Few individuals knew Bitcoin in its early days, and even fewer utilized it. However, by 2013, there were already 100,000 transactions being made each day. Learn more at this software website.
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So, how did Bitcoin go from being an unknown entity to one of the most popular cryptocurrencies in the world?
Nakamoto is believed to have mined around 1 million Bitcoins before suddenly disappearing from the scene in 2010. However, their/whereabouts remain unknown; and it is thought that Nakamoto may hold a large amount of Bitcoin that has never been spent.
For the first few years after its launch; Bitcoin was mainly used by tech-savvy people and criminals due to its anonymous nature. After that, however, it made it much easier for people to get involved with Bitcoins and helped increase its popularity.
The Rise of Bitcoin
2013 was a big year for Bitcoin. The value of a single coin rose from around $13 at the beginning of the year to over $1000 by December. This massive price increase attracted much media attention and attracted even more people to the currency.
The following year, 2014, saw the launch of several major businesses that accepted Bitcoins. These included Microsoft, TigerDirect, and Dell. Again, it helped legitimize Bitcoins and showed that it was more than just a currency for criminals.
In 2014, the National Australia Bank banned accounts of bitcoins-related businesses; while HSBC refused to serve as a bitcoin-related hedge fund.
The Central Bank of Venezuela declared in September 2019 that it would begin using petro (a Venezuelan government-issued cryptocurrency) in foreign transactions and the country’s national budget. Following a year-long trial programme with the petro, the news made.
Bitcoin was priced at roughly $10,000 per bitcoin in February 2020, worth around $180 billion. As a result, Bitcoins commonly referred to as a “bubble” by opponents; with some comparing it to the Dutch Tulip frenzy of the 17th century.
The value of one bitcoin had climbed to US$15,000 by mid-2018, with a market capitalization of more than US$250 billion.
Bitcoin’s price peaked at $755 on November 19 before plummeting 50% to $378. On November 30, 2013, the price reached $1,163 before beginning a long-term decline; dropping 87 percent to $152 in January 2015.
IS BITCOIN BECOMING MORE COMMON IN INDIA?
Bitcoin’s steadily gaining traction in India, with an increasing number of people utilizing digital currency to make online purchases.
It’s a good thing for the digital currency since it gives it more legitimacy in the eyes of the government and opens the door to broader adoption in India.
One of the critical reasons Bitcoin is gaining traction in India is that it allows people to send money without using a bank account.
It is undeniably enticing to many Indians, as millions of individuals lack access to banking services. Moreover, compared to typical payment methods, Bitcoin has cheaper transaction fees.
As more Indians become aware of Bitcoins and how it works, its popularity expected to rise. Several establishments in India, including hotels, restaurants, and e-commerce sites, now accept Bitcoins as payment.
The Reserve Bank of India’s move to consider regulating Bitcoin is a step forward for the digital currency in India. If the RBI decides to regulate Bitcoins; it might raise the currency’s popularity and make it more generally accepted in the country.
How Bitcoin has changed the face of finance
When Bitcoin first appeared on the scene, it was nothing more than a curiosity. A digital currency created by an anonymous person or group of people known as Satoshi Nakamoto, it designed to a peer-to-peer electronic cash system.
And while it has undoubtedly changed the face of finance, it’s essential to understand how Bitcoin has done so.
Bitcoin has made it possible for people to send and receive money without needing a third party such as a bank or financial institution. Instead, it relies on a global network of computers to verify transactions and keep track of the Bitcoins supply.
Finally, Bitcoin is speedy and efficient. It has made it possible for people to send and receive money without a third party; its decentralized and secure, transparent, and fast and efficient.
SUMMARY
Only time will tell how Bitcoin develops in India, but all signals point to the country’s digital currency’s bright future.