The most famous existing cryptocurrency worldwide is bitcoin, and undoubtedly the market cap is different from the others. The creator behind Bitcoin identified the idea of digital cryptocurrency. He was unequivocal with his thoughts and wanted to have a digital cryptocurrency and with no physical existence. Because of the decentralized system, Bitcoin enjoys both advantages and drawbacks. However, in evaluating the cons and pros, Bitcoin leads the chart with many benefits.
Bitcoin has both legal and illegal tender status in a few countries. However, the actual condition of Bitcoin in the most prominent Asian country, i.e. India. It has neither legal status nor illegal. As per the government rule, regulation on cryptocurrency is not required. Due to no foundation, the circulation of Bitcoin in India is quite flexible. However, sometimes giving ample freedom to anything can result in scams and involvement in fraudulent activities.
A few weeks passed, the same thing occurred when a person with a considerable amount invested in a cryptocurrency for trading. He was about to lose his entire savings, but the Bitcoin Auto-Trading App system did not share his finances document due to the peer-to-peer network and blockchain technology. Let us read more about the scam story that took place.
What Is It All About?
Many months ago, an ordinary man from India asked his Prime Minister and Chief Minister multiple queries related to cryptocurrency. According to him, hacking the account of a person or money laundering is not a local crime but an international crime. He was more concerned about the cryptocurrency exchange and the hacking. In his thoughts, he mentioned that he was shocked when he heard that a software developer hacks 70 million dollars near 500 crores in Indian Rupees.
Yes, you heard it right. The hacker was intelligent and educated about the technology, due to which it was easier for him to hack the device. The above man question was how to exchange transactions without being exploited by such people.
Is Bitcoin Hacking Possible in 2021?
On the other side, Bitcoin is difficult to hack because for hacking an account or exchange, you need to understand the system. In contrast, Bitcoin works on blockchain technology, and a professional hacker can never hack the decentralized exchange. Furthermore, many cryptocurrency exchanges have added additional security features to extend the protection and not allow a breach of financial documents due to so many scams stories.
However, in the case of Bitcoin 2021, there is no opportunity for a hacker to even think of hacking the account. It is because neither the hacker can reach the Bitcoin wallet nor can he trace the transaction of a person.
Is It A Point Of Concern To Have A Decentralized System By Bitcoin?
Technically, heist can occur if the decentralized system, but Bitcoin does not face such issues. Individuals who succeeded in hacking the exchange were all because of the errors. Undoubtedly, due to the decentralization, money laundering can occur because the government is not responsible for keeping the record of the transactions. Still, the blockchain technology and the public ledger in Bitcoin are public, and the individual can check the Bitcoin transaction anytime.
Is India Planning To Ban Bitcoin?
Bitcoin is the golden opportunity for India to consider in making a profit. Recently India has drafted a bill where the declaration to Ban of Bitcoin and other cryptocurrencies is circulated. However, RBI, the capital Bank of India, does not allow the bill to go to Parliament for solid reasons. Nevertheless, the higher authorities are involved in making good decisions related to Bitcoin and cryptocurrency. In an open table conference, the future of India with Bitcoin is discussed.
In a nutshell, no regulation will be imposed on Bitcoin by India. However, they might be a situation where the higher authorities may think of connecting the banks with cryptocurrency to have some legal power in their hand. These are all assumptions, and anything related to Bitcoin will be decided by the higher authorities and non by the government because people sitting in the Reserve Bank of India are the ones who have knowledge related to finance and cryptocurrency.
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