This refers to the report "Bitcoin gets 121 siblings as price crashes" (February 24). Some experts are of the opinion that bitcoins will help in the growth of world trade. But the acceptance of bitcoins as a global currency has to first cross the biggest hurdle - how does a user know if a website offering bitcoins is a genuine one or not? What if the website disappears tomorrow like a dotcom bust? This issue needs to be sorted out before any government or central bank of a nation is willing to relinquish its powers. The other interesting aspect is if some time in the near future humans are able to set up colonies on planets such as Mars, then which currency would be recognised as a universal one for trade between planets? Then perhaps a virtual currency like Bitcoin could be the answer.
Deendayal M Lulla Mumbai
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