[2017-05-24] BS: Responsible bitcoin regulation is the need of the hour

Wannacry attack: Responsible bitcoin regulation is the need of the hour

http://www.business-standard.com/article/economy-policy/wannacry-attack-responsible-bitcoin-regulation-is-the-need-of-the-hour-117052400213_1.html

Digital cryptocurrencies (the most popular being bitcoin) and blockchain has become a worldwide phenomenon in the last couple of years. To put in in simple terms, bitcoin is a de-centralised digital-only currency whose value is not anchored by any central bank or apex authority. Instead, the value of bitcoin is purely dependant on the market value of supply and demand. Created by a (still anonymous) internet personality ‘Satoshi Nakomoto’, bitcoin allows you to easily and anonymously transfer funds to any person around the world by means of a digital address (called a bitcoin wallet) by paying nominal or negligible fees. Bitcoin are ‘mined’ by computers around the world which solve cryptographic problems to generate ‘blocks’ of bitcoin.