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Elon Musk, the head of Tesla is a big believer in cryptocurrency and recently, Tesla announced a USD 1.5 billion investment in Bitcoin with plans to accept Bitcoin as payment for its cars sending the value of Bitcoin soaring.
Elon Musk, the head of Tesla is a big believer in cryptocurrency and recently, Tesla announced a USD 1.5 billion investment in Bitcoin with plans to accept Bitcoin as payment for its cars, sending the value of Bitcoin soaring.
One of the things dominating the news since some days now is Bitcoin and Cryptocurrency.
With announcements of ‘new highs’ in Bitcoin prices being reached and many corporates showing interest in this, here is a quick look on this concept, how it all started and why it is so much in the limelight.
Cryptocurrency is digital currency, as opposed to traditional money which is issued by the Government and overseen by the Reserve Bank of India. Cryptocurrencies work using a technology called blockchain.
Blockchain technology encrypts each transaction and stores them in groups or blocks, in a ledger. This ledger is duplicated and stored across all the computers on a network and in a way that makes it impossible or at least, very difficult to tamper with.
One of the key features of this is anonymity – all participants on a network are either anonymous or use pseudonyms. This is one of the points of criticism raised by critics of cryptocurrency.
Most people consider Bitcoin to be the first cryptocurrency. However, even before Bitcoin, there had been attempts to create digital currencies but they did not work out.
Enter Satoshi Nakamoto, a pseudonym for a person or a group of persons, who authored a white paper called ‘Bitcoin: A Peer – to – Peer Electronic Cash System’. This white paper laid the foundation for a decentralized (no single regulator but a distributed public ledger of transactions that cannot be tampered with), digital currency and Bitcoin was born in 2008.
On January 12, 2009, the first ever Bitcoin transaction took place when Satoshi Nakamoto sent 50 Bitcoins to Hal Finney who worked extensively in computer game development among other things.
When Bitcoin actually came into existence, it had no monetary value for some time. Computers would solve complex math problems to ‘mine’ (Bitcoins are limited in supply and new bitcoins are created using a process called ‘mining’ which involves solving complex maths problems by computers) new bitcoins and they were traded just for fun.
On May 22, 2010, a man in Florida was able to get someone to purchase two pizzas for him in exchange for 10,000 Bitcoins, making this the first Bitcoin transaction. May 22 is celebrated as ‘Bitcoin Pizza Day’.
To start with, the value of Bitcoin was negotiated between the buyer and seller but today it is bought and sold on an exchange. At the time of writing this article, one Bitcoin is traded at around USD 50,000.
Today there are several cryptocurrencies apart from Bitcoin. Despite the shiny metallic images we see of Bitcoins and other cryptocurrencies, there are no physical coins. Cryptocurrencies are digital and are held in virtual wallets.
India wasn’t far behind and we saw our first crypto exchanges between 2012 and 2016.
The journey has not always been smooth for cryptocurrencies with a market crash in 2018 hurting many wallets.
Cryptocurrencies have also faced the criticism of being used to fund illegal activities with greater ease due to the anonymity they afford.
The mining process requiring advanced computing power, has been criticised for consuming far too much electricity with one estimate claiming that Bitcoin annually consumes more electricity than Argentina.
India too has had its share of less than favourable experiences with ‘get-rich-quick’ schemes gone bad to investors being scammed.
Many people also have questions on how cryptocurrency will be treated for taxation purposes and concerns around the pricing of crypto which can be more volatile than traditional investments.
The RBI has always been cautionary in its guidance regarding cryptocurrency.
In 2018, the RBI banned all banks from dealing in or providing services to facilitate dealing in cryptocurrency. This was however, overturned by the Supreme Court in March 2020, permitting banks to handle cryptocurrency transactions.
‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, the Government’s draft bill, could likely ban private cryptocurrencies. There could also be an official digital currency regulated by the RBI. Uncertainty regarding this legislation has been causing several ripples with cryptocurrency owners being uncertain as to their position once the legislation comes into force.
Cryptocurrency has had the ability to make people passionately believe that it is the currency of the future or to hate it with similar passion. The believers and naysayers are equally vociferous in voicing their beliefs about cryptocurrency.
As we await the final outcome of the regulation in India, it would do well to tread with caution until the fate of cryptocurrency becomes less cryptic in India.
Image Source: Pixabay
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Women's Web is an open platform that publishes a diversity of views, individual posts do not necessarily represent the platform's views and opinions at all times.
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What I loved was how there is so much in the movie of the SRK we have known, and also a totally new star. The gestures, the smile, the wit and the charisma are all too familiar, but you also witness a rawness, an edginess.
When a movie that got the entire nation in a twist – for the right and wrong reasons – hits the theatres, there is bound to be noise. From ‘I am going to watch it – first day first show’ to ‘Boycott the movie and make it a flop’, social media has been a furore of posts.
Let me get one thing straight here – I did not watch Pathaan to make a statement or to simply rebel as people would put it. I went to watch it for the sheer pleasure of witnessing my favourite superstar in all his glory being what he is best at being – his magnificent self. Because when it comes to screen presence, he burns it, melts it and then resurrects it as well like no other. Because when it comes to style and passion, he owns it like a boss. Because SRK is, in a way, my last connecting point to the girl that I once was. Though I have evolved into so many more things over the years, I don’t think I am ready to let go of that girl fully yet.
There is no elephant in the room really here because it’s a fact that Bollywood has a lot of cleaning up to do. Calling out on all the problematic aspects of the industry is important and in doing that, maintaining objectivity is also equally imperative. I went for Pathaan for entertainment and got more than I had hoped for. It is a clever, slick, witty, brilliantly packaged action movie that delivers what it promises to. Logic definitely goes flying out of the window at times and some scenes will make you go ‘kuch bhi’ , but the screenplay clearly reminds you that you knew all along what you were in for. The action sequences are lavish and someone like me who is not exactly a fan of this genre was also mind blown.
Recent footage of her coming out of an airport had comments preaching karma and its cruel ways, that Samantha "deserved her illness" because she filed for divorce.
Samantha Ruth Prabhu fell from being the public’s sweetheart to a villain overnight because she filed for divorce. The actress was struck with myositis post divorce, much to the joy of certain groups (read sexist) in our society.
A troll responded to Samantha’s tweet, “Women Rising!!” by adding to it “just to fall”. She replied, “Getting back up makes it all the more sweeter, my friend.”
Here’s another insensitive tweet by BuzZ Basket showing fake concern for her autoimmune disease. “Feeling sad for Samantha, she lost all her charm and glow. When everyone thought she came out of divorce strongly and her professional life was seeing heights, myositis hit her badly, making her weak again.” Samantha responded, “I pray you never have to go through months of treatment and medication like I did. And here’s some love from me to add to your glow.”
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