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Friday, 6 April 2018

The Bitcoin Effect: it’s Impacts and Challenges on a Larger Context

The Bitcoin Effect: it’s Impacts and Challenges on a Larger Context


In the current world scenario, when most of the Global economies are struggling with their financial issues and Industrial letdowns, Common people are looking forward to some new Investment options with greater returns and less financial barriers. Bitcoin has served exactly for the purpose and while the Cryptocurrency is the most talked about subject in the context, it needs to be carefully regulated and monitored in order to avoid any future glitches.

Bitcoin can help Global Economies on a larger context!

While 76% of total people who have invested in Bitcoins don’t have any knowledge about it, making people aware about its mechanism will be the key in the coming future. So it can be said that in spite of all the facts raised by few people on its feasibility, it’s still got the potential to transform the global financial services industry on a bigger context and raise the standard of living for Millions of people., Bitcoin further eradicate the requirement and role played by banking sector mediators, considerably cutting down the operation costs and could help all the Financially struggling economies around the globe by giving them access to a Fast growing Financial asset without any external interference. This would enable almost one –third of the Underprivileged population of the world which were earlier excluded from the financial world.

There will be Challenges on its way through!

Even when Bitcoin has acted as a boon for almost every economy around the world, its global image has still been dented to some extent by some foul players.  These despicable role players are on a mission to give it a negative reputation and while this rumored reputation often leads to general perception and the same general perception in return becomes a self-projected reality; many more potential beneficiaries who could’ve helped their lives with Bitcoin stay deprived of its Positive impacts.

Moreover, there are governments and financial institutions which are yet to provide it a “Legal Tender “status. All these Governments and institutions are advising to regulate Bitcoin usage across their territory so as it could be brought under Capital tax umbrella. Since this doesn’t seems like a big issue, there are few people or Money laundering agents, who are still adamant to give away and share their end of profits out of Bitcoin. This further makes the government more doubtful about its mechanism and that’s spoils the whole show for a larger number of population.

There are still those “Rumors and Myths”, which few people and the so called financial experts are marketing about Bitcoin. They call it a Scam and kind of Ponzi scheme. Even in the Democratic republic of India, GBminers, a Bitcoin Mining firm running under the supervision of Its CEO and founder Amit Bhardwaj were marketed by few people as scammers or Ponzi scheme agents, the truth was certainly otherwise. Amit was the one who introduced India to this Bitcoin thing. Before that, there was hardly any person here who got any clue about it. So while this is going on through the rumors and fake news all over, People need to get more aware about the truer picture.

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