A friend of mine invested in 5 Bitcoins at the rate of Rs 56,000/- last year a week before Christmas and a year later his investment amount of Rs 3 lacs is worth 6 million( Rs 60 lacs). This is such an unbelievable growth of 20 times in just 12 months. Several experts like JP Morgan Boss Jamie Dimon and Saudi Prince Alwaleed Bin Talal have denounced Bitcoins as Ponzi scheme and nations like China accounting for three fourth mining came down on crypto currencies refusing to give official recognition.
There is no denial that such runaway of 2000% annual growth has been witnessed in pyramid companies and such volatility of Bitcoins adds to suspicion. Yet the surge in deman is a proof that the crypto currency market is vibrant and Bitcoins are viral is such areas. Big exchanges like CME Group is permitting the Bitcoin feature. So one needs to know who are the biggest users of cryptocurrencies and why there is so intrinsic demand of cryptocurrencies.
THE GAMING SAGA
Minecraft gaming saga that led to the arrest of 3 young American computer gives the glimpse of gaming madness that haunts the world being funded largely by cryptocurrencies. Josia White, Paras Jha and Dalton Norman , three 21 year college students from Rutgers were found guilty in the Alaskan Court for masterminding the Miraibotnet which was powered by thousand of unsecured wireless routers and security cameras and devices had made devastating DDOS attack on the key internet services worldwide before the US Presidential election.
The bot was created to deliver crippling attacks on Internet services and was devised to gain attack over rival in popular internet game called Minecraft. By just paying $50 anyone could join the attack and it was believed that 1 lakh youngsters joined the attack to have fun in the first week. They paid in cybercurrencies and provided internet of things for DDOS attack providing OVH on French telecom and US tech company Dyn.
It was found that reckless students were the originator of such cyber attack and not the terrorists. To be funded by regular currencies the gaming industries are found with extremely sophisticated hardware, yet there are many services and components that were brought by cryptocurrencies initiating this demand surge.
It is then concluded that even if 0.1% of 22 billion gaming industry is funded by cryptocurrencies , a 100 bitcoin will never be able to match up to the demand.
