by admin | May 25, 2021 | Business Ideas, Employment, Entrepreneurship, Startup Basics
“India can be the next Bitcoin/Crypto currency mining hub of the world”
By Maeeshat.in,
Mumbai: Pune based Dalit Indian Chamber of Commerce and Industry (DICCI) and Chicago based Indian American Dr. Tausif Malik promoted MAHAbfic.com (Maharashtra – Blockchain, Fintech, ICO, Crypto currency) join hands to provide self employment opportunities through Bitcoin Mining Training Program (BMTP). This is an idea program to empower the rural population especially the youth from the farming community to earn income from their hometown or villages, this would create new economic development in these areas.
Dalit Indian Chamber of Commerce and Industry (DICCI) was established in 2005 by Shri Milind Kamble to bring together all Dalit entrepreneurs under one umbrella, to offer a one-stop Resource Center for existing and aspiring Dalit entrepreneurs & promote entrepreneurship among Dalits as a solution to their socio-economic problems.
MAHAbfic.com (Maharashtra – Blockchain, Fintech, ICO, Crypto currency) 3 day Conference, Networking & Hackathon to be held from August 3rd, 4th and 5th August to promote the State of Maharashtra as an Ideal destination due to the following 1.) Great international connectivity, 2.) Proximity of airport from the main city, 3.) Real estate opportunities, 4.) Availability of human resources & talent standard of living, 5.) Quality of life, 6.) Mumbai financial capital & entertainment capital, 7.) Pune – Oxford of the eEast & Detroit of the East 8.) Pune – India 1st tech capital of India ”.
Shri Milind Kamble, Founder & Chairman, DICCI said that “The new Blockchain technology is the future of technology development and taking world by storm and Bitcoin/Crypto currency mining is a must for Blockchain platform to operate. Hence, we felt the need to offer Bitcoin/Crypto currency mining training program (BMTP) to our youth on a nationwide scale for self employment.”
Kamble, further said that “ Partnering with Dr Tausif Malik and his new initiative MAHAbfic.com as it offers an opportunity for DICCI members to benefit from the new emerging Blockchain, Fintech, ICO, Crypto currency industry.”
Dr Tausif Malik said that “ Its an honor to partner with DICCI to jointly offer Bitcoin/Crypto currency mining training program to our youth on a nationwide scale for self employment.”
According to recent research reports by leading media such as Quartz and Bloomberg – Bitcoin mining is dominated by China but India offers great opportunity due the demographic makeup.
The Bitcoin Mining business can be established from your comfort of your home and this uniqueness can help the youth to establish their business in the villages & cities they don’t need to migrate to metropolitan cities. The income generated can create sustainable economic development in their villages & cities, it’s social impact would be that it will keep families together.
A random research was conducted amongst the youth regarding the program, many from the rural area said that it would increase their incomes, supplement their their farming families incomes and reduce loan burdens. They said reducing loan burden would reduce suicides amongst farmers.
The nationwide Bitcoin/Crypto currency mining training program (BMTP) will span over 30 cities (Pune, Mumbai, Junnar, Aurangabad, Latur, Nasik, Nagpur, Osmanabad, Hyderabad, Vijaywada, Bengaluru, Chennai, Pondicherry, Cochin, Kolkata, Bhubaneswar, Jamshedpur, Bodh Gaya, Patna, Lucknow, Delhi, Jaipur, Varanasi, Bhopal, Indore, Raipur, Ranchi, Guwahati, Jammu & Chandigarh) and empower the youth for self employment. The program contents will educate the students about Blockchain technology, Bitcoin/Crypto currency mining, entrepreneurship, startups and business establishment. The first training program will be held in the month of May in Pune.
“India can be the next Bitcoin/Crypto currency mining hub of the world” concludes Dr Tausif Malik.
by admin | May 25, 2021 | Opinions
By Amit Kapoor,
It is impossible to make sense of the Bitcoin-mania that has been making waves of late.
In just a span of one year, the crypto-currency has doubled four times. The price of one Bitcoin in early January was $1,000 (almost Rs 64,000). It rose to $2,000 by May. In August, it breached $4,000. By late November, it was $8,000 and, two weeks later, it had crossed $16,000. Nothing short of a bubble can explain such an astronomical run. In fact, most recently, the market valuation of Bitcoin in South Korean markets briefly surpassed that of JP Morgan, the world’s largest bank.
The Bitcoin bubble is quite reminiscent of the myriad bubbles in global economic history beginning with the infamous Tulipmania of the 1600s. The tulip bulb bubble occurred in Holland during early 1600s when competing for the rarest tulip bulbs became a status symbol and speculation eventually drove its price to the extremes. At its peak, the price of tulip bulbs rose as much as 1,100 percent in a month. All of this came to an abrupt end in 1637 when prices dropped to an extent that bulbs began trading at a fraction of what they once had, miring many in financial ruin. All bubbles end in a similar fashion. Only the extent differs.
Olivier Blanchard and Mark Watson, in their 1982 paper “Bubbles, Rational Expectations and Financial Markets”, explain why assets like gold, just like Bitcoins, are prone to evolve into bubbles. First, gold acts as a hedge against inflation. This, however, is not true in the case of Bitcoins. The second reason that Blanchard and Watson give for a regular gold frenzy is that people base their choices on whether or not to hold an asset based on past returns rather than market fundamentals. Therefore, investors who witness a rise in asset prices believe that they can hold on to it themselves as long as it appreciates and get out of the market before the market crashes.
The latter reason holds true in the case of Bitcoins, which are largely being driven by such speculation. Even though the Blockchain technology behind the currency is revolutionary and could very well be the Next-Big-Thing, it does not explain the astronomical 16-fold rise that it has displayed this year. It would make sense if this trend were occurring in light of a broader loss in confidence in fiat money. But this is clearly not the case in the current global economic scenario, which finally seems to be picking up.
It can also be argued that since central banks have been practicing easy monetary policy since the crisis to revive economic activity, asset prices have displayed an upward trend. Therefore, in a market where stocks, bonds and other such assets are overvalued, Bitcoin is not an exception. Its rise can be merely a hedge against oncoming interest rate hikes. But, that does not explain why the rise in gold prices has not been similar. In fact, the rise in gold prices has been lower than that in stocks.
There is an additional aspect of the Bitcoin that might explain its widespread appeal: the anonymity involved in its transactions. Bitcoin transactions can be made securely without revealing one’s identity, which makes it easy to bypass the government eye altogether. If true, the rise of Bitcoins could point to a disturbing trend of breakdown of global institutions. The Bitcoin craze can be seen in conjunction with a spate of shocking election outcomes that have been witnessed globally which reflect a larger loss in confidence in institutions that have guided growth.
However, in such a case, the longevity of the currency will be dependent on the government’s appetite to allow such transactions. It is hard to imagine governments allowing large-scale anonymous transactions that evade any taxation and enable criminal activity. China has already banned the currency. On the other hand, Japan has made it legal tender in an attempt to become the global centre of fintech. The jury is still out on what course governments across the globe will take. American economist and chess Grandmasster Kenneth Rogoff put it best recently when he said: “The long history of currency tells us that what the private sector innovates, the state eventually regulates and appropriates.”
Either when the speculative run ends or governments decide to regulate, the Bitcoin dream run is bound to come to an end. It is best to steer clear of the dreaded eventuality.
(Dr. Amit KAPOOR is chair, Institute for Competitiveness, India. The views expressed are personal. He can be contacted at amit.kapoor@competitiveness.in. Chirag Yadav, senior researcher, Institute for Competitiveness, India has contributed to the article)
—IANS
