Posts Tagged With ‘bitcoin’


Bitcoin and India, the new needs love.

Ratatouille

It was very late night and I was still watching movie on my TV. It was my favorite movie, “Ratatouille”. While watching that movie I heard something which made me realize what Bitcoin needs in India, or for that matter everywhere.

Bitcoin is very new, innovative and complex concept that challenges lot of perception. If you will try to understand it with your prefabricated assumptions of currency or value or laws, I am sure you will have tough time to understand it. It is human behavior that we try to resist changes and if we see Bitcoin as change or replacement to existing currency or monetary system we will not be able to digest or accept what new it is offering.

In my opinion Bitcoin is fresh new start with clean slate in value transfer and distributed consensus system. It is so unique in its underlying concept where you do not need trusted third party to transfer value because the whole network acts as third party. In simple terms you do not need a centralized mediator like bank to send money as network itself works for you as intermediary.

Allow me to quote some awesome lines panned in the movie Ratatouille when a critique named Anton Ego writes about a rat cooking Raratoulie for him.

Anton Ego : In many ways, the work of a critic is easy. We risk very little, yet enjoy a position over those who offer up their work and their selves to our judgment. We thrive on negative criticism, which is fun to write and to read. But the bitter truth we critics must face, is that in the grand scheme of things, the average piece of junk is probably more meaningful than our criticism designating it so. But there are times when a critic truly risks something, and that is in the discovery and defense of the *new*. The world is often unkind to new talent, new creations. The new needs friends. Last night, I experienced something new: an extraordinary meal from a singularly unexpected source. To say that both the meal and its maker have challenged my preconceptions about fine cooking is a gross understatement. They have rocked me to my core. In the past, I have made no secret of my disdain for Chef Gusteau’s famous motto, “Anyone can cook.” But I realize, only now do I truly understand what he meant. Not everyone can become a great artist; but a great artist *can* come from *anywhere*.

Bitcoin is the rat offering most delicious ratatouille ( banking, payments and remittances industry ). All it needs a bit of love from critiques ( Investors, regulators, Governments ) to breath, blossom and nourish, may be in watchful manner (regulations ). May be this innovation can provide you means to achieve at least  banking to unbanked goals.

Payment systems are really one sector that can help themselves with innovation. What innovation we have seen in last few decades in banking and payment industry ? Credit cards ? Online transfers ? Lets compare the innovation in these sectors with Telecommunication, computing, automobile and 700 other sectors. We will see comparatively they are not as innovative as other sectors. Is there any reason behind it ? Regulation. No I am not trying to say that this sector needs relaxed regulation. All I am saying is Bitcoin can be one medium to pump new innovation in these sectors.

Bitcoin does have its own set of issues, but than which system is perfect. Every system evolves to its native market with the time and countries, laws, people adapt it, change it as per their requirement. We all know what happened with Internet Telephony.
For the sake of it, even in a very controlled manner, give this rat a try and may be we all will be able to see an Indian worker sending money to his family from outside of India feeling happy because his family got the money less than 1 minutes with very negligible fees.

Regards