Background –
Bitcoin now has a total market capitalisation of about $18 billion — far more than other so-called “crypto-currencies” although a fraction of the value of other globally traded commodities. And it nears record high as it becomes ‘safe haven’ asset.
What is a Bitcoin?
Bitcoin is a virtual currency that is created from computer code. Unlike a real-world currency such as the U.S. dollar or the euro, it has no central bank and is not backed by any government.
Instead, its community of users control and regulate it. Advocates say this makes it an efficient alternative to traditional currencies because it is not subject to the whims of a state that may wish to devalue its money to inflate away debt.
Just like other currencies, bitcoins can be exchanged for goods and services — or for other currencies — provided the other party is willing to accept them.
Where does it come from?
Bitcoin was launched in 2009 as a bit of encrypted software written by someone using the Japanese-sounding name Satoshi Nakamoto.
In 2016, secretive Australian entrepreneur Craig Wright said he was the creator, but some have raised doubts over his claim.
Other digital currencies followed but bitcoin was by far the most popular.
Users can “mine” bitcoins — bring new ones into being — by having their computers run complicated and increasingly difficult processes.
However, the model is limited and only 21 million units will ever be created.
What’s it worth?
Like any other currency, it fluctuates. But unlike most real-world analogues, bitcoin’s value has swung wildly in a short period.
When the unit first came into existence it was worth a few U.S. cents. Its price topped out at $1,165.89 on the Bitcoin Price Index, an average of major exchanges, in 2013.
There are presently more than 16 million units in circulation. Some economists point to the fact that because it is limited its price will increase over the long run, making it less useful as a currency and more a vehicle to store value, like gold.
But detractors point to bitcoin’s volatility, security issues and other weaknesses as flaws that will eventually undermine it.
Why has its value risen in recent months?
Analysts have suggested a number of reasons, including investors buying bitcoins as a hedge against currencies that are weakening against the U.S. dollar.
Other reasons include the currency turning into a virtual safe haven at a time of global economic uncertainty.
The currency may also have been strengthened by the rise of digital payments and the dwindling supply of new bitcoins.
What’s the future?
Some commentators say that like many technological developments, the first iteration of a product will encounter difficulties, possibly terminal ones. But the trail it blazes might smooth the way for the next crypto-currency.
Problems include an apparent vulnerability to theft when bitcoins are stored in digital wallets.
A major Hong Kong-based bitcoin exchange suspended trading in 2016 after $65 million in the virtual unit was reportedly stolen by hackers.
The virtual currency movement also faces legitimacy issues because of the way it allows for anonymous transactions — the very thing that libertarian adopters like about it.
Detractors say bitcoin’s use on the underground Silk Road website, where users could buy drugs and guns with it, is proof that it is a bad thing.
If bitcoin does become more widely accepted, experts say, it could lead to more government regulations, which would negate the very attraction of the bitcoin concept.
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[wptelegram-join-channel link=”https://t.me/s/upsctree” text=”Join @upsctree on Telegram”]2021 WEF Global Gender Gap report, which confirmed its 2016 finding of a decline in worldwide progress towards gender parity.
Over 2.8 billion women are legally restricted from having the same choice of jobs as men. As many as 104 countries still have laws preventing women from working in specific jobs, 59 countries have no laws on sexual harassment in the workplace, and it is astonishing that a handful of countries still allow husbands to legally stop their wives from working.
Globally, women’s participation in the labour force is estimated at 63% (as against 94% of men who participate), but India’s is at a dismal 25% or so currently. Most women are in informal and vulnerable employment—domestic help, agriculture, etc—and are always paid less than men.
Recent reports from Assam suggest that women workers in plantations are paid much less than men and never promoted to supervisory roles. The gender wage gap is about 24% globally, and women have lost far more jobs than men during lockdowns.
The problem of gender disparity is compounded by hurdles put up by governments, society and businesses: unequal access to social security schemes, banking services, education, digital services and so on, even as a glass ceiling has kept leadership roles out of women’s reach.
Yes, many governments and businesses had been working on parity before the pandemic struck. But the global gender gap, defined by differences reflected in the social, political, intellectual, cultural and economic attainments or attitudes of men and women, will not narrow in the near future without all major stakeholders working together on a clear agenda—that of economic growth by inclusion.
The WEF report estimates 135 years to close the gap at our current rate of progress based on four pillars: educational attainment, health, economic participation and political empowerment.
India has slipped from rank 112 to 140 in a single year, confirming how hard women were hit by the pandemic. Pakistan and Afghanistan are the only two Asian countries that fared worse.
Here are a few things we must do:
One, frame policies for equal-opportunity employment. Use technology and artificial intelligence to eliminate biases of gender, caste, etc, and select candidates at all levels on merit. Numerous surveys indicate that women in general have a better chance of landing jobs if their gender is not known to recruiters.
Two, foster a culture of gender sensitivity. Take a review of current policies and move from gender-neutral to gender-sensitive. Encourage and insist on diversity and inclusion at all levels, and promote more women internally to leadership roles. Demolish silos to let women grab potential opportunities in hitherto male-dominant roles. Work-from-home has taught us how efficiently women can manage flex-timings and productivity.
Three, deploy corporate social responsibility (CSR) funds for the education and skilling of women and girls at the bottom of the pyramid. CSR allocations to toilet building, the PM-Cares fund and firms’ own trusts could be re-channelled for this.
Four, get more women into research and development (R&D) roles. A study of over 4,000 companies found that more women in R&D jobs resulted in radical innovation. It appears women score far higher than men in championing change. If you seek growth from affordable products and services for low-income groups, women often have the best ideas.
Five, break barriers to allow progress. Cultural and structural issues must be fixed. Unconscious biases and discrimination are rampant even in highly-esteemed organizations. Establish fair and transparent human resource policies.
Six, get involved in local communities to engage them. As Michael Porter said, it is not possible for businesses to sustain long-term shareholder value without ensuring the welfare of the communities they exist in. It is in the best interest of enterprises to engage with local communities to understand and work towards lowering cultural and other barriers in society. It will also help connect with potential customers, employees and special interest groups driving the gender-equity agenda and achieve better diversity.