Why Cryptocurrency Is A Better Investment Than Banks

 Cryptocurrencies are becoming more and more popular every day. There are several reasons why they are a better investment than banks, and we will discuss some of them in this blog post. One of the most significant advantages of cryptocurrencies is that they are decentralized. This means that no central authority controls them, which gives investors a lot of freedom and control. On the other hand, banks are centralized institutions that the government or other powerful entities can manipulate.

1) The government does not control cryptocurrencies:

One of the most significant advantages of cryptocurrencies is that the government does not control them. This means that no central authority holds them, which gives investors a lot of freedom and control. On the other hand, banks are centralized institutions that the government or other powerful entities can manipulate. For example, during the financial crisis of 2008, the US government bailed out banks like Goldman Sachs and Morgan Stanley with billions of dollars of taxpayer money. This showed that banks are not as stable as many people think and can be easily manipulated by those in power.

On the other hand, Cryptocurrencies cannot be manipulated by the government or any other entity. This gives investors more confidence in them since they know that their money is safe and secure which can be seen and stored in top crypto exchange websites.

2) Cryptocurrencies are more secure than banks:

Another reason cryptocurrencies are a better investment than banks is that they are more secure. Banks are vulnerable to cyberattacks and have been hacked many times. The largest bank robbery in history occurred in February 2005 when thieves stole $81 million from the Central Bank of Iraq.

Cryptocurrencies are not vulnerable to cyberattacks since they are decentralized. This means that there is no central point of failure and that hackers cannot access all the funds at once. This makes them a much safer investment option than banks.

3) Cryptocurrencies are more volatile than banks:

Cryptocurrencies are more volatile than banks, but one of their most significant advantages is this. Banks are much more stable and predictable, making them a safer investment option. On the other hand, cryptocurrencies are not as stable and can experience colossal value swings from today. This makes them a riskier investment option, but it also allows investors to make more significant profits if they invest at the right time.

Overall, cryptocurrencies are a better investment option than banks. They offer greater freedom and security and are more volatile than banks. While they are riskier investments, they also can generate much higher returns. So if you’re looking for a more exciting and profitable investment option, cryptocurrencies are worth considering.

4) Cryptocurrencies are a better investment than banks:

Cryptocurrencies are a much better choice than banks when it comes to investment options. Banks are centralized institutions that can be easily manipulated, while cryptocurrencies are decentralized and immune to cyberattacks. Cryptocurrencies also experience more volatility than banks, but this also means that they can generate higher returns. If you’re looking for an exciting and profitable investment option, cryptos are worth considering.

5) Cryptocurrencies are Fraud proof:

Cryptocurrencies are fraud-proof. This is because they are based on blockchain technology, a distributed ledger that records all the transactions that have ever taken place. This means that it is impossible to fake or forge transactions since everyone has access to the blockchain’s entire history. Banks, on the other hand, are vulnerable to fraud and embezzlement. For example, in April of 2017, Wells Fargo was fined $185 million for creating millions of fake accounts without customers’ knowledge or consent.

Cryptocurrencies are not vulnerable to fraud or theft since their transactions are recorded on a public ledger. This makes them a much safer investment option than banks.

6) Cryptocurrencies are more accessible than banks:

Cryptocurrencies are more accessible than banks. This is because they can be bought and sold online without a bank account. On the other hand, banks are not as accessible and require customers to go through a lengthy application process to open an account. Cryptocurrencies also allow investors to buy and sell them 24/hrs a day, seven days a week. This gives investors greater flexibility when it comes to trading them.

7) Cryptocurrencies have Instant Settlement:

Cryptocurrencies have an instant settlement. This means that once a transaction is initiated, it is immediately processed, and the funds are transferred to the recipient’s account. On the other hand, banks can take days or even weeks to process transactions and settle them. This can be very frustrating for investors who need to access their funds quickly. Cryptocurrencies offer faster and more convenient settlements than banks.

Now let’s look at some of the most popular cryptocurrencies: Bitcoin, Ethereum, and Litecoin. These coins are all based on blockchain technology and offer many advantages over banks.

Bitcoin is the first and most well-known cryptocurrency. It was created in 2009 by Satoshi Nakamoto and is currently worth over $4000 per coin. Bitcoin is based on blockchain technology and offers instant settlement, security, and transparency.

Ethereum is another popular cryptocurrency that was launched in 2015 by Vitalik Buterin. Ethereum is based on smart contracts, self-executing contracts that automatically execute when certain conditions are met. This makes them more secure than traditional contracts and eliminates the need for third-party intermediaries.

Litecoin was created in 2011 by Charlie Lee as a faster and cheaper alternative to Bitcoin. Litecoin is also based on blockchain technology and offers instant settlement and security.

So, as you can see, cryptocurrencies are a better investment than banks. They offer greater security, transparency, and accessibility, as well as faster settlement times. If you’re looking for a more secure and profitable investment option, then cryptos are worth considering.

In conclusion, there are reasons why cryptocurrencies are a better investment than banks. They are decentralized, which gives investors freedom and control. They are more secure than banks and cannot be manipulated by the government or other powerful entities. For these reasons, we believe that cryptocurrencies are a better investment option than banks and encourage our readers to invest in them to get the top crypto exchange.

 Source: indiaeducationdiary.in, 2/02/22

Current Affairs- February 3, 2022

 

INDIA

– Amaravati remains the capital city of Andhra Pradesh: Minister of State for Home Nityanand Rai

– INS Vagir, the fifth Scorpene-class made-in-India submarine, sails out for first sea trial

– Two new Ramsar sites (Wetlands of International Importance) in India — Khijadia Wildlife Sanctuary in Gujarat and Bakhira Wildlife Sanctuary in U.P — announced by Minister for Environment, Forest and Climate Change, Bhupender Yadav

ECONOMY & CORPORATE

– India and Nepal sign MoU for construction of a motorable Bridge over the Mahakali River connecting Dharchula (India) with Dharchula (Nepal)

WORLD

– China celebrates coming of Lunar new Year of the Tiger; end of Year of the Ox

– World Wetlands Day observed on Feb 2; theme: “Wetlands Action for People and Nature”

– Ecuador: Landslip kills at least 22 in capital Quito

Philosopher-saint Ramanujacharya, and the Statue of Equality in his honour

 

Prime Minister Narendra Modi will inaugurate the Statue of Equality, a gigantic statue of Ramanujacharya, on February 5 on the outskirts of Hyderabad. Who was Ramanujacharya? Why is it called the Statue of Equality?

Who was Ramanujacharya?

Born in 1017 in Sriperumbudur in Tamil Nadu, Ramanujacharya is revered as a Vedic philosopher and social reformer. He travelled across India, advocating equality and social justice.

Ramanuja revived the Bhakti movement, and his preachings inspired other Bhakti schools of thought. He is considered to be the inspiration for poets like Annamacharya, Bhakt Ramdas, Thyagaraja, Kabir, and Meerabai.From the time he was a young budding philosopher, Ramanuja appealed for the protection of nature and its resources like air, water, and soil. He went on to write nine scriptures known as the navaratnas, and composed numerous commentaries on Vedic scriptures.

Ramanuja is also credited with establishing the correct procedures for rituals performed in temples throughout India, the most famous being Tirumala and Srirangam.

Why is it called the Statue of Equality?

Ramanuja was an advocate of social equality among all sections of people centuries ago, and encouraged temples to open their doors to everyone irrespective of caste or position in society at a time when people of many castes were forbidden from entering them.

He took education to those who were deprived of it. His greatest contribution is the propagation of the concept of “vasudhaiva kutumbakam”, which translates as “all the universe is one family”.

He travelled across India for several decades, propagating his ideas of social equality and universal brotherhood from temple podiums. He embraced the socially marginalised and condemned, and asked royal courts to treat them as equals. He spoke of universal salvation through devotion to God, compassion, humility, equality, and mutual respect, which is known as Sri Vaishnavam Sampradaya.

According to Chinna Jeeyar Swami, the Vaishnava seer behind the Statue of Equality, Ramanujacharya’s social philosophy was designed to cross the boundaries of the caste system and to embrace the whole of humanity.

“Ramanujacharya liberated millions from social, cultural, gender, educational, and economic discrimination with the foundational conviction that every human is equal regardless of nationality, gender, race, caste, or creed. We are celebrating his 1,000th birth anniversary as the ‘Festival of Equality’, upholding the view that the world is one family, ‘vasudhaiva kutumbakam’,” Chinna Jeeyar has said.

Where is the statue located?

The 216-foot-tall statue, which was first proposed in 2018, is located at the 45-acre scenic Jeeyar Integrated Vedic Academy (JIVA) at Muchintal near Shamshabad on the outskirts of Hyderabad.

The statue was proposed and designed by Chinna Jeeyar. The rituals for the dedication of the statue started on Wednesday (February 2) with over 5,000 Vedic scholars performing a maha yajna that is said to be the world’s largest of its kind in modern times.

Written by Sreenivas Janyala

Source: Indian Express, 3/02/22

Artificial intelligence technologies have a climate cost

 We often think of artificial intelligence (AI) technologies as a gateway to a future written in chrome, operating on a virtual cloud. This techno-optimism underpinned FM Nirmala Sitharaman’s 2022 budget speech, where AI was described as a sunrise technology that would “assist sustainable development at scale and modernise the country.” While there is an allure to national dreams of economic prosperity and global competitiveness, underwritten by AI, there is an environmental cost and — like any issue at the nexus of technology, development, growth and security — a cost that comes with being locked into rules about said environmental impact set by powerful actors.

The “race” for dominance in AI is far from fair: Not only do a few developed economies possess certain material advantages right from the start, they also set the rules. They have an advantage in research and development, and possess a skilled workforce as well as wealth to invest in AI. North America and East Asia alone account for three-fourths of global private investment in AI, patents and publications.

We can also look at the state of inequity in AI in terms of governance: How “tech fluent” are policymakers in developing and underdeveloped countries? What barriers do they face in crafting regulations and industrial policy? Are they sufficiently represented and empowered at the international bodies that set rules and standards on AI? At the same time, there is an emerging challenge at the nexus of AI and climate change that could deepen this inequity.

The climate impact of AI comes in a few forms: The energy use of training and operating large AI models is one. In 2020, digital technologies accounted for between 1.8 per cent and 6.3 per cent of global emissions. At the same time, AI development and adoption across sectors has skyrocketed, as has the demand for processing power associated with larger and larger AI models. Paired with the fact that governments of developing countries see AI as a silver bullet for solving complex socio-economic problems, we could see a growing share of AI in technology-linked emissions in the coming decades.

The idea of sustainability is rapidly entering mainstream debates on AI ethics and sustainable development. In November 2021, UNESCO adopted the Recommendation on the Ethics of Artificial Intelligence, calling on actors to “reduce the environmental impact of AI systems, including but not limited to its carbon footprint.” Similarly, technology giants like Amazon, Microsoft, Alphabet and Facebook have announced “net zero” policies and initiatives. These initiatives are a good sign, but they only scratch the surface. Both global AI governance and climate change policy (historically) are contentious, being rooted in inequitable access to resources.

Developing and underdeveloped countries face a challenge on two fronts: First, AI’s social and economic benefits are accruing to a few countries, and second, most of the current efforts and narratives on the relationship between AI and climate impact are being driven by the developed West.

What then is the way ahead? Like most nexus issues, the relationship between climate change and AI is still a whisper in the wind. It is understudied, not least because the largest companies working in this space are neither transparent nor meaningfully committed to studying, let alone acting, to substantively limit the climate impact of their operations.

Governments of developing countries, India included, should also assess their technology-led growth priorities in the context of AI’s climate costs. It is argued that as developing nations are not plagued by legacy infrastructure it would be easier for them to “build up better”. These countries don’t have to follow the same AI-led growth paradigm as their Western counterparts. It may be worth thinking through what “solutions” would truly work for the unique social and economic contexts of the communities in our global village.

Written by Trisha Ray 

Source: Indian Express, 3/02/22

Quote of the Day February 2, 2022

 

“Some people dream of success; while others wake up and work hard at it.”
Author Unknown

“कुछ लोग सफलता के सपने देखते हैं। जबकि अन्य व्यक्ति जागते हैं और इसके लिए कड़ी मेहनत करते हैं।”
अज्ञात

Current Affairs- February 2, 2022

 Here are Today’s News Headlines by GK Today for February 2, 2022

UNION BUDGET 2022-23

– Finance Minister Nirmala Sitharaman presented Union Budget for 2022-23 in Parliament

– Capital expenditure outlay hiked by 35.4%

– Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore

– Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh crore

– Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)

– Fiscal deficit in 2022-23 estimated at 6.4% of GDP

– Direct Taxes: Provision to file an Updated Return on payment of additional tax. This will enable the assessee to declare income missed out earlier.

– Direct Taxes: No change in income tax slabs

– Scheme for taxation of virtual digital assets: Any income from transfer of any virtual digital asset to be taxed at rate of 30%.

– Gems and Jewellery: Customs duty on cut and polished diamonds and gemstones being reduced to 5%

– Customs duty of at least Rs 400 per Kg to be paid on imitation jewellery import

– Customs duty on umbrellas being raised to 20%. Exemption to parts of umbrellas being withdrawn.

– Tariff measure to encourage blending of fuel: Unblended fuel to attract an additional differential excise duty of Rs 2/ litre from Oct 1, 2022

– National Highways Network to be expanded by 25000 Km in 2022-23.

– Railways: One Station One Product concept to help local businesses & supply chains.

– Ken Betwa project: 1400 crore outlay for implementation of the Ken – Betwa link project.

– MSME: Emergency Credit Linked Guarantee Scheme (ECLGS) to be extended up to March 2023.

– Skill Development: Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched

– Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS)

– Education: ‘One Class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.

– Health: An open platform for National Digital Health Ecosystem to be rolled out.

– Har Ghar, Nal Se Jal: Rs. 60,000 crores allocated to cover 3.8 crore households in 2022-23

– Housing for All: Rs. 48,000 crores allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.

– NE: New scheme PM-DevINE (Development Initiative for North-East Region) launched for the North-East.

– Vibrant Villages Programme for development of Border villages on the northern border.

– Banking: Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.

– Accelerated Corporate Exit: Centre for Processing Accelerated Corporate Exit (C-PACE) to be established for speedy winding-up of companies.

– AVGC Promotion Task Force: An animation, visual effects, gaming, and comic (AVGC) promotion task force to be set-up to realize the potential of this sector.

– Defence: 68% of capital procurement budget earmarked for domestic industry in 2022-23, up from 58% in 2021-22.

– Digital Rupee: Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.

– States: In 2022-23, States will be allowed a fiscal deficit of 4% of GSDP, of which 0.5% will be tied to power sector reforms

Current Affairs- February 1, 2022

 

INDIA

– 11th meeting of India-Oman Joint Military Cooperation Committee held in Delhi

– AP issues ordinance raising retirement age of govt employees from 60 to 62

– Additional Solicitor General (ASG) Rupinder Singh Suri dies

ECONOMY & CORPORATE

– Finance Minister Nirmala Sitharaman presents Economic Survey 2021-22 in Parliament; Indian economy estimated to grow by 9.2% in 2021-22 after contracting 7.3% in 2020-21

– Govt. approves sale of PSU Neelachal Ispat Nigam Ltd (NINL) to Tata Steel Long Products Ltd for Rs 12,100 crore

– Core sector grows 12.6% during April-December

– Govt extends term of IPO-bound LIC’s chairman & MD by one year

WORLD

– Portugal election results: Ruling Socialist Party secures absolute majority in Parliament; Antonio Costa to continue as PM

SPORTS

– Magnus Carlsen of Norway wins Tata Steel Chess Tournament held in Wijk aan Zee, Netherlands

– Odisha Open badminton tournament held at Cuttack: Unnati Hooda (women’s), Kiran George (men’s) win singles titles

– India hockey goalkeeper PR Srejeesh wins World Games Athlete of the Year for his 2021 performances