The advent of technology has shaped and metamorphosed fundamentals of the practices of trading and commerce. From the time of bartering when two enterprises with corresponding needs made an equitable exchange, the face of thriving corporations and businesses is now, not always identifiable. Privacy has become another lucrative facet of modern transactions. Individuals and groups alike with vested interests have benefited from the cloak of anonymity provided with the existence of crypto currency, a digital creation that has enabled traceless currencies making a mark in the real world like the Bitcoin price.
First, decentralizing control gives any currency especially a digital one, freedom from scrutiny, regulation and approval from a regulatory body/ institution as is the case with most tangible currencies. While this may result in a sigh of relief, questions directed to the currency’s reliability and validity in such a scenario are equally pertinent and what infrastructure takes the place of the conventional regulatory body to maintain transparency and looming all the same.Bitcoin volunteers, now referred to as Bitcoin miners’ have responded, attributing this to its nature, as it is a crypto currency, none of the users have names but are identified by account numbers, and the authority to verify and validate lies with all users by putting out a notifying announcement.
Meaning the control and onus to validate receipt and sale of bitcoins, lies with these individual users. Secondly book keeping is another frontier of concern, wherein we need to address the role of blockchains in both safety and smooth record generation and archival of transactions. While numbers instead of names may help in anonymity of accounts, how does that stop fraud. Mathematical signatures act as a fail-safe tethered to each individual account which prevent the user from making a public announcement with all the transaction details for scrutiny in the case of it not matching. In conclusion math behindthe elusiveBitcoinprice needs to be investigated and its internal algorithms evaluated more extensively.