Bitcoin and Remittances in Karnataka

1926 WordsJan 26, 20188 Pages
Subject – Information Technology in a Global Society Topic – Bitcoin and remittances in Karnataka Research Question – To what extent will Bitcoin be a viable alternative to traditional methods of remittance to Karnataka? Word Count - 2500 India currently has the highest amount of remittances in the world with approximately 70 billion US dollars (The Economic Times, 2014) being sent to India in all of 2013. As India is the highest in terms of receiving remittances, it is the most likely be effected by a new, possibly better means of remittance which through Bitcoin. Bitcoin is the world’s first decentralized digital currency launched in 2009 as open source software (The Economist , 2013). It is a peer to peer network and transactions do not go through a bank which gives many advantages over fiat money. The fees are much lower, you can use them in any country, and your account cannot be frozen. To send Bitcoins from one digital wallet to another no matter where each wallet is located, is a fast process with an optional miniscule fee. The larger fee you put, the faster the transaction will be processed. You do not need to give any personal information to anyone to send the money and therefore in this sense it is anonymous. When you download and open the digital wallet, it will generate an address, similar to an email address. With the digital wallet you can easily send and receive an amount of Bitcoins from one address to another, just as you would with sending and receive

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