Keep an eye on Bitcoin, security may also be in danger

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                     Bitcoin Cryptocurrency


 The craze towards bitcoin currency and its steep rise in prices has brought it into the limelight in almost all countries including India.  Actually, bitcoin is an online currency based on cryptography program, which was founded by Satoshi Nakamoto.  The way to create new bitcoins is called bitcoin mining.  It works on blockchain technology.  In this technique, money is transferred directly between buyer and seller, ie this transaction does not require any third party like bank, money transfer etc.  Also, there is no service charge.  In countries where there are more people using the Internet, virtual currency transactions are happening more.  Not being regulated, central banks across the world are worried.

 In India, the Income Tax Department has also started a search operation of virtual currency dealers in major cities in fear of loopholes in regulation and tax evasion.  The biggest problem in terms of bitcoin is its being online, because of this its security becomes a big problem and there is a risk of its being hacked.  The second biggest problem is its control, regulation and management.  Many countries like India have not yet approved it as currency.


 It is clear that if bitcoin is kept out of the management for a long time, then there will be a risk of misuse by criminal elements as well as terrorist groups.  This may threaten the country's economy as well as security.  In fact, bitcoin should be managed exactly as SEBI manages and regulates participatory notes in the capital market.  However, it is also necessary that a self-regulatory board is constituted for this to not increase the burden on SEBI and to make it legal as soon as possible and adopt a process of verification for the transaction.

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