The more I think about Satoshi, the more I love them. And the news of Tesla’s $1.5 billion bitcoin investment that has reportedly made more profits than their annual car sales is strongly exhorting to all investors [including me]. The trillion-dollar industry has shown fortune that not even the biggest tech-giants achieved decades back. At the same time, how can we bypass the big headline of the Indian government banning crypto? Clearly, the only reason behind the plan to ban crypto is to ensure the authority of the government. The government would not have jurisdiction over crypto-transactions between two entities. But, do you think banning crypto can ever solve the problem for any country? It would rather lead to the social, economic, and political pulverization of the country. Clearly, countries don’t ban bitcoin, they are banning themselves from the network and eventually from the development. Technological Innovations with Crypto JPMorgan Chase & Co. recently tested the potential of the blockchain network that could even power the payment transactions between Earth-orbiting satellites, conveying the message that decentralized technology is not limited to mere crypto-transactions. We all know about the revolution blockchain technology has brought. Increased efficiency, high transparency, utmost security, improved traceability, etc. are some of its prime advantages. The greatly evolved decentralized system is making high revenue every year. The report by CoinMarketCap states that DeFi protocols have reported monthly high revenues. The data records a 14.4% increase compared with January’s revenue of $149.9 million, resulting in $171.5 million in DeFi revenue. The decentralizing capability that the crypto industry holds will be an opportunity for the nations to tune with the latest technology. Taking advantage of the technology is the need of time, lest the nation will become incongruent with international growth prospects. How Common Is Crypto? “Trust is what moves economic transactions, and it’s what moves the relationship between the citizens and their government,” said Jordi Puigneró, Minister of Digital Policies and Public Administration of Catalonia. According to him, blockchain technology provides an opportunity to establish self-sovereignty. Moreover, digital identity is important for people to handle better data privacy. Undeniably, cryptocurrency has now become the most popular and cheaper solution to send money across the board. Here is the data showing the percentage of the population who used or owned the digital assets. Elon Musk, Bill Gates, Brian Armstrong, and JPMorgan & Chase are some big names of the industry that are influencing people to invest. The continuous investment made by tech-giants like Grayscale, MicroStrategy, Square, etc. is influencing investors to turn towards the crypto-space. Indian government should strive towards the adoption of open-source software in e-governance systems. Since blockchain technology is not only open source but open state and open execution, it becomes different from centralized platforms like Twitter, Instagram, etc. The adoption of open-source software lets users view data on the blockchain and helps establish transparent order of data. In terms of security and trust issues, blockchain technology accounts for all answers. To succeed in hacking the blockchain, one needs to alter 51% of copies on the chain. Since the Blockchain network is vast enough, the cost of pulling off such a feat would be exorbitant. Also, practically it won’t be possible for the hacker to control 51% of the computing power in the blockchain network. India has always stood for basic human values such as free speech, equality, freedom of expression, and assimilation of human rights. Although, India is yet to qualify as a major economic powerhouse, but has immense potential for digital transformation, which is surely going to pay the nation back. Attract Crypto = Attract Investors The recent news of MicroStrategy buying in the biggest dip has made another big news in the crypto-community. CEO Micheal Saylor announcing the purchase of 19,453 BTCs proved their trust in the digital assets. Another news that came in just another 24 hours is about the purchase of 3,318 BTCs by Square. Making the total purchase of $50 million BTCs. Similarly, the total Bitcoin purchased by Grayscale counts to 90,531. Apart from the crypto-whales, even small investors have thousands of dollars invested in crypto-assets. One can analyze the trust investors have in crypto by checking the market capitalization, which is over $1 trillion. Moreover, it is just the beginning of 2021! These resourceful, connected, and internationally influential people have supported cryptocurrency for many years and have dedicated themselves to the crypto space for quite a long time. A cryptographically proven finance system will raise foreign investments, which will ensure more economic development in the country. Attracting crypto-capital will attract foreign investors and encourage the development of decentralized protocols for investors worldwide. If India backs this digital technology, the blueprints of economic growth will set an example worldwide, either as services that others can look forward to or a system … Continued
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