CryptoCurrency

Famous Cryptocurrency Bitcoin: How did bitcoin become a cryptocurrency, why did it become so expensive?

Summary

When bitcoin came into existence in 2009, it was priced at zero dollars, but its price suddenly jumped very rapidly. If we look at the figures, in 2010 the price of one bitcoin was $ 0.08, which reached one dollar during April 2011.

Expansion

If someone told you that if you had invested only Rs 3.6 in the year 2010, then after 11 years i.e. today you would be the owner of Rs 46.50 lakh. The rise in the price of bitcoin during the last 11 years completely proves this point.

What is bitcoin?

Let’s get acquainted with the currency of the virtual world before moving on to the crypto story and getting acquainted with the current price of bitcoin. Actually, the trend of bitcoin started in 2009. At that time its price was zero dollars, which increased to 0.08 dollars in early 2010 and today its price is more than 62,000 dollars. Bitcoin is a digital currency.

How does bitcoin work?

You can keep bitcoins in a bitcoin wallet on your computer or mobile phone. This will create your first bitcoin address. You can also create more than one address if needed. From here you can also make payments with bitcoin at valid places. Now there are many such applications on the Android Play Store and Apple App Store, where you can easily buy and sell a variety of cryptocurrencies.

Price increased 62 thousand times in 11 years

When bitcoin came into existence in 2009, it was priced at zero dollars, but its price suddenly jumped very rapidly. If we look at the figures, in 2010 the price of one bitcoin was $ 0.08, which reached one dollar during April 2011. In just three months i.e. till June 2011, it increased by 3600 percent and the price of one bitcoin became $ 32. However, during November 2011, bitcoin again fell to $2.

Longest jump in 2017

Significantly, bitcoin is currently the most expensive currency in the world. However, its journey was not that easy either. After revisiting $2 during November 2011, bitcoin gained momentum in 2013. During that time this cryptocurrency started its journey from $13.40 and by April 2013 touched the level of $220. In December 2013, the price of bitcoin had reached $1156.10. This was followed by a fall in bitcoin once again, reaching $315 in early 2015. At the beginning of the year 2017, bitcoin was around $ 1000, but by December its value had exceeded 20 thousand dollars.

World’s most expensive currency to be made in 2021

After jumping high in 2017, bitcoin once reached $7,200 in 2019, but by November 2019 its price had once again touched the $20,000 mark. March 2021 was the time when bitcoin crossed the $ 60 thousand mark for the first time. However, after several countries refused to trade in cryptocurrencies, their prices fell significantly and fell to 24 thousand dollars. Now during November 2021, bitcoin has once again crossed 62 thousand dollars.

Not legally acknowledged in multiple countries

Now the question arises what is the reason for the increase in the price of bitcoin so fast. Actually, bitcoin is the most expensive currency in this world and it has been reported many times to be used in black money, hawala, purchase, and sale of drugs, tax evasion, and terrorist activities. In such a situation, its demand is increasing a lot, but this is the reason why the Reserve Bank of India or any other regulator has not given legal recognition to this virtual currency.

Government plans on cryptocurrency

Explain that the Indian government is not in a position to ban online transactions of virtual currency like bitcoin. In this matter, the central government is holding regular meetings and preparations are on for a discussion on this in Parliament as well. At present, there are more than 90 virtual currencies in circulation in the world.

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