Anyone know what is the current status of Bitcoin in India ?

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Since the authorities do not control the supply (minting) and circulation of Bitcoins, none of the authorities will ever accept them.
However, just because authorities do not accept something as a "currency" doesn't stop it from being used as currency by the individuals.

But I do have one issue with Bitcoin, is it really that difficult to mint/create, what about backdoor/trapdoor algorithms? The whole benefit about freedom from Govt controller fiat money rests on this point.
 
ssslayer said:
The whole benefit about freedom from Govt controller fiat money rests on this point.
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Hate to say this but freedom from fiat money is not possible (unless your paying in gold or barter only). both bitcoin and real currency derive their value from a 'virtual' source. for currency the backing comes from the government. that's why currency notes have a 'i promise to pay the bearer...' part signed by the appropriate official.
For bitcoin it comes from it's perceived value to the individual. this value is either in the form of anonymity, country neutral currency or future value on an exchange (i.e. it's value in fiat currency).
 
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Crapmypants said:
Hate to say this but freedom from fiat money is not possible (unless your paying in gold or barter only). both bitcoin and real currency derive their value from a 'virtual' source. for currency the backing comes from the government. that's why currency notes have a 'i promise to pay the bearer...' part signed by the appropriate official.
For bitcoin it comes from it's perceived value to the individual. this value is either in the form of anonymity, country neutral currency or future value on an exchange (i.e. it's value in fiat currency).
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I will answer what I had in mind, but before that: can you tell why would you be interested in BitCoin?
 
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