Is Bitcoin safe and legal investment ?

What is Bitcoin?

                                Bitcoin is a cryptocurrency and universal payment system. It is the first decentralized digital currency, this system works without a central bank or single head.

                                                                                The Finance Ministry has made a new board to write the answer on the Bitcoin investment, media reports said on Friday. This came after the breakneck growth in the price of the Bitcoin cryptocurrency this year and the Income Tax Department surveying procedures at the higher e-currency exchanges over the country. 

                    The media report moreover declared that RBI Deputy Governor B.P. Kanungo and Sebi Chairman Ajay Tyagi were on the panel. I-T secretary was also presented part of the committee between other members. 

                                                                        The earlier panel had recommended closing down of those transactions dealing in cryptocurrencies in the country. 

                                                                                                    On a year-to-date source, the digital currency has pushed over 1,600%  to $17,040 on December 15 upon $1,000 in January this year. 

Should invest in Bitcoin?

                 The Income Tax Department beginning this week conveyed survey operations at major bitcoin transactions over the country in doubt of alleged tax avoidance. They said several teams of the investigation of the department, under the direction of the Bengaluru investigation wing, hit the premises of nine so exchanges in the country including in Delhi, Gurugram, Hyderabad, and Bengaluru.  

                                                                          The government is currently in a group to find out how to create safe-conducts against the risks arising out of investing in an uncontrollable asset class like Bitcoin. 

                                               Companies also arise from some corrupt entities pampering in illegal money-pooling activities — commonly known as Ponzi systems — with the promise of large returns from investment in bitcoins and other alternatives, which they maintain are created through blockchain, a shared record technology that was created to mine bitcoins and covers of much complex algorithms with several thousand connections for each chain. 

Is Bitcoin safe and legal?

                                                                                       Bitcoin, a virtual currency, is not governed by the country and its rotation has been a reason of company with central bankers the world over for totally a while now. The Reserve Bank of India last week had warned users, holders and traders of virtual currencies, including bitcoins. 

                                                                                                In March, the Finance Ministry had ordered an Inter-Disciplinary Committee to take the capital of the present situation of Bitcoin both in India and globally and suggest criteria for dealing with so currencies. 

                           Globally, in order to penetrate investor interest, Chicago-based derivatives exchange Cboe Global Markets launched bitcoin futures, allowing investors to get publicity to the currency via a large, organized market.