Bitcoin- Boon or Bane
Currencies have played a major role in shaping a country’s economy. Other than paper money, Bitcoin has been introduced which is a unique currency which is also referred to as the cryptocurrency of the modern times. It works independently and requires no support from any central authority.
If we talk about its birth, these 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 over the Bitcoin concept. It’s totally a free mode of transaction asset which comes in a form of certain computer codes developed by cryptographic algorithms.
Bitcoin is one of the most widely used alternative currency in the world. Its circulation is estimated to be worth over a billion dollars. It is a well developed and sophisticated concept. People are getting attracted towards it and showing immense interests because of the increase in the price of Bitcoins drastically. It is claimed to be safe 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 currency nothing could be dreamt of. It is used in the forms of- mobile wallets, shopping from e-commerce portals etc. In a way, it provides freedom to the users since the identity is hidden and the fee charged is negligible.
Every techno-savvy thing has a negative side as well. Bitcoin could 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 anonymous, it gives lawbreakers an opportunity for performing criminal activities. The illegal dealings and shady activities will intensify a flourishing black market.
Hence, the use of bitcoins should be judiciously used. It should be kept in mind that it involves both positive and negative sides. A careful approach should be maintained in order to use it beneficially.