The value of digital currency Bitcoin is skyrocketing. Thus the whole world is fed to some, fed to others. BBC correspondent Davina Gupta records India's position on the rapid growth of one of the cryptocurrency types.
Although the value of bitcoin has been welcomed by various quarters, financial regulators in developing countries are trying to understand it.
The Central Bank of China has suspended all bitcoin transactions. Indonesia and Bangladesh have banned bitcoins from being a payment method.
In the case of India, the government has made it clear that bitcoin is not legally recognized as "paper money". At the same time there are no guidelines for engaging in bitcoin trading.
Online bitcoin sites operate at will in the absence of specific guiding laws. At the same time the Reserve Bank of India is terrified.
This is the third time this week that the Reserve Bank has issued a third warning to "consumers, electronic currency holders and traders" about the potential "economic, financial, operational, legal, consumer protection and security risks" posed by digital electronic currencies, including bitcoin.
Does anyone listen?
Because the demand for bitcoins in India is higher than its supply, it is sold in India at 20 per cent higher than its international price.
Unocoin, Zeppe, CoinSecure, Bitcoin ATM. There are currently 11 such Bitcoin trading sites in India. Of these, about 30,000 customers are said to be always in the business. With a simple click, anyone can open a new account and buy and sell bitcoin in whole or in part.
What is Bitcoin?
Bitcoins have two main characteristics: they are electronic and are considered currency. Unlike banknotes or retail items that are in your pocket, it is often found online.
Second, Bitcoin is not printed or distributed by the government or traditional banks. Only certain companies, such as Expedia and Microsoft, accept bitcoins as virtual tokens on their services.
Nevertheless, the vast majority of users consider bitcoins as a financial investment and buy and sell them.
"We now have 850,000 customers who had 100,000 registered customers at this time last year. The price of Bitcoins is rising. In this case, according to my analysis, those who invest in Bitcoins are very rich and willing to take risks in their lives," said Satvik Viswanathan, co-founder of Unocal.
Some Indian companies not only engage in online trading with bitcoins, but also offer the facility to purchase products on their online trading platforms with it. Companies like Flipkart and Amazon are already offering their customers the option to convert bitcoins into cash and thereby purchase products.
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But in the end, Bitcoin is a software that contains electronic code.
Is Bitcoin Safer Than Paying At The Bank?
"There is no structure to keep bitcoins safe. Therefore, those who currently invest in bitcoins are copying its details and putting them in a locker. What the government can do in this case is to start a global wallet register so that we can know who is transacting and where the transactions are taking place from.
Maybe my bitcoin will be stolen and its status will be known through this registry, "Vishal Gupta, co-founder of Trolaps, told the BBC.