crypto currency should be banned
Author: Bharat Jhunjhunwala
It is important to know what is crypto currency. Suppose 100 computer experts are sitting in a hall in different cubicles and they are solving a sudoko puzzle. Whoever solved this puzzle first, his solution was seen by everyone and approved that yes, this solution is correct, then he was given one bitcoin. Everyone then gave their own suggestions for the next stage of Suduko. A computer combined these suggestions and gave a new sudoko puzzle to the same 100 people. Again, the one who solved the sudoko first was again checked by people and if found correct, he was given another bitcoin. Keep in mind, this bitcoin is just a ‘number’, which is generated by a computer. Whoever has that ‘number’ is the owner of that bitcoin. This number is the check book itself.
no government control
That bitcoin is recognized among the same 100 people who have participated in solving that sudoko and approved its solution. If another 100 computer players are sitting in another hall and they are creating their own crypto currency, they are not required to recognize the sudoko solved by the players in the first hall. If you want, sit 100 computer players in a room and make one your own crypto currency. In this way there are at least 1500 different cryptocurrencies in circulation in the world today. Their recognition depends only on who accepts the puzzle that has been solved. The more people who accept the solution to that puzzle, the more this currency is worth.
The basic idea behind the introduction of crypto currency was to get rid of the trouble that investors face due to the government having the price of the notes issued by the governments in the hands of the governments. You earned one lakh rupees by hard work, but if the government increased the inflation, then the value of that one lakh rupees came down to 80 thousand. People created crypto currency to keep their wealth out of the control of the government. It is not controlled by any government or central bank. But the computers in which crypto currency is made, those computers are in some place, which falls in some country. Therefore we cannot consider crypto currency completely outside the interference of the government. Currently the favorite country of crypto players is China. Suppose the Chinese government confiscated their computers, then there will definitely be a crisis on that currency.
Over time, the complexity of the sudoko puzzles created has also increased. Today there are factories to make bitcoins. These factories have huge computers that try to solve the most complex sudoko puzzles. A huge amount of electricity is being consumed by these computers in solving these puzzles. Just like paper and ink are used by the Reserve Bank to print notes, electricity is used to make crypto currency. Therefore crypto currency is harmful to the environment. Secondly, electricity is consumed only in solving the puzzles, from which nothing physical or tangible is being produced. Yes, it can be said that just as you enjoy watching movies, crypto players enjoy solving puzzles. But this pleasure is being achieved by destroying the environment. The second problem is that as mentioned above, most of the crypto currency groups are currently based in China. The Chinese government can confiscate them if they want, and in that case the bitcoins created by them will be touched in a moment. Not only this, suppose the computer crashed and the number kept in it was destroyed, then now the owner will not have that number available, then he will incur a loss. The owner’s capital was lost even when that bitcoin hid in the hard disks of computers. There have also been instances where hackers got into your computer and took out the number and they themselves became its owner.
means of ransom
Another serious problem is that nowadays criminals demand ransom in crypto currency. Suppose a criminal hacked a company’s computer and put malware in it. Like in the past, the computer of an American oil company was hacked. Criminals are demanding ransom for such crimes in crypto currency, which no government can control. There is no record of which computer the crypto currency came from and which way it went. If the criminal demanded a ransom in dollars or money, the police or the government could find him. It is not difficult to find out where and how those notes are being played. In such a situation, the police can reach the criminal, catch him. This is not possible in crypto currency. That’s why major crimes are increasing globally, one of the reasons for this is crypto currency.
In this situation, the government should completely ban crypto currency. It is harmful to the environment, fuels crimes, its recognition is uncertain and it is transitory.
Disclaimer: The views expressed above are those of the author.
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