Bitcoin Extortion Case India, Nalin Kotadiya Arrested


Introduction

The financial domain across the world was plagued by a number of problems. People from different corners of the world were unable to transfer money from one place to another in a cheaper and faster way. Also, there was a high risk of privacy breach as well as losses of data and funds, as there was a centralized authority involved in the transfer. As there wasn’t any form of instant conversion mechanism due to the lack of global currency, the banks or any other money transfer agencies took, from days to weeks to reflect the respective amount in the accounts. In a nutshell, the money transfer process was very cumbersome and expensive, but with the invention of Bitcoin as a globalized cryptocurrency, almost 90% of the problems were resolved.

Bitcoin – The king of cryptocurrencies

People were introduced to cryptocurrencies with the inception of Bitcoin in the year 2009. Developed by Satoshi Nakamoto, the king of cryptocurrency is the most dominant and successful cryptocurrency since 2009 until today’s day, for a number of reasons. Bitcoin is one of the most secure forms of Blockchain, as it has the highest amount of hash power when compared to other cryptocurrencies. Due to the high amount of hash power, the 51% network attack due to centralization is very difficult to achieve. Therefore, Bitcoin would remain as the king of cryptocurrencies even further.

High demand for Bitcoin

The availability of a number of Bitcoins is far lesser than the number of people across the world incorporating it. And this trend will always continue, as the total circulating supply for Bitcoins is 21 million coins, and almost billions of people across the world use Bitcoin when it is not fully mined also. According to experts, it is estimated that a huge fraction of Bitcoins would be lost forever, as many users would forget their wallet passwords or lose their Crypto funds in some of the other kind of scams. As Bitcoin is the most popular, it is also a set standard used by most of the industries across the world.

Bitcoin is not a currency, it is a brand

Bitcoin as a brand is the most powerful view. Take a moment to recall how you were introduced to the cryptocurrencies, it is no wonder that it was through Bitcoin. Each and every individual has heard about Bitcoin from one or the other sources, this marks a brand recognition of Bitcoin. It is similar to Xerox for photocopy,  

Band-Aid for an adhesive bandage, Coca-Cola for soft drinks, and Bitcoin for cryptocurrencies. People inherently and subconsciously long for things that are associated with a particular brand or recognition.

Ethereum – The queen of cryptocurrencies

Ethereum with its smart contract as-well as decentralized nature has proven to be one of the most successful cryptocurrencies after Bitcoin and also is popularly known as Queen of Cryptocurrencies. It’s an amazing capability that it provides to the developers, for the usage of the Ethereum platform, in order to initiate their own cryptocurrency coin is highly appreciable as well as widely used. It is self-evident from the facts and figures, that there exist more than hundreds of cryptocurrency coins based on the Ethereum’s ERC20 protocol. All such cryptocurrency coins, run on the Ethereum Blockchain and utilizes its network, therefore, the usage of Ether also is very high.

Fundings behind Ethereum project

The Ethereum community and the network are supported by many major industry organizations such as JP Morgan and Chase, Microsoft, Accenture, Toyota, etc. It is also estimated, by the cryptocurrency professionals, that almost 90% of the cryptocurrency users are highly optimistic about Ethereum, but the percentage reduces to 49% when it came to the king of cryptos. The reports also predict that the Queen of cryptocurrencies: Ethereum might surpass Bitcoin, in the near future due to its capabilities.

Further achievements

The facility provided by the Ethereum network to the developers to develop personalized cryptocurrencies has led the usage of the ERC20 Protocol in all the ICOs these days. Most of the ICOs make use of the Ethereum based tokens as it is easy to get along with the current trend, rather than going against the crowd. Ethereum is one of the best investment options at this point in time.

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