Untraceable- This is one of the biggest drawbacks of Bitcoins, that the transaction is untraceable. This can lead to the money being used for a variety of illicit purposes like terrorism, money laundering etc. Current status of bitcoins in India: The Reserve Bank of India’s advisory on Dec. 24 directed certain Indian bitcoin traders to suspend their operations, even though regulators seeked clarity on digital currencies and ways to regulate them. The RBI is worried about taxation, money laundering
Bitcoin is a new form of currency that was created by an unknown with the alias Satoshi Nakamoto (CNN Money, 2015). It is an online payment system whereby users are able to do transactions directly without involving any intermediaries. Bitcoin is expected to have its own advantages and disadvantages. Among the advantages are bitcoin transactions does not require a third-party involvement (Pagliery, 2014). This means that no intermediaries like banks are required to deal with bitcoin transactions
Does Bitcoin Have Potential as a Currency in Future Markets? Just recently the price of a Bitcoin has risen to over 8000 dollars even though the currency itself was only introduced in 2009. This is an unusually rapid increase in price for a currency with a new concept. The appeal of Bitcoin is to give less power to banks or to have them removed completely and instead to have transactions be reviewed by peers by giving financial compensation. However, the implications of a bank removal could cause
I. Introduction The 21th century is the age of science and engineering. Along with the born and sharp increase of modern technology, we also recognize that people are constantly developing more hack technology against systems. This provide hacker with a bigger opportunity and bigger challenge. Over the days hacking are becoming unstoppable. The effect of hacking computer are numerous, some are trivial while others have caused serious damaged. For this terrible situation to stop and because of computer