Are bitcoins adding to the black money woes?

Biting reality:  Bitcoins are being used to convert black money to white
Biting reality: Bitcoins are being used to convert black money to white

Above all things, it now appears that government has thrown all its weights around the seizure of black money. IT officials claim that the amount of unaccounted money recovered since the announcement of demonetization on 8th November has crossed 3,185 crore and they’re counting for more. Before that the government had also announced packages for black money disclosure that had ended on 30th September and till date the amount disclosed has been around 55,000 crore.

This is one side of reality. The other side is dark and sinister. It’s not true and it can’t be true that people who had amassed a huge amount of property and money without giving taxes for so many days have suddenly resurrected feeling guilty and come in line to disclose their unaccounted property. No, certainly not. The real picture is truly different and these people have tried every means to convert their black money into white and suddenly found that the classical way of conversion has been exhausted for a time being and they could not keep money in 500 and 1000 notes any longer. So they had to come up holding their hands up surrendering to the government whims cursing them viciously.

This generation of these corrupt people is sad. In the words of Ernest Hemingway, they are kind of ‘lost generation’ of black money hoarders who either don’t know about the recent technological boom or do not believe in the intangible transaction of money and not acquainted with that. If they had tested blood in that way they would have certainly converted their black money into any available digital currency of which bitcoin is the most popular.

From the maze of dingy lanes of Khidirpur, Wattganj, in Kolkata to the Delhi’s Janak Puri or Model Town or Mumbai’s Ghatkopar, the touts move clandestinely claiming they can convert any amount of money into bitcoin which one can get back as hard white cash after three to four working days. The exchange rate is fixed — one bitcoin equals 65,000. The touts have their cuts. So if you give them one million black, you get back around 9,40,000 white that you can use any manner buying properties in foreign countries or so and so by exchanging bitcoin and this rate varies from one person to another.

First of all we need to know one thing. Bitcoin is a digital currency without a central authority. It has been shrouded by mystery all along because it exists only in virtual realm and is different from the physical currency like rupees, dollars or euros. In the developed world few countries including US have already legalized it and people see it as an alternative currency through which you can pay for goods and services as you do with the conventional currency. It’s also termed as crypto-currency that uses cryptography for everything — creation to administration and overall security of the transaction.

To understand the mechanism of bitcoin you need to understand little bit about the dark web. Computer geeks also call it deep web. Why is it dark or deep? It’s because, you cannot see it in the available open layer of real web that is through Google or any available search engines and browsers.

Technically, the “dark web” is the encrypted network that exists between Tor servers and their clients, whereas the “deep web” is simply the content of databases and other web services that for one reason or another cannot be indexed by conventional search engines.

In other words, to visit a website we normally search it through Google or just type in the address on the web browser. You cannot reach to the dark web using that conventional route.

For a test, you may try this link: http://ow24et3tetp6tvmk.onion/, in your favorite search engine or you may paste it to any web browser. Google will come up with around 5,000 indexes of which no one will link you to this site directly, actually they cannot.

From the result of your searches you’d guess that something wrong has been associated with this link. The search results will also tell you to watch Youtube videos of how hidden Internet works and they will talk about the anonymous onion wallet but no one can take you to that web site directly. And the result will say: server not found.

But a mystery world exists beyond this It may sound strange but this web site is hidden somewhere in the deep or dark web. It can only be seen through the ‘TOR’ browser.Common people should not be delving in this though, to be on the safer side of the law.

The site is an exchanger of money — between the user and the bitcoin network where it is ‘mined’. Let us see first what is there in that site It makes the following promises: (I quote it verbatim).

“You’re anonymous Tor Bitcoin Wallet and Laundry”

OnionWallet Features:

• Free Bitcoin Mixer! You will always get completely different Bitcoins on withdrawals with no “taint” to your recieving address.

• Safe storage: we keep most of the bitcoins in secure encrypted offline storage.

• Protect your funds with a transaction PIN.

• Anonymous registration: We dont need any private data.

• Very simple user interface, no complicated options and settings.

• Transaction fee: only 0.001 Bitcoins which is fully paid to the network.

Get started using Bitcoins in 2 simple steps:

• Register an account on OnionWallet and write down your username, password and PIN (optional) at a secure place.

• Purchase Bitcoins to your Bitcoin address in your OnionWallet account using for example one of the following exchange services:

This is a flash of dark web that handles bitcoin transaction and in the last parts of that site there are lots of links given where you can get your money transferred to Bitcoin through your normal web browsers.
The touts go the designated places where operators using Virtual Private Network or TOR to change the black money to bitcoin through these dark web sites.

There have been lots of controversies regarding the creation of this digital currency. No one knows who is behind it- whether it is a single person or a group of hackers.

No one knows what will happen to those who had stashed away unaccounted money into bitcoin or any other available cryptic digital currency

Bitcoin first appeared in the year 2009 but it rose to prominence only three years ago and since then it has been gaining ground having present market value that may vary from 5 to 10 billion dollar.

Bitcoin uses peer-to- peer (P2P) technology. A conventional currency is normally issued by a central bank as part of its mandate to manage national monetary policy but bitcoin has no such central authority.

All of its functions are carried out collectively by the network. However,intelligence bureau sources have tried to track the number of bitcoin users in our country Currently it stands around 25,000 and the number is still increasing.

Finally, the question remains. What will happen to these people who had already stashed away
unaccounted money into bitcoin or any other available cryptic digital currency after or before the surgical strike of demonetization? Do we have a system to keep a vigil on them? Probably not yet! So recovering them from the dark web seems to be a distant dream.

[email protected]