Saturday December 14, 2019
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From paper to plastic to Bitcoins: Changing money with time

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By NewsGram Staff Writer

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With the internet revolution gaining ground in India at a fast pace, and many initiatives on the part of the government to digitize India and take everything online, the days when money (currency) will also be completely digitized don’t seem far.

Bitcoin is one such example. For those who aren’t aware what it is, it can simply be defined as “digital money.” The advantages of bitcoin extend from zero transaction charges and to mobile platforms offering easy buy and sell options, high security and anti-wallet theft options. Handling bitcoins is extremely hassle-free. With one click on your Smartphone, you can do transactions anytime, anywhere.

Bitcoin came into existence around 2009, and is believed to be created by Satoshi Nakamoto, which can be a person or a group of persons. It once gained value steadily, peaking at about $1,100 per bitcoin in November 2013, then its value slid and is approximately $227 per bitcoin now. Also, no government regulates bitcoins yet.

Bitcoins are earned by churning data on the computer, which is also called “mining.” This is done in order to verify transactions.

“I find it (bitcoin app) extremely useful because I can buy online discount coupons and gift vouchers in exchange for my bitcoins,” said Harin Pandya, who works with an event management company in Hyderabad. “I can redeem these from Amazon, Ola and a host of other e-commerce websites.”

Despite all the shiny positives, RBI governor Raghuram Rajan doesn’t seem so convinced about the positive aspects of bitcoin. The main reason being that bitcoins fall outside the purview of regulated financial environment.

Calling them “Crypto currencies”, RBI Deputy Governor, R Gandhi, emphasized that these can be involved in money laundering, tax evasion and terror funding.”

Despite the red flag given by RBI, bitcoin’s popularity continues to rise. Banks and other financial middle-men-organizations are completely out of the picture.

“I have family in New Zealand and I can send money immediately to them using my bitcoin wallet, which they can encash there, making the transaction hassle free,” says Himanshu Sisodia, chief operating officer at Greenleaves Management.

“Though it has depreciated significantly, the value of bitcoins are bound to climb up by next January, because virtual currency is the future and the world will only get more digitised from now on,” said Pandya, adding that he is expecting to get almost 100% return on his investment in bitcoins by this year-end.

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Despite the concerns raised regarding usage of bitcoins, experts believe that with the steady pace of digitization, money is bound to become online sooner or later, and that the world cannot escape bitcoins when such a thing happens to the completion. Since digitizing India means an enhanced push into the direction of cashless transactions, bitcoins will climb up.

Citing the example of Greece, experts have also pointed out that for volatile economies undergoing crisis, bitcoins offer a good alternative.

 

Next Story

How to Choose the Best Business ISP?

Know how internet connection affects your businesses

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Online business
No business can survive and function without a proper internet connection. Pixabay

In this modern era, businesses cannot survive for long without an internet connection. Even in companies where the internet is not the primary means of doing business, it holds a lot of importance. For instance, employees use the internet to communicate with one another, supervisors might use it to send important files to their subordinates, etc. The internet also facilitates customers to reach businesses in case they come across any problems. Unlike a phone call, which requires you to be present near the phone at all times, the internet enables you to respond to the messages whenever you get the chance. Apart from that, it can be used for various other tasks like researching, online purchasing, and selling, analyzing competitors, etc. Therefore, it is important to install an internet connection in your company to successfully grow your business. 

When it comes to choosing an internet service, numerous options cross your mind. This means that you need to conduct a thorough analysis in order to get the most out of your investment. So, without further ado, let us dive right into it. 

First of all, you need to understand the types of internet connections that are being offered in the market. In the past few decades, multiple options for internet provision have evolved and these technologies continue to advance every year. The most common types of connection are as follows:

Cable:

In this type, a cable company transmits the internet to the business through cable lines. It is by far the most common type of internet connection because it offers great value for money. 

Business network
Your internet connection/ISP can have a major impact on your business. Pixabay

DSL:

This internet connection is offered by telecommunication companies but it has some limitations. For example, you cannot enjoy the unbelievably fast and stable internet speeds, which are delivered to you by cable internet.   

Fiber Optic:

 This is the fastest internet connection available in the market. Fiber internet speeds go up to 1Gbps, which is exceptionally great. You can literally do anything online without any complications. The biggest problem of fiber internet is its inaccessibility. Fiber internet is not widely available. Only a few areas in the country have access to this lightning-fast connection. 

Satellite:

This internet is delivered directly from a satellite to your dish. It is usually the only connection available in remote areas and can reach speeds up to 25Mbps at most. 

Fixed Wireless:

This type of internet connection relies on radio signals from a tower. It is possible to achieve high-speed internet in this connection. However, sometimes, trees and other solid objects can interfere with the signal quality making the connection weak. 

Many ISPs offer multiple packages to their customers. Getting a bundle deal can significantly reduce your monthly bill. For instance, if you get internet, TV, and business phone service from the same provider, you will be in a better position to bargain and get the deal of your choice. 

Top Three Business Internet Providers:

 

  1. Spectrum
  2. Xfinity
  3. Frontier

Spectrum, Xfinity and Frontier fall in the category of the best internet providers for business because they offer attractive packages, quality services, and exceptional customer support. 

Business internet
Spectrum, Xfinity and Frontier are the top business internet provider. Pixabay
Important Things to Consider:

Static IP Address:

Having a static IP address will help your business enjoy numerous benefits especially if you use a virtual private network. 

Port Access:

Having port access is crucial for businesses that have local servers. Port access should not be limited because they are required for software like browser, email, and skype, etc. 

Third-Party Software:

Some ISPs offer third-party apps to their clients to help them enhance their functionality. These apps include cloud storage and conferencing applications they can be used to increase business productivity.

The Future of Business Internet

Also Read- 5 Hottest Online Trainings 1st Year Students Should take up

Before finalizing your decision, make sure you know that your ISP is well prepared for changes that are coming in the future. The technology of the internet is evolving on a regular basis and a good provider should tweak its services according to the changing trends of the customers. Another important thing to keep in mind is the quality of customer support. Being a business entity, you cannot afford to lose your clients over a weak internet connection, so make sure that you choose the one that offers the best customer support. Look for the ISPs in your area and choose the one that best suits your needs and requirements.