Satoshi Nakamoto is more known as a mystery man in the Bitcoin world. It was this man who brought Bitcoin a reality in the web world. It is known as the P2P system working in a decentralized fashion having no rules to back this coin. Then came the year 2010 and the month of May, wherein we saw an IT professional from Florida buy two expensive pizzas paying 10K of BTCs from a popular food joint in the said city. At that time, the rate he got was around 0.1 cents for each BTC. Imaging the amount today that is around 617 M USD. If we talk about Bitcoin in India, there seemed too much hue and cry around the coin. However, the SC of India instructed the central bank – RBI, to consider it and put the idea of banning the currency on hold. However, later, the government had planned to bring in a bill that could ban the coin. Nothing of that sort has come since the Indian government led by Modi seemed to have other plans.
Ban or Relax the Coin
When we talk about banning the coin, you need to check certain situations. One of these includes imagining the coin as an open-source software program. It comes into the world without much buzz around. Now, if you think that the value one stores in the coin remain under the open-source program is growing from zero to one B USD and then become 100 B USD and finally one T USD, then what comes the next. With this condition, one can find it becoming more valuable and priceless than the one when we compare with several handfuls of people and campaigns coming in its way to emerge as a much larger kind of national financial hub.
Once you find these things happening, you can get the idea of how one can feel its nature coming along with the new software program. One can find too many more open minds that are seen asking too many questions. Also, one may find too many more BTC coins are becoming the significant inventions of the 21st century and adding Satoshi Nakamoto. Ironically, one can find that too many more vocal reactions come with less curiosity and some amount of character rather than facing the dismal position and getting some vague accusations. Also, many more critics now called BTC be Ponzi scheme many more times. One can even find the critics coming along with the government planning to ban the same. However, if it has the potential to fail, there is no point in banning the coin.
Why Banning is a Bad Idea?
The fact is that Bitcoin is now seen thriving a lot. The coin users adopt it faster and act as an essential economic empowerment scheme. It continues to grow in recent times. Also, one can see too much value becoming stable and making it more predictable when supplying the money. One can find too many people in a go, and one can even find 21 M of BTCs in the row. The coin has two big applications in the current market. In developed countries, it is regarded as a store of value, while in unstable economic conditions based on nations, it is regarded as a digital gold thesis. The latter nations include Venezuela, and it offers a good amount of currency. Also, many more countries plan to adopt Bitcoin as the legal tender.
However, if you look beyond these applications, we can find BTC a vital and aspiring venture. It helps break the monopoly the commoner’s and central banks hurl. It breaks down the monetary systems and regimes in a big way. Once you find the internet emerging in the market, one can believe it can become a fad that would make it work. The essential thing that one can witness on the web comes with decentralization. The web first came into the world with the advent of digital decimalization. This way, finding things working in the right direction makes BTC a big revolution.
