Bitcoin concept is quite engaging, but the future is unpredictable- Krishna Iyer
Pune January 6th, 2018: Bitcoin has always been a topic of discussion which people find it difficult to understand. Krishna Iyer Co-founderSIBIA Analytics and consulting Services Pvt. Ltd, Co-founder iServe Financial Pvt. Ltd simplified the concept at his best. To educate citizens on Bitcoin a seminar was organized by Seed Infotech under the initiative ‘SEED Jnana Yajna’ on Saturday. This initiative is conducted on 1st Saturday of each month.
On this 30th edition of this informative series Iyer enlightened the attendees on the topic ‘Demystifying Bitcoin, Blockchain and Cryptocurrencies’. Iyersaid‘the principle behind theBitcoin is, nobody has the right to govern it. Bitcoin is not a coin or commodity; rather it is a digital cryptocurrency’.
2008 was the time of Global Financial Crisis (GFC), In the same year,a white paper in english was published online by Satoshi Nakamoto and whointroducedBitcoin to the world. It is a new system developed with knowledge and technology.
There are 3 levels of the transactions which comprises of ‘Miners’, ‘Buyers’ and ‘Sellers’ of Bitcoin. Miners write all the transaction in a format called as Blockchain. And against that they get a pre-decided number of Bitcoins. The entire process works via a pre-determined software. Its advancement depends on 3 factors. First, is the Progress of Computer Science, Second, is Cryptography Progress, Third, Game Theory. Presently the cost of one bitcoin is $1600.
Blockchain has never been hacked but it is wrong to say it can never be hacked further. The individual transactions done in Bitcoins are saved in wallets. These wallets have been hacked previously. This is the reason Bitcoin has a poor image.
Some companies like Microsoft accept Bitcoin for transaction also, few countries like Estonia have shown acceptance to the digital currency, Iyer added.”The government’s response to Bitcoin is denying at first. Eventually they may accept it and later they can try to govern it. But the concept of Bitcoin is indeed fascinating,” he said.
