Cryptocurrency: Bitcoin getting fame in Online trade
Syed Muhammad Yaseen
What is Cryptocurrency?
Cryptocurrency: Bitcoin getting fame in Online trade is a digital currency totally decentralized without a central bank or a single administration. Bitcoin is honoured to be first the ever crypto currency launched by Satoshi Nakamoto in 2009. Till now there are almost 6,000 types of cryptocurrencies.
Bitcoin, ruling over Webmarts
Since its birth bitcoin has been ruling over webmarts in trade. The cryptocurrency is not owned by a specific government, organization or administration rather maintained by blockchain or peer to peer connection. Trade in cryptocurrencies is tax free and removes all the barriers that is faced by people while dealing in dollars.
Right now one bitcoin is equal to 63783.10 US dollars and 11206690.67 Pakistani rupees. On 20 Oct 2021, one Bitcoin was equal to 66,974 US $ highest till now. Like a centralized currency adopted by country the Bitcoin is also divided into lower and higher units i.e, milli Bitcoin, Santoshi etc.
Cryptocurrency Vs Gov’t’s Economy
Usage of Cryptocurrencies in trade has put various economists and digital experts in thoughts as people continue to buy and sell things tax free on internet without the involvement of a country’s adopted currency.
Though Cryptocurrency: Bitcoin getting fame in Online trade relief to traders on internet but the owner is not guaranteed about protection of his digital coins as cyber experts can steal his amount.
Moreover, use of digital currencies by public can devalue the centralized currency of a country and is banned in most of the countries. Still many Gov’ts want to vanish these digital currencies for the sake of the country’s currency.
Despite no safety guarantee and chances of loosing all the amount people from India, Vietnam and Iran continue to trade globally through cryptocurrency. Recently Waqar Zaka, a celebrity, introduced concept of cryptocurrency in Pakistan and is trying to legalise use of Bitcoin in the country.
LUMS to launch academic programme in cryptocurrency
A week ago Lahore University of Management Sciences (LUMS) allocated Rs 670 Million for designing Pakistan’s first-ever academic programme for blockchain. This programme will enable faculty and students to research in distributed ledger technology (LDT), cryptocurrencies and blockchain.
China Bans Cryptocurrency
China, one of the largest cryptocurrency market, recently put a ban on the use of digital currencies as the country fears of losing authority and control over its people. Day by day the horizons of Info and Bio technology are expanding and like paper currencies many things are being replaced by the newly invented gadgets.
