Tuesday March 19, 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.

 

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China to Take Strict Steps in Order to Curb Online Pornographic Content

The office pledged enhanced efforts in supervision and in handling reports from the public

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US clothing brand Gap has apologised for selling T-shirts which it said showed an
Accurate Map of China, Pixabay

Authorities in China have asked online service providers to take strict measures to deal with pornographic content on their platforms, to create a “green, safe and civilised” online environment for the country’s youth.

The National Office Against Pornographic and Illegal Publications issued a statement saying efforts to manage the safety of online content are not only a legal obligation but also a social responsibility for internet businesses, according to a report by the China Press Publication Radio Film and Television Journal.

The statement called on social network platforms, search engines and short video and live broadcasting websites, which have vast numbers of young users, to adopt stricter standards and measures in managing the content on their platforms, Xinhua reported on Sunday.

China for strict steps to curb online pornographic content.

It also named and shamed services operated by internet giant Baidu as well as microblogging platform Sina Weibo for weak control.

Also Read- Google Developing Controller For its Game Streaming Service

The office pledged enhanced efforts in supervision and in handling reports from the public, saying it will work with other authorities to punish those who produce, upload or spread online pornographic content. (IANS)