Sunday September 23, 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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Twitter Gets a Bug And Releases DM’s of 3 Mn Users To a Third Party Application

Twitter said it found no sign that hackers accessed the exposed data.

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Twitter on a smartphone device. Pixabay

A bug in Twitter’s platform for third-party app developers exposed some Direct Messages (DMs) from nearly 3 million users to outsiders, the micro-blogging platform has admitted.

The bug ran from May 2017 and within hours of discovering it on September 10, Twitter said it fixed the bug to prevent data from being unintentionally sent to the incorrect developer.

“The bug affected less than 1 per cent of people on Twitter. The bug may have caused some of these interactions to be unintentionally sent to another registered developer,” Twitter said in a blog post on Saturday.

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Twitter Chief Executive Officer Jack Dorsey testifies before a Senate Intelligence Committee hearing on foreign influence operations and their use of social media on Capitol Hill. VOA

“In some cases, this may have included certain DMs or protected tweets, for example a Direct Message with an airline that had authorised an Account Activity API (AAAPI) developer.”

The Account Activity API allows registered developers to build tools to better support businesses and their communications with customers on Twitter.

Twitter currently has over 336 million users and one per cent means nearly 3 million of those were affected.

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The logo appears on a phone post on the floor of the New York Stock Exchange.. VOA

If your business authorised a developer using the AAAPI to access your account, the bug may have impacted your activity data in error.

“We’re very sorry this happened. If your account was affected by this bug, we will contact you directly through an in-app notice and on twitter.com,” said the company.

In May, the micro-blogging platform asked its 336 million users to change their password across its services after it discovered a bug that stored passwords in plain text in an internal system.

Also Read: A Rise in Pregnancy Phobia Due to Social Media Platforms

Twitter said it found no sign that hackers accessed the exposed data but advised users that they should enter a new password on all services where their current password has been used. (IANS)