Mridul Kabra is a blogger, marketing strategist, SEO specialist and digital marketing trainer from Jaipur. Currently, he is pursuing his graduation at NIT, Jaipur in the field of Architecture. He started with blogging and marketing in an MLM where he learned the basic of SEO, marketing, and advertising. He constantly keeps trying new methods and approach to generating better numbers and opportunity for online enterprises and blogs. And recently, he became a TEDx Speaker at a TEDx event which was held at MMU, Sadopur.
During his TEDx Talk at Sadopur Ambala, the topic of Cryptocurrency and Bitcoin was explained by Mridul Kabra, the Digital marketing head at The Nine Hertz which offered insights about cryptocurrency, bitcoins and the future of digital money. He discussed a lot of things from how money has evolved over the past, the bitcoin protocol, how the concept of Cryptocurrency stands out from the conventional currency and about the digitalization of money.
At first, he started with very basic subject Barter System which seems quite familiar to us and how gold and silver, the medium of exchange lead to the rise of a modern banking system and why we need currency system. After that, he told us about how remittance industries are currently doing a yearly transaction over the 450 billion dollars only to the developing countries only for trust. For solving this problem of trust, or paying any money to the third parties, bank and Government, the concept of Cryptocurrency came and how it has affected the industry and future of money.
He explained, the first cryptocurrency i.e. Bitcoin was invented by Satoshi Nakamoto in 2008, which tells about a protocol related to cryptography for the creation of new type of currency, a digital currency which is known as bitcoin today. It is basically a peer to peer electronic cash system which allows you to perform direct peer to peer transfer of money without the interference of any third party. It solves many issues and it is fast and reliable as well. He also added how does bitcoin work? Why are these bitcoins so secure? The amazing thing is that the highlighted technology behind bitcoin is blockchain. A block chain is a system of a digital ledger that is financial record it is used to keep records of transaction chronologically. Thus a chain of blocks which store all the financial activity which is being conducted all over the world is called Blok chain. This blockchain is growing at a continuous pace with the list of records or popularly known as blocks.
Link to the YouTube video of the TEDx talk: TEDx talk on Bitcoin
As the transaction takes place peer to peer network it excludes the third party involvement or a financial institution and minimizes the fraudulent activities. Bitcoin is the most secured technology because, in order to hack a block in the blockchain, you would need to not only hack that block but entire blockchain which is not possible because it is more than 100 times of the power of the Google. Over 300,000 companies worldwide are accepting the Bitcoin as a mode of payment including Microsoft, which has built trust and increased its demand more than ever especially in remittance industries.
There are other cryptocurrencies being created with the blockchain that is Ethereum, Ripples, and more. He explained, Ethereum was developed by Mr. Buterin and it can be used to solve many major purposes and run the program code of any distributed applications. It is not only a currency but it also has projects which make Government accountable.
Cryptocurrencies are on edge of the development and with bitcoin getting more popular with every day. It can be used for the transaction all over the world. One question that everyone had in mind was “does it have a future?” then Mridul addressed well, he said, “Bitcoin has already died 157 times and 158th won’t make a difference.”