From dentistry to sex trade, entrepreneurs catch Bitcoin bug!

Agencies
December 26, 2017

New Delhi, Dec 26: It is not only investors who have caught the Bitcoin bug lured by a crazy surge in prices, but also many Indians who are seeing a business potential in cryptocurrencies and rushing to set up companies to cash in on this craze.

At least a dozen companies, including some in past few weeks, have been registered in various parts of the country with 'Bitcoin' as part of their names while many more such applications are pending before the Registrars of Companies.

The numbers are even higher for the companies with the word 'crypto' in their names, while several others have sought to become more innovative by adding various prefixes to the word 'coin', including those proposing Indian versions like 'IndiCoin' and 'BharatCoin'. There is also a 'SwachhCoin'!

The mad rush -- of entrepreneurs and investors -- seems to be continuing despite repeated regulatory warnings about Bitcoins and their various alternatives operating in a totally unregulated domain and the possible money laundering and terror financing risks associated with such cryptocurrencies.

Various regulators and enforcement agencies are already actively looking into this Bitcoin craze and searches were conducted recently by tax authorities at several places where they are believed to have collected details about lakhs of 'investors' who could be trading on 'Bitcoin exchanges'.

There are concerns that many operators might be running 'e-ponzi' schemes or illicit money-pooling pyramid activities in the name of virtual currencies. Some bogus ones have already been unearthed and are facing police action.

As the regulators and the government departments continue with their probes, which officials at these agencies also described as their efforts to 'understand' this new phenomenon, the entrepreneurs seem to be undeterred by any risk factors and expect good business to come by and they are from various parts of the country -- from Ghaziabad to Kanpur to Darjeeling to Jaipur to Delhi to Ahmedabad to Mumbai.

The RoC filings made by such companies show diverse business activities they propose to undertake -- One has listed 'retail trade/repair of personal and household goods', another claims to be in financial intermediary business, while one also claims to promote 'investigative journalism'.

There are also those offering 'crypto coins' exclusively for dentistry across the world with the promise of removing middlemen-type costs and easier insurance claims! Then, there are also those proposing 'sex coins' for discreet payments for adult entertainment and in sex trade.

A number of new entities have been set up under the LLP (Limited Liability Partnership) model while many others are being set up as privately-held companies. Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and 'articles of association' to include 'Bitcoin' or other cryptocurrencies to join the bandwagon.

There are several entities operating only in the digital world by setting up websites or 'online exchanges' while others have gone in for registering their companies or LLPs.

As per the RoC data, the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bit Coin Infotech.

There are others like Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, CryptoCoin Solutions and CryptoMudra Digital Services. Further business details of these entities could be ascertained, as most of them have been set up recently, but have been meeting necessary compliances.

While Bitcoin was created as a cryptocurrency in 2009, by an unidentified person using the alias Satoshi Nakamoto, its popularity has grown manifold in recent months with its per unit price soaring to close to USD 20,000 (over Rs 10 lakh) earlier this month. However, the price has been swinging wildly and last week itself, it fell by almost half to about USD 10,000, only to again rebound to the near USD 15,000 level.

It was launched with a promise of lower transaction fees than traditional payment methods with a decentralised authority unlike the government-issued currencies in various countries. At present, Bitcoins command a market cap of over USD 240 billion while more than 16 million units are said to be in circulation. The maximum supply is pegged at 21 million.

It is the anonymity of Bitcoins, minted through complex computer algorithms, that has made them so famous, but has also increased the risks. These are stored in digital wallets, in the cloud or on the user's computers.

The popularity of Bitcoin has given rise to several other such cryptocurrencies globally even as several entities and exchanges have gone bust with huge losses for many. No such currency has yet got legal tender status from any central bank or government in the world, but is still being accepted, mostly for online trades and even for ordering pizza.

These 'coins' are minted and traded with the use of blockchain technology, which uses cryptography for security of exchanges and providing a decentralised 'digital ledger' of transactions for all on the network to see.

Blockchain is a distributed ledger technology algorithm for managing digital cash without any central administrator and users remain unaware about each other. One blockchain network typically has thousands of nodes and a transaction is verified only after a majority of nodes reach consensus.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 17,2020

New Delhi, Jan 17: E-commerce major Amazon on Friday said it plans to create one million new jobs in India over the next five years through investments in technology, infrastructure and its logistics network.

These jobs are in addition to the seven lakh jobs Amazon's investments have enabled over the last six years in the country.

"Amazon plans to create one million new jobs in India by 2025," the company said in a statement, adding that the jobs - created both directly and indirectly - will be across industries, including information technology, skill development, content creation, retail, logistics, and manufacturing.

Amazon.com Inc chief Jeff Bezos had on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.

"We are investing to create a million new jobs here in India over the next five years," Bezos said.

"We’ve seen huge contributions from our employees, extraordinary creativity from the small businesses we've partnered with, and great enthusiasm from the customers who shop with us—and we’re excited about what lies ahead," Bezos added.

India has prioritised job creation and skilling initiatives – including the training of more than 400 million people by 2022 – in rural and urban areas.

"Amazon’s job creation commitment and investment in traders and micro, small and medium enterprises (MSMEs) complement this social inclusion and social mobility efforts by creating more opportunities for people in India to find employment, build skills, and expand entrepreneurship opportunities," the statement said.

The new investments will help to hire talent to fill roles across Amazon in India, including software development engineering, cloud computing, content creation, and customer support.

Since 2014, Amazon has grown its employee base more than four times, and last year inaugurated its new campus building in Hyderabad – Amazon’s first fully-owned campus outside the United States and the largest building globally in terms of employees (15,000) and space (9.5 acres).

The investments will also help in expanding growth opportunities for the more than 5,50,000 traders and micro, small, and medium-sized businesses – including local shops – through programs like Saheli, Karigar, and “I Have Space”.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 28,2020

Bengaluru, Jul 28: Congress leader Siddaramaiah on Monday alleged that BJP is trying to destabilise the Congress government in Rajasthan.

"It is the duty of the Governor to act according to the decision of the state cabinet. But he is acting like a central government puppet," he said at a protest organised here by Karnataka Pradesh Congress Committee (KPCC).

He said the Congress is protesting across the country to save democracy and save the constitution.

"We are not fighting through violence. We are protesting peacefully. The Constitution has given the right to protest in a democratic system," he said.

He accused the BJP of "being disrespectful" to the Constitution.

"Governments must walk within the framework of the Constitution. The Constitution gives everyone rights and duties. BJP destabilises elected governments and buys our legislators by horse-trading by spending crores of money. The same thing happened in Karnataka as well," he alleged.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 18,2020

Beijing, Jun 18:  Besides washing hands and wearing masks, it is also important to close the toilet lid before flushing to contain the spread of COVID-19, as per a new study.

According to a new study cited by The Washington Post, scientists who simulated toilet water and airflows, have found that flushing a toilet can generate a plume of virus-containing aerosol particles that is widespread and can linger in the air long enough to be inhaled by others. The novel coronavirus has been found in the faeces of COVID-19 patients, but it remains unknown whether such clouds could contain enough virus to infect a person.

"Flushing will lift the virus up from the toilet bowl," co-author Ji-Xiang Wang, who researches fluids at Yangzhou University in Yangzhou, China, said in an email. Wang stressed that bathroom users "need to close the lid first and then trigger the flushing process" and wash hands properly if the closure is not possible. As one flushes the toilet with the lids open, bits of faecal matter swish around so violently that they can be propelled into the air, become aerosolised and then settle on the surroundings.

Experts call it the "toilet plume".Age-old studies have been made to understand the potential for airborne transmission of infectious disease via sewage, and the toilet plume's role. Scientists who have seeded toilet bowls with bacteria and viruses have found contamination of seats, flush handles, bathroom floors and nearby surfaces. This is one reason we are told to wash our hands after visiting the toilet. Public bathrooms are well known to contribute to the spread of viruses that transmit via ingestion, such as the noroviruses that haunt cruise ships. However, their role in the transmission of respiratory viruses has not been established, said Charles P Gerba, a microbiologist at the University of Arizona."The risk is not zero, but how great a risk it is, we do not know. The big unknown is how much virus is infectious in the toilet when you flush it ... and how much virus does it take to cause an infection," said Gerba, who has studied the intersection of toilets and infectious disease for 45 years.

A study published in March in the journal Gastroenterology found significant amounts of coronavirus in the stool of patients and determined that viral RNA lasted in faeces even after the virus cleared from the patients` respiratory tracts. While another study in the journal Lancet found coronavirus in faeces up to a month after the illness had passed.

Scientists around the world are now studying sewage to track the spread of the virus. According to the researchers, the presence of the virus in excrement and the gastrointestinal tract raises the prospect of transmission via toilets, because many COVID-19 patients experience diarrhoea or vomiting.

A study of air samples in two hospitals in Wuhan, China found that although coronavirus aerosols in isolation wards and ventilated patient rooms were very low, "it was higher in the toilet areas used by the patients".The Centers for Disease Control and Prevention (CDC) says it remains "unclear whether the virus found in faeces may be capable of causing COVID-19," and "there has not been any confirmed report of the virus spreading from faeces to a person".For now, the CDC characterises the risk as low based on observations from previous outbreaks of other coronaviruses such as severe acute respiratory syndrome (SARS) and the Middle East respiratory syndrome (MERS). Wang decided to use computer models to simulate toilet plumes while isolating at home, as per Chinese government orders and thinking about how a fluids researcher "could contribute to the global fight against the virus".

Published in the journal Physics of Fluids, the study found that flushing of both single-inlet toilets, which push water into the bowl from one port, and annular-inlet toilets, which pour water into the bowl from the rim's surrounding edge with even greater energy, results in "massive upward transport of virus".

Particles can reach heights of more than three feet and float in the air for more than a minute, it found. The paper recommends not just lid-closing and hand-washing, it urges manufacturers to produce toilets that close and self-clean automatically. It also suggests that toilet-users should wipe down the seat. Gerba, however, said seats should not be a major concern.

Research has found that public and household toilet seats are typically the cleanest surfaces in restrooms, he said, probably because so many people already wipe them off before using them. Also, he said of SARS-CoV-2, the virus that causes COVID-19, "I don't think it's butt-borne, so I don`t think you have to worry."Gerba, who has been studying coronavirus transmission for two decades to investigate the role of a toilet flushing in a SARS outbreak stresses "flush and run" when using a public toilet without a lid. Gerba also said that people should wash hands well post-flushing and use hand sanitiser after leaving the restroom. "Choose well-ventilated bathrooms if possible and do not hang around the restroom in any case," added Gerba.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.