Malang (malangkota.go.id) – Bitcoin is one of the digital currencies whose market value is increasing day by day. Even the latest data shows the exchange rate of one Bitcoin coin has reached 400 million rupiah. Seeing the Bitcoin trend, Fauzi Dwi Setiawan Sumadi, ST., M.CompSc, one of the lecturers of the Informatics Study Program, University of Muhammadiyah Malang (UMM) gave an explanation.

Fauzi, his nickname, explained that Bitcoin is the first cryptocurrency developed by Satoshi Nakamoto from blockchain technology in 2009. Bitcoin is one of the virtual currency models that is secured using one-way cryptography techniques (hashing) SHA-256. So it will be very difficult to manipulate with the advancement of computing devices today.
One of the benefits of implementing Bitcoin is the distributed transaction recording model. Thus reducing the complexity of financial transactions without a central authority regulating the process. "You could say that Bitcoin is a digital currency that is stored digitally and has no physical form, nor is there an authority that controls it," he added.
Fauzi explained again that in getting one Bitcoin coin, people can do the mining process. Everyone can directly do the mining process as long as they have adequate computing devices to solve the available mathematical problems. When someone becomes the first party to successfully solve the problem, the results will be recorded in the block, then Bitcoin will give a coin reward to the mining winner.
Therefore, he said, people often encounter mining enthusiasts who have dozens of Graphic Processing Unit (GPU) devices. "Simply put, the mining process is done by solving mathematical problems using CPU/GPU/ASIC computing devices. If successful, then the one who solves the problem will get coins from Bitcoin," he said.
This native of Bumiayu, Malang City, also said that when there was a fatwa regarding crypto, most of them forbade it. This was due to the lack of certainty in the system and its implementation which resulted in losses. Therefore, according to him, it would be better for the public to follow the fatwas that have been issued, whether by the MUI, Muhammadiyah or NU. He also hopes that this blockchain technology can prioritize transparency so that it can be used in the government administration system.
"Another hope for the future is that the government or other institutions can focus on developing blockchain technology that prioritizes transparency. So that it can minimize the potential for information manipulation or asset utilization if this technology has been implemented," he explained. (say/ram)