Monday November 19, 2018
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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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Nigerian Firm Apologizes for Google’s Glitch

Main One, which describes itself as a leading provider of telecom and network services for businesses in West Africa, said that it had investigated the matter.

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Google, Main One
A Google logo is seen at the company's headquarters in Mountain View, California, VOA

Nigeria’s Main One Cable took responsibility Tuesday for a glitch that temporarily caused some Google global traffic to be misrouted through China, saying it accidentally caused the problem during a network
upgrade.

The issue surfaced Monday afternoon as internet monitoring firms ThousandEyes and BGPmon said some traffic to Alphabet’s Google had been routed through China and Russia, raising concerns that the communications had been intentionally hijacked.

Main One said in an email that it had caused a 74-minute glitch by misconfiguring a border gateway protocol filter used to route traffic across the internet. That resulted in some Google traffic being sent through Main One partner China Telecom, the West African firm said.

Google has said little about the matter. It acknowledged the problem Monday in a post on its website that said it was investigating the glitch and that it believed the problem originated outside the company. The company did not say how many users were affected or identify specific customers.

Google, Main One
Google CEO Sundar Pichai speaks during a news conference in New Delhi. VOA

Google representatives could not be reached Tuesday to comment on Main One’s statement.

Hacking concerns

Even though Main One said it was to blame, some security experts said the incident highlighted concerns about the potential for hackers to conduct espionage or disrupt communications by exploiting known vulnerabilities in the way traffic is routed over the internet.

The U.S. China Economic and Security Review Commission, a Washington group that advises the U.S. Congress on security issues, plans to investigate the issue, said Commissioner Michael Wessel.

“We will work to gain more facts about what has happened recently and look at what legal tools or legislation or law enforcement activities can help address this problem,” Wessel said.

Google, Main One, YouTube, Google, google services
A Google logo is displayed at the entrance to the internet based company’s offices in Toronto. VOA

Glitches in border gateway protocol filters have caused multiple outages to date, including cases in which traffic from U.S. internet and financial services firms was routed through Russia, China and Belarus.

Yuval Shavitt, a network security researcher at Tel Aviv University, said it was possible that Monday’s issue was not an accident.

Also Read: Google Investigating The Root Cause Of its Malfunction

“You can always claim that this is some kind of configuration error,” said Shavitt, who last month co-authored a paper alleging that the Chinese government had conducted a series of internet hijacks.

Main One, which describes itself as a leading provider of telecom and network services for businesses in West Africa, said that it had investigated the matter and implemented new processes to prevent it from happening again. (VOA)