Recently, there has been a great deal of discussion about Bitcoins being the new age money, constantly picking up prominence over the world. For individuals who don’t know about this new-age money, a Bitcoin is a set of digital code which is generated through a process called mining.
Bitcoin perse is nothing but a strip of code but has been given the status of currency all around the world because like any other currency it is used for trading, its value fluctuates on a daily basis and it is also used for making payments internationally. However, unlike conventional currencies, Bitcoins are limited in numbers. Only 21 Mn Bitcoins can be generated, out of which close to 17 Mn has already been generated.
The entry of new blockchain currencies, beginning with Bitcoin and others, is paving the way for a new world of specialised, managerial and technological innovations leading to increased opportunity for startups and entrepreneurship. Until a year ago, only a handful of startups were working in the area of Bitcoin and most of them were running exchanges. However, as Bitcoin price has surged nearly 1100% over the last year, it has got the attention of the who’s who of the technology industry.
Today Bitcoin stands at a staggering value of more than $11,000.
Furthermore, this isn’t only a wide perspective of the whole world – the situation in India is getting pace as well. There has been a fast rate of development in digital money exchange, and also the number of new companies that are engaged with it. India has seen a growth of 250% in Bitcoin userbase after demonetisation.
At present, more than 1 Mn citizens of India are acquainted with cryptocurrency and are dealing with trading of Bitcoin which in the coming years will reach nearly 10-15 Mn users. In light of this sudden rise in the number of users, the Indian Government appointed a board of trustees to investigate methods for directing the exchanging of Bitcoins and different cryptographic forms of money in the nation.