Bitcoin in Indian Context: A study on challenges & future scopes

Abstract

In this era of economic reforms and globalization, we are in a transitioning phase from conventional to contemporary means of transactions and investments. Further, the adoption of cashless transactions by the Indian Government encourages people towards digital or cryptocurrencies to keep India updated and lift our standard of living. Bitcoins, the world's most famous and well-known cryptocurrency, enables us to carry out transactions without needing an intermediary. It is also unregulated by The Reserve Bank of India. It has been noted that market forces somewhat control the price of bitcoin. By growing and promoting the economy, virtual money helps to increase the use of paperless transactions. The study's primary goal is to define the many barriers to Bitcoin adoption and give relevant explanations for the Bitcoin-related issues that Indian users face. It also looks at the research on people using Bitcoin as a payment and investing method. A literature review was conducted to investigate the numerous Bitcoins that are now available. Analytical Hierarchical Process (AHP) was utilized to propose a working model and get insights into the world of cryptocurrencies. Bitcoin adoption is still a primarily unstudied topic. This study aimed to look at the core causes of Bitcoin non-adoption in various countries.