People can never imagine that the value of the digital thing increases sharply just only in ten years and today its value is over 14 lakhs.
It's Bitcoin, which has recently very high price in its history. As a result, Bitcoin again comes into the discussion of stock investors and the worldwide media.
Now, I explain to you what is Bitcoin and what is its history?
Why Bitcoin started?
Some years ago, on 31st October 2008, a person who is the first person talking about Bitcoin named 'Satoshi Nakamoto' published a paper on. Satoshi's main motive was to start digital cash in which any third party could not interfere with the transaction between two parties.
Cryptocurrency is a digital currency over which central banks or financial institutions have no regulations or control. As the central bank of America has control of the US dollar. Similarly, the Reserve Bank of India has control of the Indian rupee. But the Bitcoin is not in control of any such central banks.
First, we have to understand some concepts of the Indian economic system.
Why the rupee you have, contain some value? Because the central bank and government of India give a guarantee to the public due to which the currency you have, contains values. Indian rupee notes contain the promise and the signature of the RBI governor. Without the promise and signature, the value of even 2000 rupee notes like a rapper of dairy milk without containing chocolate in it.
The government and banks have very much power over the currency of our country. We all know that the money that we have deposited in the banks is given to companies and some other people in the form of loans, due to which, we gain some profit interest on our deposit on the bank.
Forgiving more loans to get more profit, the banks irresponsibly use our saving money. In India, we all know that there are lots of NPAs/debts on big loans given by the bank without any good security or cross-checking.
Yes Bank, Laxmi Vilas Bank, and PMC bank are the banks that do the same as above and finally failed. This example also gives you a perfect understanding of the above information. Due to this, depositors are also affected in such cases.
Also, some decisions of government can put the common man in danger. We all know about Demonetization, November 2018. 500 and 1000 were banned by the Indian government.
Many people are in favor of Bitcoin and cryptocurrencies. They want to reduce the power or control of the government or central bank on the currency or money.
This is why Satoshi published the paper on the internet in favor of Bitcoin. He thinks that Bitcoin is the best alternative for the normal currency.
The first cryptocurrency is Bitcoin and then some other cryptocurrencies also come. Today's over 2000 cryptocurrencies were available on the internet.
Are cryptocurrencies be an alternate currency
This is very crucial and also a very interesting topic because many people are in favor to use bitcoin instead of normal Indian rupees, dollars, euro, etc. But some people look at bitcoin only as an investor.
Many people are trying to use Bitcoin in normal life for basic purposes also. But in today's world, we can't use it as an alternative to original currencies.
But as in western countries, many hotels and restaurants start accepting payments in Bitcoins. So, maybe in the future Bitcoin will be used as an alternative currency.
What are the present-day uses of Bitcoins?
Bitcoin in the present-day have much use which is best as compared to, in the way of original currencies.
As in the case of money transfer from one country to a different country, lots of money or charges are deducted by the bank and also takes one or two days to complete the transaction.
The Bitcoin transaction is best in this case and also very convenient. Bitcoin does not charge any transfer fee at this time and in about ten minutes the transaction is complete where banks take one to two days for the same.
Are some negatives of Bitcoin on society?
As we know that technology which has good features, also contains some bad or security-related problems. But in the case of Bitcoins, there are very negative features present in it.
All the people who have an interest in the internet are familiar with the dark web. Internet is vast, lots of people buying weapons and drugs and giving payments in the form of Bitcoin.
Due to which the law enforcement agencies can't detect the transaction in such a case because of the feature I bitcoins or cryptocurrencies.
There are lots of fraud companies that scamming people and took money from them on the promise that their money will become two times, three times, and even four times.
Conclusion
So, due to such reason, the RBI decided to impose a banking ban on crypto. This case goes to the Supreme Court.
At last, the Supreme Court of India concluded the ban of RBI 'disproportionate'.
Now, lots of people in India trading and investing in cryptocurrencies. If people invest money in a good manner and always aware of the dark web of the internet then those people have a good method for earning good profit.
You must be logged in to post a comment.