Bitcoin, the first cryptocurrency has brought a revolution in the field of the payment system and has opened the door for the blockchain system to be a part of the day to day life. More and more people are now adopting bitcoin and many MNC’s have also started accepting bitcoin as a payment for their products.
After its birth in 2007, the bitcoin saw many ups and down. Bitcoin started at the value of US$1=1,309 BTC and soon in mid of 2011 it reached US$1=1BTC. The bitcoin then took an extraordinary leap and its value rose to an unbelievable US$17000=1BTC, the world was in awe and the experts of the market called it a start of a new era of cryptocurrencies, after bitcoin, many new cryptocurrencies took birth like Ethereum, Monero etc. Now the bitcoin value is US$9260=1BTC.
After Japan gave it acceptance the countries like the USA, Canada etc. welcomed bitcoin with warm hands and gave permission to people and organizations to deal in bitcoin mining and trading. According to NASDAQ, currently many companies like Microsoft, subway, PayPal etc. are accepting bitcoins some countries who had shown a negative approach towards bitcoin have allowed the citizen to mine and do trading of bitcoin under the rule of law and have made it taxable.
Sudden rise and fall in the prices of bitcoin have made many people worrisome about the future of bitcoin as some people fear that bubble of bitcoin will burst soon but few enthusiasts believe that bitcoin is not only a digital currency but it is going to be a guarantee of trustworthiness of digital currency. They believe that bitcoin mining has a peer to peer connectivity which means a transaction between the two parties is direct and role of a middleman is cut out making the process fast and efficient.
In Indian scenario, there are many organization and individuals who deal in mining and trading of bitcoin and currently, the price of bitcoin is at INR₹6,16,501=1BTC. Though the government is yet to decide regarding the acceptance of bitcoin there are many companies in India which accept bitcoin as a mode of payment for example Reload.in, Indsoft.net, etravelsmart.com etc. Slowly but exponentially the number of merchants and businesses in India are adding bitcoin to their list of payment as they believe it to be a currency of future. The common folks are also taking interest in bitcoin mining and trading as it yields high profits.