Digital money or digital currency has been conceived of since very early in the age of the internet. Several digital cash companies were founded in early 1990s however most of the companies failed or became bankruptcy quickly because e-commerce had hardly integrated into the internet. During that time the concept of internet was new and very few people knew about it, the initiative of launching digital currency failed. Digital money refers to the means of payment in electronic form, it is not tangible like dollar or coin. It is accounted for and transferred using computers. Nowadays one well known form of digital money is the cryptocurrency bitcoin. The present value of bitcoin in today’s world is in billions, no one thought that it could raise this much.
The stocks of bitcoin have been in rise since past 1 year, though it is believed that in the upcoming future physical money or currency will be replaced by digital money. The impact of digital money is increasing rapidly nation EL Salvador has become the first country in the world to adopt bitcoin as legal tender, bitcoin made its debut in 2009, ushering in the new era of cryptocurrency. While there has been huge debate between the enforcement agencies, tax authorities and regulators on the introduction of bitcoin. Bitcoin is not issued or regulated by any bank as like in India RBI establishes the money but bitcoin has no involvement with the banks, instead it is created through a computer-generated process known as mining.
Bitcoin is very useful to the consumers as they have a greater ability to purchase goods and services with bitcoin directly at online retailers, pill cash out of bitcoin ATM’s and use bitcoin at some brick-and-mortar stores. While bitcoin appears at a glance to be a well-established virtual currency system, there are still no uniform international laws has been made that regulate bitcoin. Bitcoin can be use anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use bitcoin to buy and sell illegal goods like drugs or weapons, however that trend has shifted lately as criminals move away from bitcoin for fear of being tracked. Most of the countries have not clearly determined the legality of bitcoin preferring instead to take a wait and see approach. Some countries have indirectly assented to the legal use of bitcoin by enacting some regulatory oversight. Although bitcoin is over 10 years old, many countries still do not have explicit systems that restrict, regulate, or ban the cryptocurrency. The decentralized and anonymous nature of bitcoin has challenged many governments on how to allow legal use whole preventing criminals transactions. Many countries are still analyzing ways to regulate the cryptocurrency. Overall, bitcoin remains in a legal gray area for much of the world.
Aishwarya Says:
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
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