[2017-06-15] ET: Bitcoin, the new hawala

[polynesia]

Bitcoin, the new hawala

http://blogs.economictimes.indiatimes.com/et-commentary/bitcoin-the-new-hawala/

Hawala is a system of transferring money and property in a parallel arrangement avoiding the traditional banking system. It is a simple way of money laundering and is banned in India. But a new hi-tech form of hawala has appeared: the digital currency, bitcoin. As a result of GoI’s demonetisation initiative, today, there is a flood of such digital transactions in the country.

Bitcoins are a kind of cryptocurrency, in the sense of them being conceptual. They are manufactured using software, by solving complex mathematical problems, and cryptology having market values. By solving one such problem nearly 12-and-a-half bitcoins are generated.

The idea of bitcoin emerged in October 2008 from a research paper by someone or someones by the name of Satoshi Nakamoto. The purchase process using bitcoin is so secure that it isn’t possible to hack the system. Only a money transfer can be seen, but nothing can be known about the sender and the recipient. This type of anonymity, with its strong cryptological security, is ensured by those dealing with bitcoins.

[Guvn0r]

Same old story.. I remember in my state, when they introduced "Computers" .. there was a huge protest saying people will lose job, economy will die away.. and the same people (politicians and journalists) are glorifying the same "computars" and now is busy "computarizing" my state..

Sad to see these kind of fear mongering and skepticism..overall negative approach to something new and better..

[BitcoinsNinja]

Not just Bitcoins. There are a lot of coins created to convert black to white and coins dedicated to Hawala money. God save us from Crypto-terrorism.