Yerevan (CoinChapter.com) – Dr. Gitanjali Swamy, daughter of Indian lawmaker Subramanian Swamy used the ‘Indian Wedding’ analogy to explain Bitcoin (BTC).
During a webinar titled ‘Cryptocurrencies: Navigating Pros, Cons & Human Impact’ hosted by the Virat Hindustan Sangam, Dr. Gitanjali Swamy discusses the pros and cons of blockchain technology cryptocurrencies & Bitcoin. Her father, a seasoned Politician and Economist, founded the platform that hosted the webinar.
Dr. Subramanian Swamy is a lawmaker in the Rajya Sabha, the upper house of the Indian Parliament. He represents the ruling Bharatiya Janata Party (BJP). Joining the father-daughter duo on the panel was Sree Iyer, a serial inventor, author, and encryption expert, Arvind Chaturvedi, CEO, Indian Center for Analytics & Research in Management, and scientist Ramesh Swamy.
A Historical Reference
In his opening remarks, Dr. Subramanian Swamy did not shy away from making his stance very clear. “This subject is going to be the subject of the future,” he remarked, indicating his view that cryptocurrency is here to stay.
Drawing a leaf from history, Dr. Swamy explained bitcoin with the example of the barter system, where items were exchanged by people.
“This is the latest development in the question of paying for the exchange of goods.”, he said.
As an economist, Swamy dived into the history of currency, narrating how the initial currencies were stones and shells before gold and paper money took over.
“The next step is frightening for traditionalists because there will be no Government. There will be direct bilateral exchanges through the computer,” said Swamy.
Is Bitcoin like an Indian Wedding?
According to Dr. Gitanjali Swamy, we let Governments hold currency is the lack of trust between parties. That is also the reason why currencies were valued in gold reserves. “Blockchain is a technological solution for letting mutually distrusting entities agree upon history,” she said—blockchain networks record transactions like traditional bookkeepers.
Dr. Gitanjali Swamy used the analogy of big Indian weddings to explain how the Bitcoin blockchain system works.
“In India, why do we have big weddings? Because later on, if the groom denies and says, ‘I wasn’t there, and I didn’t marry, then you have all these witnesses. That is how the blockchain mechanism works; you have got the people who are all witnesses,” she remarked.
Miners Replace Governments as Guarantors
Gitanjali Swamy thinks that bitcoin miners replace the Government so they receive rewards. Meanwhile, they stand as guarantors to the various transactions on a blockchain. In effect, they are like the priest in the marriage who hast to preside over and bless the union before it is considered legitimate.
The US-based economist termed the blockchain system as “elegant” for empowering people to make deals and transactions without Government interference.
The Indian Government is still ginger about Bitcoin and other cryptocurrency tokens. However, it is interesting to see a member of the ruling party promote the new technology in the country.
According to the Indian lawmaker Subramanian Swamy, cryptocurrency “is unstoppable. So we must learn what it is.”
Best we take that advice.