From Bitcoin to Bitecoin

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From Bitcoin to Bitecoin – Journey of the First Ever Virtual Currency

ForexMinute.com – Albert Einstein once said, “We cannot solve our problems with the same thinking we used to create them.” We can indeed guarantee the moralistic contribution of this quote to our lives, but can we ever accept it as a universal truth? The debate is about one innovation, and different mindsets that judges it on different scales.

Innovation might be nuclear technology, which can be used to generate fear as well as electricity, or it might be a simple gun, which can kill as well as protect. But the question in the end is, were these innovations were considered to be problems when we created them, or did we simply turn them into one, with our unforgivable inputs of ravenousness and greed?

I now would like to shift your mind to a rather meeker creation, known as cryptocurrency. In times of impromptu recessions and inflation, a pseudonymous developer dubbed as Satoshi Nakamoto developed a currency called Bitcoin to introduce an idea to eliminate middlemen from our day-to-day money transactions. The aim here was very simple, your money is yours and no one can take a slack of it from you. That was 2009 – the year of innovation and good intentions.

Initially, Bitcoin was just a phenomenon of good and healthy business transactions. Given a certain belief, the currency got a following. In the interim, it was marketed by emerging businesses and mere speculation increased its value, from $25 to a whopping $1000, within the span of five years.

Cut to the present, 2014! We now see the same currency getting drilled from every corner. Its villainous traits are getting revealed by 1 million satirical tweets, finance blogs and Facebook posts. Countries are accepting it, regulating it, banning it, all at the same time. It is being hacked, it is being misused for money laundering, and it is being doing everything that can complement the synonyms of the word ‘illegal’.

Bitcoin’s value has dropped 40% within the mere span of a month or more. One of Its exchanges has lost millions of dollars’ worth investments to a cyber-attack. And its investors can be currently found outside the same Bitcoin exchange, wearing a sign-board around their neck, which says “Where is our money?”

Where is investors’ money, and none the least, where is the innovation in all this? It is like people invested their hard-earned money in thin-air, wondering to multiply it and later realized that the thin-air has been stolen, from right under their nose. Hard to breathe isn’t it?

If you ask me, I call it “murder of innovation, executed by greed”. The well-intentioned Bitcoin is now a Bitecoin – a money making machine for half a year, and a money eating bug for the rest.

What still can be done… in an ideal world?

The time is to again bring the innumerable advantages of Bitcoins to light, as it has been kept in the dark for an extensive period. These currencies can be of valuable assets in times of inflation, depressions and likewise events. The idea is to keep it away from greed and corruption, which our existing finance system has been indulged heavily into. Know that there are only a few financial regulatory authorities that decide the future of the markets, and steal your jobs and homes in the name of recession.

Bitcoin, on the other hand, turns out to be an alternative which is not dependent on corrupted authorities. It is independent and democratic as you. But we must look for a change which is based on the foundation of sympathy and goodwill. In an ideal world….

To contact the reporter of the story: Deepak Tiwari at deepak@forexminute.com