Digital Currency- Dhananjai Bagrodia

2383 Words5 Pages
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Bitcoin is a technological tour de force”- Bill Gates, Founder of Microsoft.

Lumpy, Unpredictable, potentially ground breaking. Bitcoin currently is going through massive polarisations of thoughts some political idealists view it as a way for people to be liberal and as a revolution, some more conservative agencies look down at it with disdain and disregard. Those who are more closely related to the world of technologies and fascinated by the technological world see it as something with enormous potential and they spend a lot of their time playing with it. It could be revolutionary and have a place on its own in the timeline of inventions, personal computers in 1975, while the internet in 1993 and the grandest ‘ Bitcoin “ in 2014.

Bitcoin is not something which is uncovered or unknown, but the mass perception difference between the know how of Bitcoin and those who aren’t is enormous. It is built on 20 years of research into cryptographic currency and 40 years of research into cryptography, by researchers around the world.

Before we get into a discussion whether Bitcoin is a good bet or not, lets understand why Bitcoin as a currency was created in the first place. Currencies are created by governments federal banks out of thin air. Governments are given potentially the world’s unlimited spending power; they are allowed to create money from thin air just by printing money and thereby devaluing the currency almost instantly. Cause of this the value of people’s net worth fluctuates by the qualms and moods of the governments. Suddenly rise from the ashes, and the ray of beacon came, Bitcoin apparently solving all of the above problems. Bitcoin fundamentally is one of the most mysterious, innovative, polarizing and easily one...

... middle of paper ...

...ill keep getting, which will then spur the next user to use this digital currency. Bitcoin is basically a network effect property, just like other services like Amazon, Ebay, Facebook.

Zander Marz, author of Beyond the Government Haunted World, stated that, “Bitcoin is one of the biggest things for potentially reducing the power of state and uplifting the power of the individual to happen for .. forever maybe”. The power Bitcoin has that it could make payments, transactions, efficiency in trade exponentially more safer, efficient, cheaper and reliable. It could do away with the power of the state, and the other underlying factors of inflation, monetary supply and government controls. But that itself could be the problem for Bitcion, no control.

I would just lastly like to end on a note about Bitcoin that- What can’t kill Bitcoin will make it Stronger

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