Saturday, 17 June 2017

How will the Cyberattack on Bitcoin Exchanges affect Bitcoin trading in India?

Another cyberattack on bitcoin exchanges, this can be seen on occasion and it seems to spook the market every time. It’s frightening because there is a potential of loss when individuals keep their savings in the hands of a company or service they are entrusting them. Big mistake.

A record rally has made bitcoin exchanges (all of the best bitcoin exchanges in India being affected) their target and their attacks have spooked the market the way it does every time. It has made it so that bitcoin has undergone a big drop, from over $3000, which was considered the best bitcoin exchange rate, to $2500. These types of cyberattacks aren’t a regular occurrence, but it isn’t unheard of or rare either.

Today there’s an entire virtual industry around set up around bitcoin exchange in India, as people seeking to buy bitcoin in India and sell bitcoin in India have reached unprecedented heights. 

There has been talk of the government looking to legalize bitcoin exchange in India and find ways to regulate all the top bitcoin exchanges in India. But what happens now after such a steep drop in its price?

The answer is simple, nothing. These types of attacks aren’t rare, and despite a superficial look might ‘cause people to panic sell or believe this foretells the end for bitcoin as the best bitcoin rate could be a thing of the past would be gravely mistaken. These type of drops aren’t unheard of, and even if people might consider this to be unfortunate, bitcoin exchange in India is still a much more viable trade than other more conventional methods of wealth creation in India, so, the idea that all people that were looking to buy bitcoin in India and sell bitcoin in India would all be engaging in a panic sell and all the top bitcoin exchanges in India would be suddenly out of business is absurd.

Bitcoin exchange in India has become as much a part of the economy as any other, and some of the companies that are considered the best bitcoin exchanges in India have already become emissaries of Indian economy in the world. Top bitcoin exchanges like Bitxoxo, Zebpay and Coinsecure will continue to profit, just like their customers.

Bitcoin investors can rest assured knowing that top bitcoin exchanges in India like Zebpay, and the best bitcoin exchanges, bitcoin-enthusiast favorites like Bitxoxo will continue to be a reliable way to profit.

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