Virtual Currency Revolution Cryptocurrency
During the 1960s it was the beginning of the "Green revolution' which gripped all the countries of this world and well before the same with the invention of the telegraph and other machines 19th century gave birth to mechanical revolution and during the 1990s it was the beginning of communication revolution where we saw the birth of STD booths and by the fall of the same during the end of the first decade of 21st Century.
Now we are all set to witness another revolution that will grip the entire world and would last forever which may eradicate the corruption and other maladies with regard to currencies from this world. A few online virtual currencies which already has born are staying and encouraging others to launch their own. This is the most precious time where governments from all over the world must make sure new companies that are coming out are following all necessary precautions in order to make sure the virtual currency they are about to launch is perfect and are going to remain in the market forever.
Bitcoin is the latest trend that has emerged as the mother of all Virtual currencies which are there in this world and which may be born in the future. The growth that the Bitcoin has achieved in this shortest time has inspired a lot many corporates around the world to think to launch their own currencies.
To the lay man's knowledge, I would like to brief that currency of any country, in fact, is only a piece of paper which the government of that particular country "Promise" value for the same and supported as a medium of exchange for goods and services. Of late in order to improve the convenience so many other media of exchange was adopted in the form of "Demand Draft" Cheque, Travellers' cheque, discount cards, the Debit cards, credit cards, etc. Recently even finer options in the form of Paytm and other Apps based payments have also arisen.
In all the above except real currencies, basically, they are dealings where 'physically no cash is involved, but cash is accounted in the ledgers of the creditor and debtor. Similarly, a few Virtual Currencies" are born for a few years and among them, the strongest and proven one so far is "Bitcoin" It is available for an exchange for goods and services in most of the European countries and the USA. The value of "Bitcoin" which was a mere 6/- (Six) rupees when it was launched to more than 11 lakhs of rupees as on Dec 1st week 2017.
It is merely a software that has 2.1 crore Bitcoins created on the first day which is being mined every four years in a calculated and systematic method which will be briefed later. Every four years only half of the remaining Bitcoins would be mined out while the remaining will be kept as stock unmined. In this way, the value of the Bitcoin starts increasing tremendously as the buyers are increasing day by day but the number of Bitcoin does not increase but only trading is taking place. Thus the demand is tremendous which results in heavy buying which in turn result in an increase in price.
Mining system of crypto currency briefed
I would like to strongly suggest the Indian government through our Finance Minister Shri Arun Jaitley as well as our Honourable PM Shri Narendra Modi that the Indian government must work out a plan to launch a virtual currency after a thorough study of its Pros and Cons with totally cyber safe software. This "Virtual Currency" could, in fact, will work as a one-stop solution to come out of the following problems.
- No more duplicate cash (Not even a single currency)
- No more Sales tax evasion as all the transaction takes place online only (Currency remains virtual from the time it is born to the eternal time)
- Terrorism will face the biggest blow from which they may possibly never recover.
- The value of the virtual currency will never decrease but could only tend to increase.
- Monitoring the currency value can be controlled by the government's highly RBI's eligible Officers panel by pumping in more "Virtual currency online" by means of "Mining".
- Just as with hard currency the government can keep the gold value as the basis to "Mine" virtual currency.
India must not waste any time but should move ahead and launch a virtual currency of its own with all security features and the government must recognize the "virtual currency" as a medium of exchange for goods and services and India must think how it can be smoothly introduced into the Virtual world. This is a very important step which India must think over instead of waiting for the day when other Virtual currency Giant-like "Bitcoin" swallowing the Indian market through online penetration wherein merchants too may gladly agree to buy Bitcoin in exchange for goods which may not yield any benefit for the Indian government.
Sudesh DJV
Indore / MP/ India
9th Dec 2017 / 11:20 pm
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Visa’s Crypto-linked Card Usage Tops $1Bn in First Half of 2021
Over $1 billion worth of #cryptocurrency has been spent by consumers globally on goods and services through crypto-linked cards in the first half of 2021.
“We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency,” said the Visa CFO, #VasantPrabhu.
#VisaCFO said that the cardholders could spend cryptocurrency at more than 70M merchants globally through 50 digital currency platform partnerships. As a result, crypto can disrupt the $18 Trillion consumer spending market.
A few companies is currently partnered with #Coinbase, #Circle, and #BlockFi to allow its cards to access crypto wallets on those platforms.
With the above mentioned developments that are emerging in the market, it is very clear and beyond doubt that Cryptocurrency is going to rule the world.
Sudesh DJV
31st July 2021
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