Bitcoin is the virtual currency for banking over the internet. Many of us aware of the recent ransomware attack which targeted almost 150 countries. The hackers were injected WannaCry virus to the system and asked the users to pay $300 ransom in bitcoins. This act is just suggesting that hackers have found a new currency for deceiving people. Here we’ve briefed a few interesting facts of Bitcoins. Have a look through…
What Are Bitcoins?
Bitcoins are a kind of digital currency or crypto currency, which is free from any ties to a bank or government. Due to its animosity, user can spend bitcoins without being tracked. An unknown programmer or a group of programmers, under the name Satoshi Nakamoto, invented and released Bitcoin as a open source on software 3rd January 2009 . It is a peer-to-peer system so users can have transactions directly, without any intermediary.
Pieter Wuille, a Bitcoin Core developer and the co-founder of Blockstream, said, “Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.”
People have started recognizing the potential of bitcoins but there are side effects that bifurcates our society and letting criminals do the suspicious activities.
Working Architecture of Bitcoins
They are self-sustained virtual coins, which doesn’t require any bank or storage. Once owned, they will act as physical gold coins. They have values in market just as they were pieces of gold in your pocket. You can use them to make purchase online or nurture them over the years and hope that the value will increase.
Controversy over Bitcoins
Various cases have emerged which make bitcoin, a media sensation. Criminal traders, from 2011 to 2013, made them famous by buying millions of dollars of bitcoins in batches. These activities help them to move outside the grab of laws. After that, the value of bitcoins is increased and still increasing. Right now, the value of one bitcoin is 2, 78,561.01 INR. It is shocking right!
Account of bitcoins can’t be seized or examined by tax officers. Bitcoins are acting beyond the reach of law and financial institutions. We can say that it is a nightmare for government in terms of digital currency. It is said that bitcoins count will increase until 21 billion coins, which is around to the year 2040. However, as of 2017, only more than half were created.
A Road to Betterment
In the end, one thing is certain that bitcoins are a hub for criminals and this phenomenon is bifurcating the society and taking us back to a non-manumit society. Government should take necessary steps so that these bitcoins can be tracked and used as a formal digital currency.
Government should deploy technologies so that criminals can be tracked. Recently, FBI tracked a criminal by sending a video, which contains code so that they can backtrack the IP Address, whoever is playing that video.
These kinds of challenges will come in front of the society and we have to come up with new ideas to counterattack the problems, especially youth.
As Curt Cobain said, “The duty of youth is to challenge corruption”. It is time we need to take it seriously.