In 2009, a new cryptocurrency bitcoin made a revolution in the systems of electronic financial payments. The development of Internet protocols and the description of the operation principle of client program were allegedly carried out by Australian encryption specialist Craig Stephen Wright under the pseudonym Satoshi Nakamoto.
Bitcoin is a peer-to-peer payment system which is similar to a ledger that uses bitcoin as its unit of account. It's important features are, firstly, completely anonymous Bitcoin transactions, and, secondly, a 100% guarantee of the security and reliability of the transaction when transferring digital property.
Moreover, cryptocurrency cannot be seized or blocked by anyone without physical access to its owner's electronic wallet.
At present, bitcoin is considered as one of best digital currencies, as its quite simple to use and the process is very transparent. And the best part is that due to its programmed limited emission, bitcoin is not subject to inflation.
One of the most important current news relating to it is that electric vehicle maker ‘Tesla’ has invested $1.5 billion in bitcoins, according to the company's statement to the US Securities and Exchange Commission (SEC). ‘Tesla’ also said that it plans to start accepting bitcoin as a form of payment for its products. According to them, their bitcoin supply is highly liquid.
The systematic growth of bitcoin began in the fall of 2020 and remained so until mid-January 2021. Currently, the value of this cryptocurrency reached a record high of $46 thousand.
Nobody knows exactly what will happen to Bitcoin next. Some analysts report that this cryptocurrency is overvalued at the level of the exchange rate of $30 thousand, while others predict growth up to several hundred thousand dollars. Although a sharp collapse, same as what happened at the end of 2017, has not yet happened, but the growth rates have noticeably decreased until news spread of Tesla's investment in this cryptocurrency.
Speaking about Indian presence in the bitcoin market, it is important to mention that starting from shutdown until the end of 2020, the general volume of trading at the leading 4 Indian platforms of cryptoexchanging increased by five hundred percent (500%). At present, there are no set Indian law for cryptocurrency and operations with one are not prohibited, although news have risen about banning its exchange. (adsbygoogle = window.adsbygoogle || []).push({});
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