Article By: Gaurav Kumar
Most of the people do not understand it. Those who do understand, are also confused about how can computers generate money. All of us are really fed up reading news like”Bitcoin fell 20% in a day” or “Bitcoin scales new highs”. Everyday RBI or some central authority warns investors not to invest in bitcoins and how it can be a bubble. People laugh on others who are investing in it and see it as a form of gambling.
Bitcoins are existing from some years now and it came into light when it started scaling new highs. Some articles say that 10$ invested in bitcoins some years back would have become a million now. In deep in our heart and imagination we also want to invest but are really scared because we know nothing about it. Its like a “John snow” kind of situation. Your heart says to remain silent, because you know nothing about it. In past one year only it has given more than 1000% returns. Every week we see warnings and 20% random falls and again it scales a new high. So the question arises is why it is rising if its a bubble and is so risky?
I want people to know about dark web first.
Internet is not about the only websites we see. According to some estimates more than 95% websites can’t be accessed by us. They are not mapped by google or any internet agencies. Google also shows less than 2% of the existing websites. So what about the other 98%?
The other 98% contains different websites which are not mapped or organised by internet agencies. They contain data which we don’t know. They can only be accessed by browsers like “TorBrowser”. Some of the websites include illegal things like child porn, terrorism etc. Many websites provide services like Murder, Kidnaping etc. You can easily hire someone and get illegal things done and remain anonymous. A lot of websites sell cocaine,illegal drugs etc. You can get it delivered to your doorsteps just by ordering it.
Recently we saw reports from Hyderabad where students and IT engineers ordered illegal drugs easily and got it delivered easily on their doorsteps. In the investigation police found that they ordered it on the dark web. It was as easy as ordering a pen drive on Flipkart. So the question arises is why can’t government do anything about it. It is because it is so much complicated that you don’t even know all the websites and servers involved in it. It is not being done from a single country or by some specific people. A single website can be re-routed hundred times before it opens. You can’t just arrest 100-200 people and claim victory. This is very big.
The only problem people on dark web faced was payment. Everyone is scared of paying on it. Most of the times drugs get delivered and some times it don’t. We are scared of paying because we feel our payments can be traced back to us and in result we could lose our jobs and everything. We can be put inside a jail too. This fear is only due to a regulated currency. Currency is issued by a central monetary organisation which can trace the flow in case of digital transaction.
Bitcoin provides an easy way through it. It is not a regulated currency and no government or any central organisation issues it.
All the payment hurdles people faced in selling or buying drugs or paying for a murder is sorted out. It can’t be traced back to you. No government or organisation controls it.
Some people ask how many bitcoins are there? Will it be mined always?
Total number of bitcoins which can be mined are estimated to be around 32 millions out of which almost 27 millions are already mined with 5 million left to be mined. Now comes the basic economic theory of supply and demand. Supply is limited now and the demand will keep on increasing as dark web will remain there. No one can end it. Government had not been able to block torrent websites, forget about dark web being controlled. People will pay through bitcoins in future on dark web. Many big companies like Microsoft has also started accepting payments in bitcoins and thus you can think why it keeps on rising.
I won’t be surprised if it rises to 100000$ per coin.