Before I discuss the answer of this highly significant question, I want to briefly describe what Is Bitcoin and block chain because they both are inter related. Bitcoin is basically digital currency. The category of Bitcoin which is increasing rapidly is Cryptocurrency. It is actually developed by a software programmer naming Satoshi Nakamato. Bitcoins are used for buying and selling transactions on digital basis.
Block Chain is the account book of Bitcoins. Whatever transactions are made electronically with Bitcoins, are recorded in the Block chain automatically. All the data gets transferred automatically in blocks in chronological order or liner order. The blocks keep on adding as the new transaction takes place.
Now coming to the primary part of the article, Is Bitcoin really artificial intelligence currency? The simple answer to this is YES. Because it is assured that in future robots are going to make use of Bitcoins. The Robots will take over the enterprises’ operations. It is even predicted that in the future, robots are going to own property, assets and do trade with Bitcoins. Let’s see what Jeff Garzik says about this:
“There’s actually a lot of precedence for that,” says Jeff Garzik, Bitcoin developer and CEO of Bloq, enterprise block chain developer with emphasis on networks like Bitcoin. “It’s been assumed as inevitable that robots will exist and they will own property.”
He clearly mentions it that it’s surely going to happen in the near future. Even he firmly believes that Robots are going to be counted as legal persons. He has this problem with the corporate sector that they enjoy person identity. Even he believes that with Robotic system there will be more security in dealing the financial transactions.
Robots will employ people; they will do the financial transaction using Bitcoins and Cryptocurrency. The amusing part here is that it’s actually happening in Wall Street. The U.S brokerage and banking company has already kept Robots as advisory agents and even it has substituted the financial analysis team with Robots. This is the reason that Jeff Garzik firmly believes in the Robotic system where Bitcoins and Cryptocurrencies will be used for making financial transactions electronically.
So, now you may have got the answer of this question? Isn’t it? When Robots are going to replace humans, own property and assets, and trade with Bitcoins so how it’s possible to be human intelligence? It is definitely Artificial Intelligence currency. But yes its difficult for people to accept this so electronic system which is growing rapidly.
2016 didn’t seem to be good for various customers, countries and currencies but, Bitcoin trading showed up a good improvement over three years with high amount of $1020 per Bitcoin. With Bitcoin, Ethereum, Litecoin and Ripple are getting highly famous in North American Countries.
The amusing part here is that, BBC pointed out; however, Bitcoins biggest boost came from China, which experienced a 7 percent decrease in the value of its national currency. Experts suspect that nationals are using crypto alternatives to circumvent government rules that prevent money from leaving the country.
But as you know, as we all know that everything that everything has its pros and cons. I discussed above the Pros of Bitcoin Currency. Now I will discuss few of the cons of Bitcoin digital currency system.
It is believed that with Bitcoin virtual currency system, the U.S society is going to be affected massively. Not only the society but also it will leave its negative impact on political movements. With this electronic digital system, the people are going to be independent in conducting their financial transactions. They will no longer be dependent on banks and other financial institutions. You can clearly see now how it will impact the prevailing system. Obviously the banks have certain rules and regulations for financial things, but when people will be conducting all of this electronically so there is a possibility that people misuse it for fraud purposes.
The Government will no longer have control on people regarding fiscal things. Thus it will be taking Government’s power and control over such things which is definitely not good for the country. But only here Bitcoins virtual currency system saves the government as it decreases the inflation else the government will be dead with the increasing inflation rates.
In India, the investors claim that people do misuse of Bitcoins. India is seriously concerned over the global digital currency system. It has a very valid point, that this system has no registration and no authorization. Any of the leading financial entities of the World has approved this system so how they can use it, although some of the population is using Bitcoin digital currency.
To your surprise, The U.S intelligence agencies are constantly keeping an eye on Bitcoin digital currency system. Many of the U.S experts are unable to understand that how it is possible that Bitcoin can sabotage their long U.S financial systems that have been developed over the years. They are totally not agreeing the on the involvement of Bitcoin in their long established system.
Virtual Currencies pose a challenge. It runs contrary to the fundamentals of transparency and accountability that have been built over the last three decades to tackle terrorism, human trafficking, money-laundering and many other types of criminal activity (Juan Zarate, senior adviser at the Center for Strategic and International Studies).
The U.S intelligence agencies are constantly keeping an eye on the Bitcoin users’ computers. The FBI has the permit to make use of warrants for countless Bitcoin users’ computer around the world. The reason behind doing this is that with Bitcoin cryptocurrency the people hide their assets and do not pay taxes of those assets. The ISR is totally against the Bitcoin digital currency system as it believes that fraudsters will use this abstract currency for terrorism and attacks from which they have been taking measures to protect the country from such attacks. It has also a primary concern that the foes will misuse the digital currency and make efforts to turn it into a powerful currency hence taking the power of their leading banks.
Indeed the Bitcoin Currency is an Artificial Intelligence currency but it has its own pros and cons which I have clearly described. Let’s see in the future, which currency holds power, paper currency or digital based electronic currency.