CONGRESS ALLEGES BJP TO HAVE BITCOIN MORE THAN 5000 CRORES (1)

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Congress alleges BJP to have Bitcoin more
then 5000 Crores

• Political Rife between two parties is not a new
  story, and when it comes to our nation, then the
  fight between the ruling and opposition party is
  a typical scenario. They try to bring forth
  weaknesses of each other. Well, the times have
  changed and so have the kind of allegations.
  Earlier we heard about cases of fraud where
  millions and millions of money effortless, and
  now we have things going digital. Recently,
  Congress party has alleged 5000 Bitcoin scam in
  Gujarat.

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Another Blockspot on Cryptocurrency

• We know that the world is slowly moving towards
  an era of digital financial revolution. Whereas
  on the one hand, the researches and tech experts
  are suggesting that the shift towards digital
  currency like Bitcoin and Blockchain will lay the
  foundation of the future development at the same
  time we have seen cases where people are making
  use of this currency and platform to do the
  unlawful act. This incident is not the first time
  when cryptocurrency has been used for some
  illegal activities, there have been many cases
  where Bitcoin was used to to do illicit
  activities.

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What is Bitcoin and what makes its so vulnerable?

• Bitcoin is the digital currency or cryptocurrency
  which makes the rise of the financial revolution.
  It allows peer-to-peer transactions. All the
  cryptocurrency transactions are done on the
  blockchain platform. One of the critical features
  of this platform is that it will enable the
  transaction to be free from any control.
  Moreover, it lacks regulation and excludes
  third-party interference. Thus, we can say that
  Bitcoin enabled by Blockchain creates a platform
  for regulation free transactions.

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This has given rise to a series of the
disadvantage
Of bitcoin, here are a few worth consideration

• Scams and Frauds-Its an unhidden fact that
  Bitcoin has seen more scams and frauds. The scams
  have been ranging from Ponzi schemes like Bitcoin
  Savings and Trust to breaches that led to the
  downfall of Sheep Marketplace and Mt. Gox
• Black Market Activity Bitcoin is a popular
  currency when it comes to dark web and black
  market activities. Owing to its ease of usage and
  control free exchange makes it a popular choice
  of grey marketplaces like Silk Road. The series
  of use of Bitcoin for nefarious activities
  blemishes the Bitcoin reputation.

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Susceptible to high price volatility

• Bitcoin is very easy to exchange, It ease of
  liquidity poses a threat as well. It is
  vulnerable to wild price swings. For example, The
  Mt. Goz collapse led to the fall in Bitcoin
  currency by 50.
• There are other disadvantages of Bitcoin like the
  pseudo anonymity of the users, lack of control
  and restrictions and most important that it can
  be traded globally. Another disadvantage of
  Bitcoin is that mining of the cryptocurrency
  consumes the amount of energy thus making it a
  non-environmental friendly currency. All these
  series of disadvantages has given rise to
  improvise the use of the currency and to
  establish regulations which can help in
  controlling the currency exchange.

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Conclusion

• As far as the Indian perspective is concerned,
  the finance minister has declared that Bitcoin
  and other cryptocurrencies exchange is illegal.
  But this recent case of 5000 crore scam using
  Bitcoin has led to a series of accusations
  regarding the use of this currency for money
  laundering and use of Bitcoin for converting
  black money to white. Well, we havent heard much
  about it, but this recent incident has made us
  ponder over the use and applicability of
  cryptocurrency, whether it will aid the global
  trade or will add another feather in the hat of
  corruption.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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