Skip to main content

Cryptocurrency – Good or Evil?


By now many of you are much familiar with the cryptocurrencies. For starters, Cryptocurrencies are digital currencies (Wikipedia Article), built based on the blockchain  (strong encryption) and used for transactions. Since 2009, bitcoins are widely used in several transactions. How legal are the cryptocurrencies? Are they being used for good purposes? In one of my previous blogs, we have discussed how money can do good or evil (Is Money Good or Evil?)

Few countries strictly ban the usage of Cryptocurrency and US impose a capital gain tax for the cryptocurrency. In the United States, the crypto exchanges (traders) are supposed to report the transactions to the IRS. Currently, the value of bitcoin is ~$8000. See the above Graph for the trend (in US Dollars).

                Anything new takes time for everyone to get used to it and the authorities to impose controls. The same applies to the cryptocurrencies. Currently, the controls are not strict, it is hard for the authorities to control and many countries are not concerned about bitcoins, most of the transactions (cryptocurrency to money) happen in those countries.

                So, apart from the new admirers (investors), who use the cryptocurrency? Mostly all of the darknet transactions occur in cryptocurrencies. Not only that, but these are also used in ransomware and data breach demands. A friend of mine who owns a small law firm; years ago, three of their computers got locked by ransomware, and they ended up paying bitcoins worth of ~$10,000 to retrieve their data. They even reached out to law enforcement at that time, but due to the complexity (the demand was to pay by bitcoin through darknet; which is not traceable). This is just an example; in real life, this is how the cryptocurrencies are used!

                Think about it, when you use a credit card or mobile payments, you are not carrying the currency, it is digital. Also, those encryptions are secure as well. Then, what is the difference? The banking architecture controls the regular digital money, whereas the cryptocurrency is not. So, it is easy for people who conduct illegal activities to monetize without getting caught. What do you think?


x
Labels:
Location: Somerset, Franklin Township, NJ 08873, USA

Comments

  1. AnonymousOctober 10, 2019 at 1:03 AM

    Excellent article! We are linking to this great post on our site.
    Keep up the good writing.

    ReplyDelete
  2. AnayaMarch 24, 2021 at 1:09 PM

    Hello I am so delighted I located your blog, I really located you by mistake, while I was watching on google for something else, Anyways I am here now and could just like to say thank for a tremendous post and a all round entertaining website. Please do keep up the great work. Best crypto exchanges

    ReplyDelete

Post a Comment

Popular posts from this blog

Do we Time Travel???

     At times, we all do time travel in our imagination. Most of us dream about the future, sometimes about the painful past and fewer times about the good times in our past!! Apart from our future and past, do we time travel to a different time period??? Yes, we do! Have you ever thought about the triggering factors in such time travelling??      From my experience, the masterpieces of human art are one of the most powerful factors that can make us time travel. For example, James Cameron took us to a different world through his masterpiece "Avatar" (2009 Film). The masterpiece sculptures have the same power as well!      Nature also has the power to make us time travel! In one of my previous blogs, I penned down my time travelling (pausing) experience through this conversational blog !      The third and most crucial factor is our imagination . Even though imagination plays a vital role in the above two scenarios; those were triggered imaginations and were
12 comments
Read more

Am I traveling???

I'm in a bus and on my way to Delaware. There are different kind of people who travel along with me. I can see happiness in some faces, tiredness in few faces and some don't have any kind of expression looks like they are in balanced state. My neighbor is in deep sleep. I started starring outside. Everywhere it's green and green:) my heart starts saying HELLO to the trees which passes by. There is a tree in the middle, it's the tallest among all the trees. But but... It is dying.. All the leaves are faded.. Yes, it's in her last days. My heart stopped there and started talking to this tree. This tree lives here for few centuries. My heart tries to read her thoughts. It seems to be in a very balanced state. My heart starts asking several questions. Anton : Hey you looks so amazing. You are the tallest one among your friends! Tree : Ha ha ha! Anton : Excuse me! Why are you laughing? Tree. : I know the truth. I only have few hours or few days! Anton :
6 comments
Read more

What came first EGG or HEN???

Two men were arguing about a flag flapping in the wind. "It's the wind that is really moving," stated the first one. "No, it is the flag that is moving," contended the second. A Zen master, who happened to be walking by, overheard the debate and interrupted them. "Neither the flag nor the wind is moving," he said, "It is MIND that moves." From Anton: Even if you get a definite answer.. Lets say the Egg came first. Or The wind started first. What is the point??? What do you understand? or What do you gain? Think, there are so many mysteries in the nature. And you are part of nature.. Realize yourself!
5 comments
Read more