These articles will be helpful for any competitive exam. In this article we are sharing our views on ‘Bitcoin‘.
Bitcoin : Boon or Bane
Currencies have always played a major role in shaping a country’s economy. Other than paper money, Bitcoin has been introduced which is a unique currency and is also referred to as the cryptocurrency of the modern times. It works independently and requires no support from any kind of central authority.
If we talk about the birth, it was developed around the year 2009 by the programmer or a group of programmers under the name “SATOSHI NAKAMOTO” but the identity remains undisclosed and unknown. There is no control of any government or financial institutions on the Bitcoin concept. It is completely a free mode of transaction asset which comes in a form of certain computer codes developed by cryptographic algorithms.
Bitcoin is now one of the most widely used alternative currencies in the world. The circulation of Bitcoin is estimated to be worth over a billion dollars. It is a well developed and sophisticated concept. People are getting more attracted towards it and showing immense interests because of the increase in the price of Bitcoins drastically. It is claimed to be secure and moreover, it is transparent since the transactions happen over the internet and they cannot be erased. Bitcoins have made the payments easier, even from those remote areas where other than paper currencies nothing could be dreamt of. It is used usually in the form of mobile wallets, shopping from e-commerce portals etc. In other words, it provides freedom to the users since the identity is hidden and the fee charged is negligible. As every techno-savvy thing has a negative side as well, Bitcoin could also potentially harm our society in various ways and possesses the power to be significantly detrimental to us. There is an increase in the crimes and rampant illegal activities can be seen. Since it is related to anonymous, it gives lawbreakers an opportunity for performing criminal activities. The illegal dealing of transactions and shady activities will intensify a flourishing black market.
Hence, bitcoins should be judiciously used. It should always be kept in mind that it involves both positive and negative sides. A careful approach is needed to be maintained in order to use it beneficially.
That’s all in this article, feel free to comment your feedback and suggestions if there’s any. Keep Sharing and Happy Learning.
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