It was never safe to invest in Bitcoin or similar crypto currencies just the way people do in stocks/ mutual funds. It always required a leap of faith on unknown developers, miners and evangelists to build and spread a truthful economic system.

Will you trust a complete stranger with your money?

This is the case with Bitcoin. The thing is there is no stranger. There is no one. Only some lines of codes managed by some developers.

Is it safe? The answer is obviously No.

Is India ready for this kind of trust and technology? No, Indians are new to things like Ec-commerce , bitcoin is still far away from reality here.

Could RBI prevent other scam coins using Bitcoin’s name without stopping Bitcoin? No.

Keeping public safety in mind and the rise of scam coins like SR Coin, ATC coin, Laxmi Coin and other Ponzi schemes. RBI had to take a harsh step against Bitcoin and other virtual currencies.