Despite the pandemic, the prices of the bitcoin didn’t fail to rise. Many cryptocurrencies, including bitcoins, bloomed during the pandemic. Currently, bitcoin is fueled by bitcoin, which has a capital of more than 1trillion USD. Bitcoin is considered the “big bully” in the crypto market, as it is responsible for 69% of the market value.
Five months ago, the value of bitcoin was Rs 6,00,000, and today’s price is rs25,00,000. Bitcoin’s value rose almost 400% in the last six months. The second-largest cryptocurrency, Ether, rose nearly 1000% within a year.
Crypto Currencies prices are getting higher day by day as it is considered a safe place to invest and trade. It’s free from inflation and has nothing to do with the market’s volatile nature.
Its been in the news that public companies are also converting their cash into cryptocurrencies. An American Payment Company, Square, bought bitcoins worth 50million USD. Several other companies like Microstrategy and many other corporates converted their money to cryptocurrencies to add more merit to the Currency value.
A global corporate, PayPal, will launch the buying and selling of cryptocurrency, namely, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
It becomes difficult to access the amount present in the blockchain, so you can also use the waves lite client wallet platform to log into the website and deal with several crypto tokens and blockchain wallets.
The central part which the news and the journals have not covered is the halving of Bitcoins. The number of coins that the miners receive for adding new transactions to the blockchain is cut in half. This will now diminish from 12.6% to 6.25% and will halve again in 2,10,000 blocks. Bitcoin halving occurs once every four years, and the third bitcoin halving took place this year.
Halving the bitcoin lowers the inflation rate every four years, which becomes another added advantage for the corporates to invest in. Bitcoin mining is done by one block of transactions and adds to the network gets some bitcoins awarded as a reward every ten minutes.
This reward is 6.25 BTC per block. The bonus gets half roughly after four years or after 2,10,000 blocks are mined. It doubles the total Currency available to the real Currency making it hard to come by.
Currently, only a 21million Bitcoins are available, but the demand would increase as more and more people will be aware of it. Bitcoin holds more than half of the market’s capital, and the price may affect other currencies differently.
Digital Currency can be used to store value, and it also can act as a mode of exchange. It has established quite a few assets over the decade. The public cannot use Digital Currencies for transactions. Still, they are willing to buy crypto due to its deflationary nature, making it better to store value.
Earlier, RBI had banned cryptocurrency, but its investors had a notable surge when the ban lifted off. Now, everyone is using it to invest money and 2x and 3x in no time.