Rise of Digital Money

Digital currency is a balance or a record stored in a distributed database on the Internet, in an electronic computer database, within digital files or within a stored-value card.

The Rise of Digital Money analyses how technology companies are stepping up the competition to large banks and credit card companies.
Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like a euro a the dollar.
Although there are many separate types of digital currency, the underlying mechanics behind them all are essentially the same. That said, once you wrap your head around the basics, you should have a decent idea of how each digital currency operates. Because technology serves a purpose. And most people don’t care how their smartphone or the internet works, as long as they can benefit from what it does for them.

Cryptocurrency enables people to become part in the global economy and nobody, no border, bank or political power can deny them the right to save, send and receive money worldwide whenever they desire to.

Palak Thakur

TWITTER ACCOUNTS GOT HACKED : BITCOIN SCAM

On Wednesday, 15th July 2020 around 4:00 PM dozens of prominent personalities’ twitter account in America was hacked including – Joseph R. Biden Jr., ex-president Barak Obama ,Kanye West, Bill Gates and Elon Musk 

Not only this but also the same message was posted on twitter “send bitcoin and famous people will send back double your money.” Initially, the hacker attacked the prominent cryptocurrency leaders and many  companies but as soon as list came up the hackers main target were people from Hollywood industries, politics  and other famous personalities.

For prevention, twitter has deleted the bitcoin message from many accounts but after deleting the message is still been posted again and again through this practice hacker and is symbolizing Twitter as powerless and in no control of their app. For a few hours, Twitter has shut down some of their services due to which verified users will not be able to tweet.

Twitter posted a tweet saying “you will unable to tweet or reset the password while we review and address the incident.” They also informed the users that at 8:30 PM they will able to use all the services of Twitter.

Twitter’s spokesman also acknowledged “We’re looking into what other malicious activity they may have conducted or information they have accessed.” Moreover, he also added “we’ve taken significant steps to limit access to internal system and tools while we are investigation is ongoing” 

The chief executive of Twitter – Joe Biden on Wednesday night posted on twitter “tough day for us at Twitter. We all feel terrible this happened. We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happen.” 

One of the culprit behind this hacking is speculated to be North Korea as they have been shown to possess documents of using Bitcoin in their past history, but according to some this might be acchildish reason for doing so. Also, according to American Intelligence Agency this work is  likely to be of an individual hacker rather than a state. The hacker did not attack on the account of most powerful user ‘President Donald Trump’ and after this incident his account is under special security.

Mr. Stamos said “It could have been much worse. We got lucky that this is what they decide to do with the power” 

According to Mr Stamos, the hacker/hackers have committed some mistake as they sent the same message from every account which makes it easy for them to detect and delete. Also, as they ask money through bitcoin this shows that they are unwilling to use the accounts of prominent personality for the big scam. 

Well, at last, it is very disappointing as Twitter is one of the most used social media platforms and still they do not have proper security which may cause a problem in the future.

                                                      By: Anjali Sharma 

CRYPTOCURRENCY, A PROMISING FUTURE OR JUST A FAD?

Crypto currency is something that everyone wants to talk about but very few have the idea about how it works.

Since human civilization has emerged, the currency has been a very crucial part of their lives. In the caveman era, they used to exchange their things which are famously termed as “barter system”. Suppose, Ram has seven mangoes and his friend has seven apples but Ram needs seven apples. What can Ram do now? He can exchange his goods with his friend via the barter system. But there were various flaws in barter system like lack of a common measure of value (seven apples may not have the same value as seven mangoes), lack of double coincidence of wants, unable to divide into smaller units etc.

After realizing that the barter system did not work very well, and thus currency went through a few recurrences in 110 BC; later “Currency” was coined officially. Thousands of 250 AD gold plated Florence was introduced which was only used in limited countries. From 1680-1980, the paper currency gained significant popularity and was used across the world. This is how modern currency came into existence.

Modern currency included paper currency, coins and credit cards and digital wallets like Amazon Pay, PhonePe and so on.

WHAT IS CRYPTO CURRENCY?

It is a new form of digital resource or virtual currency based on a network that is distributed across a huge number of devices.

The word “crypto currency” is derived from the encryption technique which is used to secure the end to end networks.

All the digital wallets (PhonePe, PayPal, Paytm etc.) are controlled by banks and governments. This means it is regulated by authorities and it may increase some hazards like a technical issue at the bank while transferring money, limited transaction and so on. This is why the future with currency lies with crypto currency. There are more than 1600 crypto currencies are available. Bitcoin, Litecoin, Ethereum, Z-cash are some popular ones.

PERKS OF CRYPTO CURRENCY:

  • Self-governed and well organized.
  • Payment can be processed within a few minutes.
  • Authentication of users’ identity.
  • Removes all the problems of modern banking.
  • The unlimited fund can be transferred.
  • Cost-effective mode of transaction.
  • Decentralized and secure.

CRYPTO CURRENCY VS BITCOIN:

Bitcoin is also a digital currency that utilizes crypto currency and it is regulated by decentralized authority unlike government-issued currency whereas the crypto currency uses encryption technique which acts as an intermediate for the different financial transactions all over the world.

DRAWBACKS OF CRYPTO CURRENCY:

  • There is no restriction to illegal transactions.
  •  More prone to hacks.
  • Limited crypto currencies can be traded only in one or a few fiat currencies.

CRYPTOCURRENCY AND TODAY’S WOLRD:

The whole world is distinctly divided when it makes headway to crypto currency. On one side, there are supporters like Bill Gates, Richard Branson who believe that crypto currencies are better than regular. And on another side, people like Warren Buffet, Paul Krugman who are absolutely against the crypto currency. They both are Nobel Prize winners in Economics and they think it is a fraudulent investing scam and means for criminal activities.

It can be assumed that in the future there is going to be a conflict between regulation and anonymity as crypto currencies ensure that its users are kept anonymous. Despite having some disputes, the use of crypto currencies in the merchant’s navy is increasing, which carries a positive vibe.

By the year 2030, crypto currency would captivate 25% of national currencies which is a notable chunk of the globe and that would be a remarkable step in economical evolution.

                                                                       Saswati Chattopadhyay