their economy completely stabilise and destroyed. These countries are sick of US and Saudi controlling the markets in a way that affects other countries adversely. Hence, for these countries, switching to the international trading system of a gold based currency will cause their economies to stabilise.
The international reserves of EU etc, on the other hand have seen increased holdings by the OPEC countries and have been worried of increasing power of these countries in the international banking system. They would be only to glad to get rid of these holdings.
Now, non Dollar currency would cause a fall in the US dollar value. In lieu of that, here is another thing that needs to be considered. A lot of the developing countries have international trade deficits. Now these trade deficits can be in the currency of the country to whom the debt is owed or any other internationally accepted currency eg. the Dollar. If the debt is in dollars, the conversions and interest rates of borrowing are determined according to the rules of the US treasury. Again, the rates in the US treasury are linked to the value of dollar. Most countries giving out loans prefer to do so in dollars as historically the Dollar is strong and trusted not to collapse and hence the money they owe is safe. The countries taking loans also convert their debts to dollars as it is easier and the country to whom the debt is owed cannot just up and change the value of the debt owed by manipulating their currency as dollar has determined the conversion into other currencies at fixed rates, so it is safe for everyone. However, there is a slight problem with this. If you owe a debt of 1 dollar to someone, when you pay the debt, it will depend on the value of dollar to your currency at that particular instant. So if dollar has gotten stronger wrt to your currency, you shall have to pay more money and if the dollar has gotten weaker, you will owe less money in your currency. Hence the fall of the dollar would be beneficial for the countries who owe debt in dollars and bad for the countries who have loaned out debt in dollars.
Also, taking debt in dollars becomes cheaper if the value of dollar falls since the US treasury interest rates are directly tied to dollars, hence it becomes cheaper to borrow in dollars. Also, as I said, if it grows weaker still, yo will owe less money.
One more thing to consider regarding fall of the Dollar is this. Uptil now, the oil producers have been buying US treasury bonds due to the Bretton Woods deal. Other countries and US and other corporations do so too. Now, the US treasury gives a fixed rate of interest to those investing in the treasury. This rate, in turn is linked to the value of the dollar. Stronger the dollar, more the interest on US Treasury bonds and more the foreign countries invest in it. Now this means that these foreign countries would much rather invest their money in US Treasury at an assured fixed rate of interest than invest it in 3rd world countries and take a risk of maybe losing it. However, if the value of dollar were to fall, the countries would much rather draw out of the US treasury and invest more in the startups in different countries, domestically etc.
The other side of the same coin would be the countries dependent on US investment. Should the value of the dollar fall, the investment being received from the US would be of a lesser value.
On the other hand, there is one more thinh. Like I said, investments in dollars are governed by the US treasury rules. Now, basically, US banks have cut the taxes on money transfer and conversion, artificially keeping them very low to fuel the domestic and world trade etc . If the dollar were to collapse, people wouldn’t trade in dollars. They would trade in other currencies. The inetrbanking across the world would be then governed by the rules of the currency you trade in, for eg, BRICS nations will follow the tariffs etc of the Shanghai Bank where most of the reserves are held. So that effect would then depend on the rules of the bank you deal with and that can be detrimental or beneficial depending on the bank’s policies compared to the dollar.
Also, countries having holdings in the US treasury would lose the entire value of their foreign reserves. On the other hand coountries like BRICS who have their reserves in other international banks would retain the value of their foreign reserves in those banks.
What does this mean?
Indian Currency would also fall with the fall of the dollar in its current state. Now, we usually run around with the perception that Indian currency is backed by gold, That’s not true. The truth is 99% of today’s currencies US Dollar, Euro, Indian rupee, all of them are fiat currencies i.e. their value is not determined by the gold they hold but by the economic strength of the government. Only an average of 4–7% of any country’s currency is today, backed by gold. US Dollar - 4.5%, Indian rupee - 5%. The rest is held in the terms of foreign reserves in other countries like in the form of US Dollar (around 70%) in US treasury bonds, in world bank or IMF, in other currencies (around 25%) in BRICS and other foreign reserves etc. Currently if you have rs 1000 , only rs 50 is gold, around 670 is held in the form of US dollars and Rs 280 in other currencies. You might ask why is that? Well, remember the Bretton Woods agreement. At that time US had 75% of the world’s gold which backed dollar and dollar backed other currencies so most of the currency of any country was backed directly or indirectly through dollar by gold. Now, it is difficult to keep gold in your country so it was convenient for other countries to just hold foreign reserves in dollars especially with the fixed exchange rates they provided. Hence more and more portion of their currency was being held in dollars. However, after Nixon shock of 1971, dollar removed its gold backing. So, automatically all other currencies that were backed by dollar (99% of the world currencies) also became fiat currencies as a result. However, the dollar was still good and trusted so no one thought much of it, especially since dollars were being printed out of thin air. However, now with the prospect of the trust in dollar fading, this as started to worry some experts. Because of the senseless printing of dollars and in exchange all the fiat currencies, the total amount of currency can nowhere near be compensated by the gold reserves even if all the gold in the world was put together. It would form not more than 10% of the currency in the world. Now, putting this disturbing detail aside, if Dollar were to collapse, 670 rupees of your 1000 would become worthless, too. So, it isn’t wise to hold US dollars, is it? No its, not and many countries have woken up to that fact.
China has been secretly amassing large amounts of gold. OPEC countries have started removing their capital from US treasury. See, these oil producers have been receiving US gold in exchange for trading oil in US dollars and have accumulated holdings in other countries’ treasuries. Now with all the crazy gold they have received they have bought material assets like real estate etc even in other countries. Now, they can simply sell out their US treasury bonds and buy more assets such as gold and real estate from it, which they have been doing in the recent years. Now, this will start depleting the treasury and cause the fall in the value of the dollar in turn causing other countries to withdraw and invest elsewhere. That, coupled with Russia and China doing trade in Roubles and Yuan, India and Iraq trading oil outside of dollar, Germany and China trading outside of Dollar, the strenghtening of BRICS bank etc, Dollar has been showing a steady decline. So India should also wisen up and start replenishing its treasury with gold and sell off holdings in dollars and euros and invest in other currencies on the rise. This is one reason BRICS could be very important for India and other countries in BRICS whether we like it or not.
Another thing that using another currency would do, it would take away the power of the US to slap economic sanctions on whichever country they choose. This is one of the major reasons Putin has teamed up with China - in order to bypass US sanctions.
[Edit: The thing that worries most nations is this - having international trade and foreign reserves in dollars gives US a single handed say on their economies. Just like Nixon's unilateral decision changed the fate of all currencies, other decisions by it can also change their economies. US can dictate their rules and if you don't follow them - sanctions. So the countries want to take back the power of making decisions in their own hands.
Next, the petrodollar is based on a commodity that is being depleted. Oil reserves are declining and the world is moving towards other sources - gree energy, nuclear energy etc. So the petrodollar decline is destined. However, what would US do next? They could shift to backing their currency with nuclear reserves or some new crazy idea out of someone's hat. That will, inevitably affect all other countries and they want to and should have a say in it.]
On the other hand, China's attempt to start a gold backed currency may not pan out because like I said all the gold in the world is not sufficient to back all the currencies in the world. Also, since most currencies still have a large amount of dollar backing, fall of the dollar would make that percent of the currency valueless and therefore even having a reserve in another foreign currency could still cause a fall in Indian currency though it might be a little mitigated. On the other hand, fiat currencies are run by the investors' trust in the currency. So even if the dollar falls, a fiat currency with foreign reserves in the dollar may not fall because the confidence in that currency is still high. Sadly, such a currency would be Chinese Yuan. So, the policy to fix this? I am still trying to work on that solution. This is a post in evolution. My thoughts on this are still in evolution and I would really like some economists to come and hold a serious, well informed and sane discussion on this.
I will add more when other points occur to me or are brought forward to me in any online or offline discussions.
Edit 2 : Also read some interesting discussions I had regarding this :
  1. Discussion with u/noob_finger2 on a few doubts and list of some sources for the material
  2. Discussion with u/abyssDweller1700 on the same post I put up in another subreddit regarding whether Bitcoin could play any role,if any
  3. a 1972 book - Limits to Growth by Donella H. Meadows, Dennis L. Meadows, Jørgen Randers and William W. Behrens III which discusses Energy, economics growth and limitations. Quite ineteresting
  4. Also some other informative links to stuff some users posted -
i. https://www.youtube.com/watch?v=DyV0OfU3-FU&list=PLE88E9ICdipidHkTehs1VbFzgwrq1jkUJ - by u/weeping_peacock which is a crash course by Mike Maloney that explains the problems of fiat currency pretty well
ii. animated documentary explaining relation between debt, interest, oil and EROEI
https://www.youtube.com/watch?v=VOMWzjrRiBg bu u/weeping_peacock
iii. recent article by Tim Morgan (ECoE, Energy Cost of Energy)
https://surplusenergyeconomics.wordpress.com/2017/09/05/104-why-mr-trump-cant-raise-american-prosperity/ again, by u/weeping_peacock
iv. https://www.youtube.com/watch?v=djwPqAJ_3GY by u/mangomafia which basically reaffirms what all I have said in the post
I am yet to check out the links by some other users and I shall update the post with the links when I do.
submitted by concernadian to india [link] [comments]

/r/Bitcoin. ALL of /r/Bitcoin.

A couple weeks ago Bitcoin peaked at an all-time high of around $1300. Currently it's trading at $500. This crash was accelerated last night when BTCChina stopped accepting new deposits. This is coming after reports that China has directed third-parties to stop accepting Bitcoin.
Anyway, whenever something loses nearly 2/3rds of it's value in two weeks people are going to talk. And /Bitcoin has been burning the midnight oil circlejerking. The entire front page is nothing but circlejerk. It's impossible to choose one post. Instead, let's just look at top thread titles and the top replies in them. I'll use bold to signify a new thread.
Please sticky: U.S.A. Suicide Hotline 1-800-273-TALK (8255). Remember, it's just money. +191
It's never a good sign when the first post on your front page is to the suicide hotline.
Hahahaha this is how you know it's a REAL crash. Suicide hotline posted on /bitcoin! Last time this happened was when we crashed in April. +26
This is a pretty slick way of implying that this is just another dip in the road. Who knows, maybe it is. But the "it's happened before so it's no big deal" jerk is something we're going to see a lot of here.
That's fucking funny. I have my entire net work in bitcoin, and I still find this drop nothing but funny. If we get below $100 though, I might need that phone number. Ah Bitcoin. You and your crashes. You so craazzzyy. +5
There is a lot of trolling in circlejerking in this thread, so I'm really hoping this guy is trolling or that his "entire net worth" is the allowance he's saved in his piggy jar.
Just sit back and enjoy the ride, grow a pair. +5
Remember, this is in a thread about suicide. I wonder if people jumping out of windows on Black Tuesday were told to grow a pair?
To anyone who bought at over $1000: You'll have your money back within a few months. Possibly a lot less. This has happened like three or four times now :) +3
No comment can really do this justice.
BTCChina closed bank deposit as a way to deposit Chinese Yuan. Right now no way to deposit CNY into BTCC. (Link will follow) +213
This is the main thread discussing China pulling out of Bitcoin. I guess the Chinese landed on the moon this week, so they don't need BTC as their vehicle TO THE MOON!!1
so is it safe to say that chinese government has declared war on bitcoin +8
Fucking facebook is not allowed in China, a currency perfect for avoiding taxes and government control will never be accepted. Forget China. +5
Of course those evil commie bastards would try to ban Bitcoin, the currency of Freedom, Small Government, and Hot Pockets!
China here. Most people here knew this was coming as news analysts were talking non-stop about it for the past few weeks. +25
Tell us this earlier then so we get a heads up haha! +18
it was downvoted. +41
At least people are recognizing /bitcoin is a positive news only circlejerk.
Bitcoin should only be traded OTC. Stop using the exchanges, because they are a prime target for our fiat overlords ;-) +7
Originally I thought he was a troll (lots of those on /bitcoin this morning) but the rest of his posts look genuine.
After this it's nothing but "Fuck, we're going to $10" or "Just a small bump on the way to le moon!". It seems like everyone on Bitcoin is either expecting it to drop 99% or raise 100000%. There is no in-between.
Just a reminder, If you want the best bitcoin it is important for everyone to vote on every post. It stops the small groups of people from controlling what is seen. There are very active people here now admitting they are trying to crash bitcoin. +1601
Wow, this title is loaded. What's that's great is the implicit belief among a lot of /bitcoin community that the cycle of busts is the result of some shadowy boogeymen. The next quote is the body of this self post.
if a post is informative and presents good information then by all means upvote it please. If you see reposts of old bad information please downvote them. We are being flooded with posts that repeat the same discredited headlines from 5 days ago. update so far there are 209 downvoting shills who dont even want you to vote on stories on bitcoin 489 points (76% like it) 698 upvotes 209 downvotes Second update as of now there are over 1450 downvoting shill bots who don't want you to see this message! Imagine that! Over 1450 downvotes who don't want you to not let small groups influence this subreddit!
Ho. Ly. Shit. This is so over the top and circlejerky that this has to be a troll, right? That's what I thought, but this post is from a 6 year old account who has submitted hundreds of posts to /bitcoin and /conspiracy. This is the real deal, I'm afraid.
To be fair, almost all the posts in the thread are calling out OP for his stupidity. However, this is still a +1601 post on the front page.
My first legal bitcoin purchase [picture of a gold bar] +286
Bitcoin isn't just for buying drugs anymore!
Good luck with your tulip bar. +77
The top comment is real gold (har har). That's right, the historical medium for trade is actually a sham! The real true currency is imaginary internet money!
This is a future I would love to live in. Transactions in gold, silver and bitcoin, each to its strengths and according to the situation. I believe the intersection of gold and bitcoin, as the OP has just illustrated, is where the real magic happens. That would be a solid economy. +5
Any type of currency is fine so long as it isn't that fake funny money the world governments are using!
I bought in at over $1000, held strong, still have no regrets +71
I think I might have a couple regrets if I invested in something and it almost instantly lost half its value.
China is not the whole world. And there is allot of over selling. It will swing back soon enough What the smart money is doing right now is buying more. Every week buy a little more +8
Smart money = doing what I'm doing
No ragrets! Guys, this is good news for Bitcoin. The faster the speculative bubble bursts, the sooner healthy steady growth will continue, without media overhype. +8
In the world of /bitcoin, everything is good news. Going ballooning to $1000 is good and crashing to $500 a couple weeks later is good. Nothing bad ever happens.
Good job bro ! Keep it like that thats the real spirit of Bitcoin ! +8
The spirit of bitcoin is losing half your money!
bitcoin - I just got back from India. Banks there actually CHARGE people to make deposits. I swear I am not making this up. Bitcoin will be an instant hit there. +490
Based on this anecdote, Bitcoin is sure to replace the rupee in month or two.
Right now, a small bunch of techies know about Bitcoin but with the right service providers, this could be boom town. Note that US has been able to control inflation very well for decades, but Indian Rupee is highly susceptible to oil prices and general government mis-management. +9
Is this guy really suggesting that bitcoin could replace the rupee because the rupee is unstable!?
This is why Bitcoin will eventually be a big hit everywhere. Banks and governments will keep taking their slice any way they can just to use your own money. And they have the audacity to tax you on top of it... +1
Ooooh boy.
Why BTC value is dropping and will continue to drop for the near future; A detailed explanation with sources. +33
This thread isn't notable for the title, but for the replies.
Not everyone in china is selling, some will be keeping since they are able to transfer those coins out of china it they like. Some are keeping because they still know that Bitcoin will grow big in west and longterm in east asia no matter what the government says. So yes it might go down low, but not everyone will be selling all their coins. +6
They don't believe it, they know it!
The answer is obvious Chinese need to start doing business with bitcoins rather than simply investing, this is utterly impossible to regulate and the Chinese government doesnt attempt to. Its intrestings also because the web has thousands of exchanges from china selling virtual currencys for games, there is actually no diffrence, so what if any of these websites starts selling bitcoins? or what if you simply dont call it a bitcoin, its just a virtual commoditys exchange, how many virtual commodoitys do you want to buy? Theres also no ban against litecoin, btcchina could just buy sell litecoin. +5
Yeah, the Chinese have never comprehensively regulated business before.
OP has no idea what he's taking about. +2
QED, motherfuckers.
Suicide prevention post. If you have made bad decisions and your in a bad place, Please seek help before doing anything stupid. There are great people you can talk to. +21
What's better than one suicide prevention thread? Two suicide prevention threads!
Just sayin: Now is the time to buy.. +7
Top post.
I lost $11,000 in minutes after re-buying in - But I learn to appreciate the good shit I have in life - like family, etc. +1
Oh my
If you want to get rid of your bitcoins because the prices are dropping, buy products with them instead of selling it on exchange websites. The value of a bitcoin is determined by the volume traded, so when everyone tries selling at once, the price drops. +226
You idiots are hurting my money dollars! Also, isn't this guy making a pretty big assumption that the retailer is going to just sit on bitcoins while they tank in value? Next post is the body of the self post.
Treat it like a currency, not a stock. If you treat it like a stock it will act exactly like a stock. At least this is my understanding.
I'm at the thread limit but there is still a lot of buttery jerk over on /bitcoin today. Do yourself a favor and check it out.
submitted by ONE_GUY_ONE_JAR to circlebroke [link] [comments]

Why the World Is Chasing Bitcoins?

Ever wondered why you and people all over the World love cash? Well it’s easy to carry. How heavy is the rupee note or for that matter the Dollar or the Euro?
Then there is anonymity. Nobody knows who paid cash to whom and how much. You paid cash and bought a bag of apples? Well your rupees or dollars or euros just disappear among billions of notes. Cash = Convenience. Cash = Anonymity. No wonder thieves, criminals, money launderers and the corrupt love cash. When you pay in cash it leaves no trail.
Countries the World over are going cashless Several European countries like France, Sweden and Netherlands are going cashless. Don’t take the meaning of going cashless literally. It simply means all transactions are done through debit cards, credit cards, mobile wallets and other digital modes. Our country India, is also going cashless. After the demonetization of high value rupee notes, you and other citizens are using debit/credit cards, mobile wallets, UPI and the newly launched BHIM App to make payments. In all this talk of demonetization and going cashless, let’s talk about a currency called Bitcoin which is very popular in the US, UK, Denmark, Sweden and even South Korea.
So what’s a Bitcoin? A Bitcoin is a digital currency or a cryptocurrency which can be stored electronically. Nobody really knows who invented the Bitcoin. Its creator is believed to be Satoshi Nakamoto which is probably an alias. It came into existence on January 2009. What’s special about the Bitcoin is that it’s not controlled or regulated by any country or Government or bank. Bitcoins are not printed like Rupees or Dollars or Euros. A community of people all over the World create bitcoins and you or anyone can join this community. The process of making Bitcoins is called mining. Bitcoins can be mined just by using computing power in a distributed network.
Can any number of bitcoins be made? Bitcoins run on a technology called block chain technology. This is nothing but a shared public ledger. Every single confirmed transaction anywhere in the World is recorded in the block chain. According to rules that make Bitcoins work; only 21 Million bitcoins can ever be made. This makes Bitcoins rare and their value increases if there is a huge demand for them.
Why the World is chasing Bitcoins?
You live in an unstable World Just take a look at some of the recent global events. A new President in the USA who is yet to settle down, all this talk of Brexit (Britain wants to leave the European Union) , the migrant problem in Europe. All this instability is propelling the growth of bitcoins. Bitcoins have become a safe haven (port in a storm), in an unstable World.
You and a number of people are using Bitcoins The use of Bitcoins is increasing all over the World. As demand for Bitcoins increases so does its value. In October 2016 the value of 1 Bitcoin was around $630 to $650. Today it’s around $1270. In just 6 months the value of a Bitcoin has doubled. Bitcoin has become a great investment. For those in India, 1 Bitcoin is about INR 77,000. Its value changes as demand for it increases.
Bitcoins love cashless economies A number of European countries are almost cashless. Sweden, Belgium, France, Netherlands and the UK are going cashless. As more and more people all over the Globe adopt digital ways of payment, Bitcoins thrive. Bitcoins love cashless economies.
Why a number of Indians are rushing towards Bitcoins? The Government of India scrapped 500 and 1000 rupee notes on November 8th 2016, to destroy black money in the economy. You and other citizens of India are now using debit/credit cards, mobile wallets, BHIM App, Aadhaar enabled payments, UPI and other digital modes to make payments. India is fast moving towards becoming a cashless economy. Bitcoins thrive in cashless economies. All you require is a smart phone or a laptop and you can trade in Bitcoins. Another reason Indians love bitcoins is it’s just like cash. It offers you convenience and anonymity. Well, you and a number of citizens simply buy bitcoins and sell them for a huge profit when their price rises. RBI is discouraging you and other citizens from using bitcoins. RBI says that if you transact in bitcoins, you are doing so at your own risk. No entity in India has been given permission to trade in Bitcoins. RBI has to come up with a clear set of rules to regulate the use of bitcoins in India. Otherwise, the trade will merely be pushed underground. Bitcoins will be used for illegal activities like money laundering.
You can love bitcoins or hate them, but you cannot ignore them. Bitcoins are here to stay. Bitcoins could well be the currency of the future. A currency which knows no boundaries and is accepted all over the World.
submitted by touchingthought84 to Touching [link] [comments]

How to convert dollar into rupee in just 3 steps1 Dollar Rate In Indian Rupees - How Much One Us Dollar Worth in India. Today currency Exchange Rate in America  USD to Pound  Usd to Euro  Usd to Philippine Dollar to Indian Rupee Real Time Currency Converter for MS Excel US Dollar VS Indian Rupee NOTE

United States dollar - Indian Rupee (USD - INR) Currencies. 74.8373 Dow Jones Gold Price Oil Price EURO DOLLAR CAD USD PESO USD POUND USD USD INR Bitcoin Price Currency Converter Exchange Conversion from Bitcoin to United States dollar can be done at current rates as well as at historical rates – to do this, select the desired exchange rate date. Today’s date is set by default We provide the Bitcoin Price in US Dollar. All trading prices are latest and regularly updating on hourly bases during 24 hours week days e.g., Monday to Friday. Here, you can check both type of conversion. These conversion rates are based on bid price. We are comparing prices with all major currencies and we make sure to provide you the latest rates of Bitcoin, For more detail select any The page provides the exchange rate of 1 Bitcoin (BTC) to US Dollar (USD), sale and conversion rate. Moreover, we added the list of the most popular conversions for visualization and the history table with exchange rate diagram for 1 Bitcoin (BTC) to US Dollar (USD) from Saturday, 25/07/2020 till Saturday, 18/07/2020. The page provides the exchange rate of 1 US Dollar (USD) to Indian Rupee (INR), sale and conversion rate. Moreover, we added the list of the most popular conversions for visualization and the history table with exchange rate diagram for 1 US Dollar (USD) to Indian Rupee (INR) from Monday, 27/07/2020 till Monday, 20/07/2020.

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How to convert dollar into rupee in just 3 steps1

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