Bitcoin is the new form of currency and is the talk of every town. However, many are still confused about what it is. It’s an interesting form of currency which first hit the scene in 2009. It’s a decentralized currency or digital currency as the control does not lie on any other authority.
So, how to get bitcoins? Basically, it allows money transactions to occur without any fees or without involving any middlemen such as a bank. It is not controlled by any individual, in fact, the user’s identity is kept hidden for security purposes.
Pros & Cons
As mentioned earlier, it is a system designed to publicly record bitcoin transactions and other relevant data without revealing the identity of the individuals or groups involved. Instead, operatorsare identified by using public keys or numerical codes and sometimes by different usernames. Taken together, the only drawback in this field is the security of the operators. Dark web marketplaces are frequent heist targets.
Effect on India
Bitcoin users who participate in such activities face additional risks. They are already breaking the law and thus have limited recourse in the event of hack or theft. Hence, they can’t even contact the authorities and inform them about the capitals they received for marketing forbidden drugs.
Therefore, bitcoin occupies a legal grey area where it’s difficult for the authorities to prosecute the people, responsible for bitcoin heists. Thus, affecting the global population of bitcoin holders. It is by far the most popular and widely used – the closest cryptocurrency equivalent to traditional currencies.