Finally, we get to hear the News that paytm is now accepting bitcoin! Well! There is a wave of excitement among bitcoin lovers.
Though paytm currently doesn't do bitcoins. Since it is still illegal in India. But there is a green flag from paytm to accept it. If the Government of India legalises it and removes ban from it. Then paytm will do it. It's just waiting for the law of this land to change.
We all know the genius creation of time,”paytm”, especially as digitization mode for India. The birth of paytm happened around 2010 August in Delhi inside the creative mind of “Vijay Sharma”. Paytm from then has been making its way from online recharge till bank transaction and much more!
Paytm even excelled to the point of giving its users to buy gold as less as 1 rupee. Hence paytm is now trying its luck with bitcoins!
But why was bitcoin banned to begin with?
So here goes the story of bitcoins in India- Around in 2018, RBI decided to ban cryptocurrency because of its downsides but in march 2020, this decision was reconsidered on grounds that it breaks the freedom of trade according to our constitution.
And that which goes against the constitution, definitely needs to change.
Even now, according to the bill in question related to crypto-currency only crypto-currency issued by the state is to be accepted and private dealings.are prohibited.
But aren't bitcoins really cool? Why do they need to get banned?
Well! Bitcoins are very cool but every cool thing comes with some downsides.
Bitcoins are speedier and require zero to no cost for transactions. And I am not talking about normal transactions but cross border transactions without any normal banking medium.
And this is truly wonderful. It is much better at securing your data than normal banking operations. Bitcoin is just not a cryptocurrency but a good to excellent investing option as well. Many people have reportedly got unparalleled returns out of their investment in bitcoins. Eventually leading to deflation- a situation where the shopping price of a product decreases. In short, you can buy more things with the same amount of money tomorrow as to all that you bought today!
Bitcoin users have much better control over their private information.The way things are in bitcoins, any user’s private information remains concealed.
Thanks to private keys that bitcoins use and the bitcoins wallet is good at concealing the information.
Bitcoins give you security even against normal banking operations like bankruptcy. Where the bank fails to give money to its users, as it fails in its investments. Such things will happen less and less with Bitcoins.We all know the great recession followed by the “lehman brothers” incident in 2008.
But the problem is that Great power comes with the package of great responsibility! Bitcoins give us freedom. But there are people in this world, who can use good things for bad! Let’s take an example,nuclear power can change the world forever. But what was this massive energy initially used for? To bomb cities!
The same things why bitcoins are cool, makes it bad as well! I mean just imagine transactions that take place over human and organ trafficking and terrorist fundings. Bitcoins are making the work easier for them as well!
How long do you think that blackmoney of India won't be converted to crypto currency when it gets legalised. The other thing, like it can bring great returns, it can bring great losses too! It's an easy game for rich people, if they lose little. But for a common person, it can mean death. Crypto-currency also propagates gambling attitudes. Since it looks much easier to access, immature adolescents may get trapped who are still learning ways of life.
Well! Whose side am I on? I am on the “progress” side. There must be ways we need to find out where cryptocurrency can’t be used for illegal purposes. Maybe, we will soon find ways to make using cryptocurrency easier only for people with a growth mindset! Not easier for terrorist or life threatening causes! Not for those white collar politicians who think it's okay to keep some-one else’s money accumulated to live life and arrange for their next 100 generations.
Bingo! Let’s hope for it! Let’s hope for Progressive Bitcoins!