BITCOIN – THE EVOLVING STORY

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BITCOIN – THE EVOLVING STORY

The current exchange rate of 1 bitcoin $7157.14.  This explains the strength of bitcoin & other  altcoins  which number at around  1150 . Altcoins are cryptocurrencies other that bitcoin. The acceptability of bitcoins and like is increasing with every passing day. Suffice to stay, it is there to stay,  whatever may be the name and cannot be put back into the box.  It cannot be wished away. It is the  fuel of the Dark Net.

 If you owned 100 bitcoins in the year 2010, today you would worth only 72 million dollars . A bitcoin can be broken down to eight figures after the decimal. Even with this mind boggling pace, one doesn’t know when which  crypto currency will explode  and there is no way it can be backtracked. In a case of  wallet based theft,  you will for sure, never be able to get back the crypto currency. This is not comment on the either the  permanence of transaction based on the cryptography  it operates upon.

With tonnes of downloads of software which we keep installing recklessly with even no knowledge of terms & conditions. That apart, beyond the unread conditions is the murkier world of  spywares, keyloggers and screen catchers.  The great  CKey  is available to the hacker and that is the beginning & end of the story. The insecure software and hardware connect throws up immense challenges,  making it easier for the hacker to gain entry through any device he finds most vulnerable  and sufficient enough to hit his target. The invisible enemy.

The cost of bit coin mining can be  prohibitive, the miner and the associated gadgets and the cost of power.  It can be killing with insane power tariffs. Germany is a case in point.

Technicalities & security apart, the govts & banks are evasive the world over.  The threat of a global currency sans a regulator will only increase with every passing.  They have to bite the bullet before it’s too late.  It can lead the world’s finance mechanism so assiduously built over the years into utter chaos.

 THE WORLD WATCHES THE GOVTS/BANKS RESPONSE TO BITCOIN WITH BATED BREATH.

    Sanjay Sahay

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