1 Bitcoin = ₹30,00,000 : Truth About Bitcoin ?? 😲😲

What if I tell you that, if you had invested 1000 Rs. in 2010 then today you would probably have 40-50 crores...!!

Yes, you got that right you have been a millionaire today.

This is because the price of 1 Bitcoin in 2010 (when it was launched) was Rs. 5-6 and today it is over 25 lacs.

So you would probably be thinking about investing in it as the price of Bitcoin is not seeming to come down in near future.

But wait before making your mind about investing in it or not first know what is Bitcoin? How the **** did its price rose at such a high rate?

Every question in your mind will be answered right now. If any question gets left then D.M. us on Instagram @bank_of_technology

First, let's talk about What is BITCOIN?

Some of you might already know about it but if you don't then it's a digital currency or what you say it as cryptocurrency.

As we know the currency of the USA is Dollar, the currency of India is Rupees likewise Bitcoin is also a currency.

The only difference between Dollar/rupees and Bitcoin is you can touch those Dollar notes or rupees notes or coins but you cannot touch Bitcoin because it's all virtual.

By now you must be thinking that you cannot use Bitcoins in your day to day life as you use those currency notes.

From the past 2-3 years, many countries have started accepting payments of any kind in Bitcoins.

This means that now you can use Bitcoins in your day to day life for buying something or for any purpose you want.

Now you might be thinking that how can you do so?

To understand this you will need to understand Bitcoin in a bit of detail.

See, Bitcoin was founded in 2008. At that time its value was approximately 0.

Till date, nobody knows who has discovered Bitcoin.

Some people believe that a person named Satoshi Nakamoto introduced it in 2008.

He in 2008 said that cryptocurrency will be the standard of buying or selling things in the near future.

But nobody knows who is Satoshi Nakamoto, where he is right now, and did he actually created Bitcoin. It's still an unresolved mystery.

Well, guys Bitcoin is a decentralized currency.

This means that Bitcoin is not controlled/monitored by any government institution of any country or any financial institution.

This means that anybody can create their own cryptocurrency like Bitcoin. That is why we are seeing so many other cryptos like Light coin, Dark coin, Ethilium, etc.

Just because there is nobody monitoring Bitcoin or any cryptocurrency, the chances of fraud increases.

As it's an online currency or virtual currency the chances of getting hacked also increases.

You are supposed to be very careful while taking a risk in investing in Bitcoin.

If you are a bit techie or you are a regular follower of ours then you must be knowing about Dark Web. If not check out links given below. First, read those two blogs to get a more clear understanding of the topic.

Blog 1 ---> Click Here

Blog 2 ---> Click Here

I am supposing that by now you must have read those blogs.

So let's continue.

Bitcoin is extensively used in the Dark Web. About 99.9% of all transactions are done in Bitcoin. (the reason behind it is just because no one to monitor you. )

I will be writing another blog on How these Bitcoins work because that's a complex process that will require a techie mind to understand.

The function of Bitcoin is not simple at all. You will get to know in detail in Part-2 of Bitcoin.

But before ending this let's give the answer to the most-awaited question that might be rising in your mind that how, why the price of Bitcoin is raising so dam quickly at such a high rate.

The answer is quite simple. It's just because of Demand, Supply, Craze, and hype about Bitcoin.

In the past few years, over 21 Million Bitcoins are supplied to customers. You can imagine what will happen when something is being provided at such a high rate in the market.

Because of this high supply, the price of Bitcoin increased. When customers saw it as a profit-making investment because it got raised from 5 Rs. to 25 lacs. then more and more people started buying Bitcoin.

And now when it's at its all-time high there is a hell of a lot of craze among people.

Just because of these some basic reasons ( demand, supply, craze ) Bitcoin got raised to its all-time high.

See my motive was not to pitch you about making an investment in Bitcoin or not. I just wanted to make you aware of its pros and cons.

Now it's up to you and your knowledge about the market, investment that whether you want to invest in it or not.

As promised I will be writing a detailed blog on how these Bitcoins work? To read it first allow notifications for our website.

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