- 10% Quota for general category
- NITI Aayog proposes all India Judicial Service Examination
- CAG Report on government spending
- Need for Citizenship (Amendment) Bill
- Clause 6 of Assam accord : indepth analysis
- Collegium system for appointment of judges
- Fear of Executive Courts
- Tamilnadu Reservation Policy
Governance & Social Justice
- Bhasha Sangam Program : Celebration of Linguistic Diversity
- Cabinet approves revision in list of scheduled tribes of Arunachal Pradesh
- Does India need a coal commission?
- Concerns in Ayushman Bharat
- Depression at workplaces : A major health issue in India
- How to bridge Gender gap in India : Mckinsey Global Institute Report
- Government plans to rename Indian Forest Service
- IGOT Program for Competent Civil Services
- Indian Medical Council Amendment Bill 2018
- National Commission for Indian Systems of Medicine and Homoeopathy
- Government bats for National Medical Devices Promotion Council
- Parental consent for vaccination
- India Signs Agreement with OECD for PISA 2021
- Kerala’s wall of resistance
- Should an IAS officer use Social Media?
- Social media addiction
- Legal Status for SSC
- Tripal Talaq Bill 2018
- Web Wonder Women Campaign by Ministry of WCD
- West Bengal Leaves Ayushman Bharat : In-depth Analysis
- Why Asian Infrastructure Investment Bank Is Important For India
- What Is The Asia Reassurance Initiative Act
- E-Passport for Indians
- What Is G-77
- Failed Coup In Gabon
- Bagladesh Election
- Powering South Asian Integration
- ISRO’S New Station In Bhutan
- Kenya Replace Pictures Of Leaders on Coins With Animal
- Macedonia Name Change
- Why Norway Is Important For India
- Why India Need Membership Of NSG
- Pakistan Declared A Hindu Temple A Heritage Site
- Raisina Dialogue 2019
- India’s Republic Day Guest
- India To Take Over Sittwe Port Operation In Myanmar
- U.S. Mexico Border
- US Government Shutdown
- US Venezuela Crisis
- What is Angel Investment?
- Byorung Bridge
- India’s Airport Privatization Plan
- Rationalisation of GST Rates
- 1st Advance Estimates of Economic Growth by CSO
- Democracy Index 2018
- E-DRISHTI Software by Ministry of Railways
- What is GAFA tax
- Ganga Expressway to be Built in UP
- Green-Ag Project launched by India with UN FAO
- Issue of Tax Evasion under GST
- Improvements under GST Regime
- ICAT Certification for Automobilies
- What is Indian Bridge management System?
- Draft Information Technology Amendmenet Rules 2018
- Jamrani multipurpose DAM Project
- What is KALIA Scheme?
- MANDAL DAM
- Mega Merger!
- MSP for minor forest produce
- NITI Aayog suggestions on farm Economy
- India’s first vertical-lift Bridge
- Paradip Hyderabad pipeline
- Measures to address issues in Sugar industry
- Capital infusion in PSBs
- Renukaji dam
- PM Modi inaugrates Rice Research Institute
- Section 74 of the insolvency and Bankruptcy Code
- Social & Environmental Cost of Building dams
- Solar feeder Maharashtra model
- RBI Tokenisation
- Sikkim-Universal basic income
- Global Risks Report 2019
Science & Technology
- Why Beech Trees Dying
- Beat Plastic Pollution Resolve by India
- Why USA Is Killings California Sea Lions
- Carbon Tax
- China’s War On Particulate Air Pollution Is Causing More Serve Ozone Pollution
- CITES Washington Convention
- Coastal Regulation Zone
- Melting Ice Sheets And Release Of methane
- National Clean Air Programme Feature &Critical Analysis
- Oceans Are Heating Up 40% Faster Than Previous Estimates
- Revival Of Iran’s Lake Urmia
- India submitted sixth national report to Convention on Biological Diversity
- How Wild Fire Affect crop and vegetation Production
- NITI Aayog’s SDG Index
Spice of the Month
- GS 3 || Science & Technology || Fourth Industrial Revolution || Cryptocurrency
Why in News?
- Value of bitcoin has fallen in recent years. Larger aspects of Crypto currencies are to be envisaged.
Prelude to the Prevalence
- Till January, 2019, one bitcoin values almost $3,400, against $15,189 a year ago, fall of more than 76% in just one year.
- Crypto currency has been falling after one of its best values in 2017.
- The crash is powered more by a long-pending correction and curbs by China.
The Course of This Fall
- There were some hopeful situations till 2017 in the context of Bitcoin and Crypto Currency.
- Investors even termed it the “digital gold” in its fair weather time.
- Block chain, the technology that provides it, has triggered a series of similar innovations and inventions.
- Block chain is an online public ledger system that allows digital information to be distributed but not copied.
- Bitcoin’s prevalence compelled governments to think about it.
- Some of the world’s big banks went a step ahead and introduced their own digital currencies.
- Followed by some duplication – from Ethereum and Litecoin to the Bitcoin Private – which came out in 2018.
- The global financial crisis and public’s loss of trust in traditional currencies and asset classes, helped bitcoin in its demand increased.
- The dip in its value is seen as a signal of doom for the crypto currency.
- Alternative: Bitcoinas an alternative asset like Gold
- No Patrons:Cryptocurrencydoes not have any patrons in the form of a central bank or a government or a financial institution of some repute.
- The existing fiat currencies (those currencies which are backed by the government, e.g. USD, Euro) also have historically gone through many episodes of corrections before they have gained trust.
- Susceptible to third-party manipulations and government tweaks.
- So it would take a long time for bitcoin to gain that level of maturity, confidence and enter the mainstream financial discourse.
- Geopolitics:The emerging formations in geopolitics is another important factor that would help bitcoin and cryptos going ahead.US’s measures such as the tariff hikes on Chinese imports, and China’s counter measures to it
- These are potential enough to create situations in 2019 where both the dollar and the Yuan could face turbulence.
- Perceivably, the next financial meltdown is closer, and there is a currency crash looming in the horizon.
- So it is natural that smart investors with good surplus monies go for alternative forms of assets, and cryptos would be a potential option.
- Bitcoin is form of electronic cash.
- It is a decentralized digital currency without any central bank or administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.
- Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a block chain.
- Invented by an unknown person or group of people using the nameSatoshiNakamoto
- Released as open-source software in 2009.
- Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies,products, and services.
- Research produced by the University of Cambridge estimates that in 2017, there were 9 to 5.8 million unique users using a crypto currencywallet, most of them using bitcoin.
- Cryptocurrency transitions have led to concerns regarding consumer protection, money laundering and financing of criminal activities. Discuss the challenges that exist in regulating crypto currencies.