We can fly to Mars but cannot decide on Bitcoins yet!

First of all Congratulations to ISRO For this enormous breakthrough. We love to brag about the achievements ISRO & other innovative organizations in our country makes to our international friends in the crypto community. But we wish someday the whole Indian crypto community could bag about some positive step by our government and regulators towards crypto & blockchain!   

 

Since 1960 NASA has been on the mission to land or orbit the Red planet Mars. The first successful mission was on 28th November 1964 by the NASA US operator mission Flyboy. Since then they have had a variety of successes and failures up until now. The latest mission was on 5th May 2018 by spacecraft. InSight and MarCo that landed on Mars on the 28th of November this year. This is the 8th time NASA has successfully landed an aircraft on Mars.  

 

Elon Musk technology entrepreneur and engineer and leader of SpaceX (Space Exploration Technologies) is eagerly and passionately on the mission to colonize Mars and build a city there. They plan to send their first cargo in 2022 to confirm water resources and their second mission in 2024 will contain both cargo and crew. These will serve as a base from where SpaceX will start building. All of this will be possible only through a space vehicle being built called the Big Falcon Rocket or BFR.  

 

SpaceX has been smart and sharp by reducing the cost of launching into orbit by building a reusable launch system. It’s amazing how much technological advancement has been made and here in India cryptocurrency cannot be regulated on such a small scale as compared to sending cargo and people into Mars. SpaceX was able to cross so many leaps and bounds and become so successful because of collaborating with NASA. By putting their brains together SpaceX which works like a startup and unlike NASA that has huge budgets and overspend on missions they were able to bring the cost of Falcon Heavy launched on 6th February 2018 cost to $90-150 million dollars. The empty boosters are reused by being recycled after landing on Earth or floating barges. Also instead of many different engines with different horsepower ratings being used, only one is used, the Merlin. This was all possible because the US government has no rule that a private space company cannot explore space and find ways to reduce the cost of launches. Our country is ignorant of this fact. As said by Winston Churchill, “If you have ten thousand regulations you destroy all respect for the law". 

 

India’s Mars Orbiter Mission (MOM) launched in November 2013 became the first country to reach Mars on its first attempt. MOM also knew as Mangalyaan (Mars-Craft) started its journey on 5th November 2013 and has been orbiting Mars since 24th September 2014. This was a huge achievement for the country and it did not even cost a crazy amount of money. This was successful at a mere $74 million while the InSight and MarCo mission cost more than $800 million. 

While India is so ahead of times in aspects of going to another planet there are some things she is not able to compete with in the global sector. Bitcoin which made its appearance in 2009 is a cryptocurrency unrelated to any government and created through mining. A number of countries have legalized Bitcoin but India has not gotten on board as of yet. Prime Minister Narendra Modi said in a speech that if one wants to increase their venture capital by ten percent from investors to tell them that you run a platform but “if you really want the investor to empty their pockets tell them that you are using blockchain.” 

 

Asia has accepted Bitcoin in many countries including Uzbekistan, Hong Kong, Japan, South Korea, Malaysia, and Singapore. Almost the whole of Central Europe has legalized Bitcoin and Germany announced in 2013 that it was a “unit of account.” Other countries include Ireland, France, The Netherlands, and the United Kingdom. The United States as well as Canada has taken a positive acceptance to Bitcoin and many prominent businesses have welcomed Bitcoin with open arms. 

 

The reason is clear as to why Bitcoin is so popular and has so many users. There a number of advantages to it.  

 

Anonymity- Each Bitcoin transaction made by a user is anonymous and cannot be traced back to him. 

 

No Third-party Interruptions- One of the main reasons as to why Bitcoin is so welcomed is because no government or bank can interrupt and transactions. It is peer-to-peer and accounts cannot be frozen.  

 

Purchases Are Not Taxed- Since there are no third parties, no sales taxes are added on any purchases.  

 

Very Low Transaction Fees- Transaction costs are kept at a bare minimum due to no intermediary institutions.  

 

No Paperwork- No ID proof of any kind is needed for transactions.  

 

Lower Fraud Risks for Buyers- No financial information like credit or debit card details need to be given by a buyer to a seller. They can enjoy financial anonymity. 

 

These are just some of the advantages of the famous cryptocurrency Bitcoin. The question is when will India understand that by accepting this it will grow in both the economic and technological field. With technology booming in all ways possible India should try to start recognizing the possibilities of using Bitcoin before flying off to other planets.