The Millennium Bugš
Have you heard about the Y2K bug?
It is also famous with the name āMillennium Bugā!
Y2K stands for āThe year 2000ā.
This bug created great havoc during 1999.
Back then, Computers were based on the two-digit system. It means the year 1999 was shown as 99. Experts were worried because when the world enters the year 2000, the computers will show the year as 00.
They believe that this will bring down the whole computer system, the IT sector, financial sector, government offices everyone was in a panic.
Bankers were worried that interest might be calculated for a thousand years (1000 to 1999) instead of a single day.
Most of the big banks ran on dated computers and, depositors were thinking that this would seize up the banking system. People were being prevented from transactions at that time.
On a global scale, the international market was holding its breath while heading into the 21st century.
US Government passed an act to track the activities of private companies over this bug.
According to the research firm, Gartner estimated that the global costs to avoid Y2K could have been around $600 billion.
In the end, few minor issues occur on 1 January 2000, with no massive malfunction.
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