Prahladrai Dalmia Lions College of Commerce & Economics

• Crypto Currency in Pandemic •

Written By: Mr. Bhowmick Joshi (T.Y.B.Sc.I.T.)

Pandemic was the worst situation for everyone. But it helped us to know about different abilities. The IT Field was helping everyone in almost every sector. IT was especially used for those who still have their job, can work from home, Studies can be conducted from home, etc.
Pandemic was the reason for many Jobless workers around the globe. Crypto currency attracted everyone from workers, Jobless and teens. Crypto currency is a form of Digital Money which can be stored on the computer or phone and it can be sent Peer to Peer with no Bank or Intermediary. If you make a normal transaction through UPI or Net-Banking, there is a bank who confirms your identity to make sure the transfer is Legitimate. It’s a bank’s Job to maintain the transactions of an individual.
Normal money or even called as a thing who has value has a Centralized Authority that Controls the Supply & Circulation. Centralized Authority is the Government. Crypto currency is something which has the same features but has no Centralized Authority with limited supply & circulation of money.
Bitcoin was at its highest peak during Pandemic. Elon Musk Invested 1.5 Billion Dollars on Bitcoin and it was in the headlines but nobody knew what Bitcoin is and why it has so much value. Bitcoin totally works on Block chain Technology. In short, Block chain Technology is something where every transaction or exchange or Give & Take of something is recorded by a Centralized ledger which cannot be altered, restricted, or enter fake entries.
One Bitcoin Value before pandemic as of 1st January, 2020 was $7357.50(Rs. 5,33,466.57) and Bitcoin value During Pandemic as of 1st January, 2021 was $32203.64(Rs. 23,34,973.22) and current value of Bitcoin as of 14th March,2021 is $59638.81 (Rs. 43,24,201.38). The Rate is constantly fluctuating in Lakhs.
If you hold Bitcoin you will have a Public Key and a Private Key. Public Key is something like an email address, you can give to anyone so another person can send Bitcoin. Private Key is like your email password which should not be disclosed to anyone. Also there is no Forgot Password Option, if you lose your Private Key chances are that you have lost your Bitcoin forever.
Advantages of Having Crypto currencies are:
Decentralized: Nobody controls your Crypto currency. You are Independent to do whatever you feel.
No Transaction are Restricted: Means It is available to every one of every Nationality
Secure: It provides an unalterable record of every transaction made on the network
Privacy: This Transaction can be anonymous. Nobody confirms your Identity.
Limited: This is important because you cannot just keep creating Crypto currencies. There exist only 21 million Bitcoins in the World.
More and More Companies including Tesla have now started taking Bitcoins as a payment. But the ultimate outcome is that India is thinking of banning Crypto currency. 2020 recorded more transactions on Bitcoin and Ethereum than PayPal.
Elon Musk says “Bitcoin is Inevitable”
IMF says “Bitcoin can be next step in the evolution of money”
The World Bank says “Bitcoin is changing the way that production & Commerce are organized”
Former US Treasury Secretary says” Bitcoin is here to stay”
The Conclusion says that Bitcoin can be the new generation currency for transacting worldwide. There is a cold war between the US and China for currency to be used world-wide as neutral. Bitcoin is a better solution for having a neutral Decentralized Foreign Transaction. At this time where we need to embrace the Crypto currency the Government is thinking of Banning in India. It’s like banning the Internet in 2000 when it was at its peak. Crypto currency is Future for all the aspects for taking in the higher peak. India is already the World Leader in Business Processing and Outsourcing. Investment through Bitcoin can embrace the whole remote economy.
Crypto currency can be considered as a coming era of transactions.

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