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BITCOINS: VIRTUAL CURRENCY, REAL MONEY


1 bitcoin=928817.94 INR, amused? Well the genesis of this cryptocurrency could be traced to 2009, with ambiguous origin alias Satoshi Nahamotu and this is how far it has travelled that too without any central banking or administration system. Not surprisingly, it is yet to be legalised in many parts of the world including India.
Altcoins or better known as bitcoins were initiated as Peer-to peer electronic cash system to facilitate instant payments. Bitcoins are released into circulation through a process known as bitcoin mining which involves solving a computationally difficult puzzle and earning bitcoins in exchange or simply buying them.  And given that the current Bitcoin market is more volatile than a bag of plutonium nitrate, multi-explosive, sound seeking projectiles, one stands a very good chance to lose a lot of money. Trading in bitcoins is done trough bitcoin wallet, even India has one such wallet.
 Through worldwide Wannacry ransomware attack in May 2017, hackers demanded ransoms in bitcoins, do we need something else to justify the potency of such cryptocurrencies? Such an upsurge in the demand and trade of bitcoins in recent years has attracted much attention from governments across globe and this has brought these cryptocurrencies under tax scanner. Various big shot artists like Mr. Amitabh Bachchan have also been rumoured to trade in bitcoins.


Are crytocurrencies going to revolutionarise the way we perceive electronic trade or are they simply another risky electronic medium to lose hold of our money?
-Vipansha Mehta

Comments

  1. pallavi6 January 2020 at 02:39


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