BITSCOIN : Bitsian’s Crypto Currency !!

Jatin Saxena
Sep 5, 2018 · 4 min read

Have you ever heard of Swiggy, the food delivery app or Redbus, the bus booking app, these are just two of the many bitsian startups that have stormed their way to become sector leaders in the Indian economy.

BITS Pilani, a renowned engineering institute in India has a great startup and entrepreneurship ecosystem. In its past 55 glorious years it has seen a lot of startups grow into big companies. The reason why young entrepreneurs breed here is the innovation driven course structure developed by the institute. Take for example the world’s first email, Hotmail was created by a Bitsian, Sameer Bhatia.

We all hear the word Cryptocurrency nowadays, it has become very common, Bitcoin and Ether are two widely accepted cryptocurrencies all over the world, many people confuse it with digital E-wallets such as paytm, but it’s a lot different than that. It is a currency in itself ! Surely it’s the next big thing in commerce and finance sector and Bitsians know that, so they have developed a one of it’s kind cryptocurrency the BITSCOIN but before it’s ready to flood the campus, Let’s analyse what impact would BITSCOIN have on bits ;


Let’s first look at the pros of having BITSCOIN.

A major problem students face daily is the dependence on cash for making payments in ANC or looters, the ID card system has been scrapped and so every time you go there you need to carry cash. BITSCOIN brings a solution for this, it can settle transactions quickly without any need of cash. So it should get popular in students community which form it’s consumer base, but for the process to be smooth ANC, looters and other redis must readily accept this currency ,this can be done by having a few round of negotiations with them.

Another advantage of BITSCOIN is it’s decentralized nature, this can be put to use in signings for donations or fund-raising events like NSS-Umang or Oasis shirt signings . Currently the SWD plays the central role in these transactions, as they deduct the money from student’s SWD account and pay it to the receiver this causes delay in procurement of funds. With BITSCOIN all this delay can be avoided and money can be easily sent for social welfare and fund raising.

With a good number of coders on campus the Blockchain maintenance is not a problem. For those who don’t know what blockchain is, it is actually a virtual ledger maintained by coders called Miners who use algorithms to verify transactions which they then encrypt in a form of block and attach to the chain of such blocks. A block once put in the blockchain cannot be edited again thereby preventing any chance of double payments or fraud. All the enthusiastic coders of our campus can work as Miners and improve there coding skills at the same time they can regulate the whole process thereby making it smooth and errorless in return they may get a few BITSCOINS.


Now looking at some of the cons of BITSCOIN,

One of the biggest problem with it is that it is unauthorized and there is no control of BITS Pilani or any other regulatory body. This can lead to trust issues in between the seller and buyer , also due to the Volatile nature of cryptocurrencies some legal enforcement and guarantee is required, the absence of which may lead to chaos and loss of interest among people.

A school of thought believes that such kind of cryptocurrencies are used for purchasing illegal things and criminal activities, they think so because of the fact that the information of seller or buyer remains hidden throughout the process. It is true that some people in the real world do this and thus it remains as a big challenge for cryptocurrency developers all around the globe.

Coming towards the end of my analysis, BITSCOIN has a lot of benefits which come along with challenges and issues, I believe that it is a risky venture but being BITS Pilani we must go forward and make this a reality.

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