Gerald Cotton, founder and owner of Quadriga, a Canadian financial institution, died suddenly last December while working as a volunteer at an orphanage in Jaipur, India. About 1 lakh and 15 thousand customers of this financial institution are suffering due to his death at the age of only 30 years. Because the only key to all their property, the 'password', was with Gerald. And this money was kept through cryptocurrency, the most modern currency in the technology world. So the central agency of Canada has no trace of this money. The collapse of Quadriga raises questions about the dangers of the cryptocurrency financial system.
The current system of money transactions through central banking institutions will soon be a thing of the past. ‘Cryptocurrency’ will come in its place. Cryptocurrency is virtual money, which has no physical existence. There is no regulatory body in this financial system like the Reserve Bank of India or the Federal Bank of America. If any two companies or individuals have cryptocurrency accounts, they can do cryptocurrency transactions between themselves without any cash. If there is a cryptocurrency account of a shop, customers can buy things in cryptocurrency from there. Some of the world's technologists have been questioning this uncontrolled financial system for a long time. Although developed countries are still skeptical about this ‘incorporeal currency’, so are skeptical companies. That's why Amazon, which has always been ahead in the use of technology, has not yet introduced cryptocurrency as a means of transaction in their company.
For those who question cryptocurrency, the key to questioning is the security of the system. They claim that in this system, it is technically impossible to break the 'blockchain' in the way that every transaction is identified through digital blocks.
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