what is a bitcon cryptocurrency/1bitcoin equal to how much indian rupee? (2024)

Bitcoin is the first and most widely recognizedcryptocurrency.It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodically updated public transaction ledger called a 'blockchain.'

Practically speaking, Bitcoin is a form of digital money that (1) exists independently of any government, state, or financial institution, (2) can be transferred globally without the need for a centralized intermediary, and (3) has a known monetary policy that arguably cannot be altered.

Bitcoin can refer to the Bitcoin software protocol as well as to the monetary unit, which goes by the ticker symbol BTC.

Launched anonymously in January 2009 to a niche group of technologists, Bitcoin is now a globally traded financial asset with daily settled volume measured in the tens of billions of dollars. Although its regulatory status varies by region and continues to evolve, Bitcoin is most commonly regulated as either a currency or a commodity, and is legal to use (with varying levels of restrictions) in all major economies.

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Bitcoin's origin, early growth, and evolution

Bitcoin is based on the ideas laid out in a 2008 whitepaper titledBitcoin: A Peer-to-Peer Electronic Cash System.

The paper's detailed methods "allow any two willing parties to deal directly with each other without the need for a trusted third party." Deployed technologies solved the ‘double cost’ problem, enabling scarcity in the digital environment for the first time.

The listed author of this paper is Satoshi Nakamoto, a hypothetical nickname for the person or group whose true identity remains a mystery. Nakamoto released the first open source Bitcoin software client on January 9, 2009, and anyone who installed the client can start using Bitcoin.

The early growth of the Bitcoin network was driven primarily by its usefulness as an innovative method of value transactions in the digital world. There were early advocates and largely 'cypherpunks' - individuals who advocated the use of strong cryptography and privacy-enhancing technologies as a means of social and political change. However, speculation about the future value of Bitcoin soon became an important driver of adoption.

The price of Bitcoin and the number of Bitcoin users increased in waves in the following decade. As regulators of large economies provided clarification on the legality of Bitcoin and other cryptocurrencies, a large number of Bitcoin exchanges established banking connections, making it easier to convert local currency to and from Bitcoin. Other businesses have established strong custodial services, making it easier for institutional investors to come in contact with assets, as a growing number of high-profile investors have signaled their interest.

What is Bitcoin Used for?

At its most basic level, Bitcoin is useful for value transactions outside of the traditional financial system. People use Bitcoin, for example, to make international payments established in a faster, more secure location than legacy settlement methods such as Swift or ACH networks.

In the early years, when network adoption was low, Bitcoin could also be used to settle small-value transactions, and compete competitively with payment networks such as Visa and MasterCard (which, in fact, stabilize transactions long after the sale). . However, as Bitcoin became more widely used, issues of scaling made it less competitive as a medium for exchanging small-value items. In short, settling small value transactions became prohibitively costly due to limited throughput on the ledger and lack of access to second tier solutions. This supported the story that the primary value of Bitcoin is less as a payment network and as an alternative to gold or 'digital gold.' Here, the argument is that Bitcoin derives value from a combination of technological advances, covered with ‘built-in-the-code’ monetary policy and its powerful network effects. In this context, the theory of investment is that Bitcoin can replace gold and potentially become a form of "pristine collateral" for the global economy.

Another popular story is that Bitcoin supports economic freedom. It is said that, on an opt-in basis, an alternative form of money that integrates strong protection against devaluation by (1) monetary confiscation, (2) censorship and (3) blocking inflation. Note that this story is not mutually exclusive to the 'Digital Gold' story.