Bitcoin Mania

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Bitcoin as you all know was designed by Satoshi Nakamoto in wake of 2008 economic crisis is a new type of money that works very differently to conventional money.No person,company or any organisation is in control of Bitcoin.It is a decentralized digital currency that is powered by network of computers.

For example when you own a Bitcoin,only you have access to your funds.You will send,receive or store it using a digital wallet app.

Bitcoin can be used as regular money.Transactions are sent and received directly between one person and another.

Types of Bitcoin 

Currently there are two types of Bitcoin:Bitcoin Cash and Bitcoin.When you use bitcoin cash,these transactions cost only micro fees.These transactions are cheaper and faster than international banks. 

Bitcoin can be accepted by business 

If you are a business owner you can accept payment from your customers in Bitcoins.By doing this you can have various benefits like fraudulent chargebacks are not possible.You can accept both bitcoin and bitcoin cash.Either way to be able to accept bitcoin as a business,you need two tools.First is to secure a digital wallet where you will receive payments.Secondly to secure Bitcoin payment gateway or point of sale app.This is available for both Android and iOS devices.

Bitcoin can be exchanged for other currencies 

Bitcoin can be exchanged for traditional currencies and digital currencies.One of the easiest ways to do this is cryptocurrency exchange.You can use trading platform like Local.Bitcoin.com.

Verification of transactions 

The computers powering the bitcoin network continually process and verify the transactions.These transactions are recorded on a global digital ledger called the blockchain.Each time a new list of transactions is added to the blockchain every previous Bitcoin transaction is repeatedly acknowledged by the network. This is known as confirmations and the greater the number of confirmations a transaction has,the more secure it becomes. You can check how many times a transaction has been made by searching for the transaction ID in any block explorer. 

Not fully anonymous 

Bitcoin transactions are not fully anonymous. Since you don't need to share your identity to download a digital wallet,it is more private than a bank account. However bitcoin is not a privacy coin,the blockchain is public to everyone.

Privacy 

To keep your Bitcoin transactions more private use a different address for every payments.Alternatively when sending and receiving bitcoin cash,you can use an automated tool like CashShuffle to help to enhance your privacy.This is currently available in the Electron cash desktop wallet and is being added to other Bitcoin cash wallet overtime.You are sole incharge of your account as no other bank or financial intermediary has access to your wallet app.

Crypto Mania

Despite the “ban” on investing in cryptocurrencies, Bitcoin has now fully penetrated Pakistan. We all have friends, family and relatives who have invested in crypto assets.Binance, a crypto exchange, is now the fourth most downloaded app in Pakistan.

As a result, relatively unknown wallets and shady platforms are flooding social media sites. Pakistani social media influencers on TikTok and Twitter, with millions of followers, are advising retail investors on how and where to invest in the crypto space.

The ban by the State Bank of Pakistan (SBP) now has little relevance and no credibility. It has even become redundant as the Khyber Pakhtunkhwa government has announced plans to build cryptocurrency mining farms.

China's Cracking Down on Mining

Recent developments on Friday after China doubled its efforts to prevent financial risks by cracking down on mining and trading of the world's largest and popular cryptocurrency.China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.Bitcoin last traded down 8% at $37,520, after holding the $40,000-level for most of the Asian and London sessions.Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has fallen about 42%.Liu is the most senior Chinese official to publicly order a crackdown on bitcoin.This is the first time the government has explicitly targeted crypto mining.China's latest campaign against crypto came after the U.S. Treasury Department called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability.

It is high time for Pakistan to formulate a regulatory framework for this asset class. The “ostrich strategy” of ignoring the emergence of crypto assets is no longer viable.There are more than $2 trillion of assets in the crypto economy. Coinbase is the largest listed company with close to a $50 billion market cap.  

In a nutshell Bitcoin has seen many ups and downs in the last ten years.This time it will again touch the highs and over come its fall.

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