Bitcoin is the world’s first cryptocurrency launched in 2009. It was created by an anonymous person or a group of people using the pseudonym Satoshi Nakamoto. Till today, the identity of Satoshi Nakamoto is not known. Bitcoin operates on a peer-to-peer basis, meaning there is no middle man and it is decentralized so no group of people, countries, or individuals can manipulate or control it. Bitcoin has been around for more than a decade and its prices have grown exponentially during this time from less than a dollar to an all-time high of $69,000 (₹55,25,306) in November 2021. With a finite supply of only 21 million Bitcoins, only 2 million Bitcoins are left unmined. The remaining 19 million are in circulation.
Bitcoin is just like the normal fiat currency of a country but it has no physical embodiment. It can be used as a mode of payment to purchase goods and services if the retailer accepts them. Bitcoin’s utility has grown so much over the years, that it is on par with fiat currencies when it comes to using it as a currency. From a Florida man trading Bitcoins for pizzas in 2010 to major companies and food chains now accepting Bitcoin, it truly has revolutionized the entire digital finance space. So, simply put, Bitcoin can be used as a payment mode and you can use it to buy food and clothing, pay bills and taxes and even use it to book flights and hotels.
Bitcoin is decentralized which means there is no central authority. No individual, group of people or government has control over Bitcoin. While it may look like developers can tamper with the network’s protocol or miners can foul play for their advantage, they cannot influence or manipulate Bitcoin. The peer-to-peer nature of the network restricts any form of centralized power. So, to answer who controls Bitcoin, it is everyone, who is part of the Bitcoin ecosystem. If any changes are required it is the whole Bitcoin community that decides on the future of Bitcoin.
Bitcoin is built on the Bitcoin blockchain. Bitcoin is a crypto coin which means it has its own blockchain. Crypto tokens, on the other hand, do not have their native blockchain and are built on top of an existing blockchain using a smart contract. The Bitcoin blockchain is a distributed, public ledger that contains the history of every bitcoin transaction.
The current price of bitcoin is ₹ 19,46,654 . We update our BTC prices in real-time to help you make the best trading decisions based on the market. Please note that crypto is a volatile asset and prices may change in a matter of seconds.
You can buy Bitcoin from a crypto trading platform like CoinSwitch. All trading platforms have their own compliance rules, for example, to start buying or selling Bitcoin with CoinSwitch, users must complete the mandatory KYC procedure, provide government-recognized identity proof and have a bank account. So, in order to buy Bitcoin, make sure you comply with all the procedures and start trading seamlessly. You can check the current BTC to INR rate to buy Bitcoin.
There are 2 Million Bitcoins left to mine. The creator of Bitcoin fixed the total number of supply of the first cryptocurrency at 21 million Bitcoins. And in the past decade more than 90% is already mined and in circulation. However, it will take another 120 years to mine the remaining Bitcoins. The extensive time gap is due to Bitcoin halving. Bitcoin halving is a regulative measure in the mining process that ensures that the block rewards for mining are cut in half every four years. This is to ensure that Bitcoin does not turn inflationary and cause its value to drop. At the moment, the mining reward per block is 6.25 Bitcoin. It will fall to 3.125 BTC per block in 2024.
The main purpose of Bitcoin is to act as a digital currency that people can send over the internet. It was created with an aim to be an alternative to fiat currencies but without the control of any central authority or governments. The traditional way of sending money across countries requires and lot of formalities and it is time consuming as well. Bitcoin’s purpose is to eliminate third parties involved and allow seamless cross-border transactions faster and cheaper.
Despite its popularity and widespread utility there are pros and cons of Bitcoin.
Bitcoin is secured by the underlying blockchain technology. The blockchain technology that Bitcoin is built upon was designed in a way to make it impossible to breach its security. While it might not be impossible to breach Bitcoin, it is extremely difficult to hack Bitcoin’s security due to its features like cryptography, public blockchain, decentralized, and permissionless. So far, Bitcoin has not faced major security issues like other cryptocurrencies and continues to stay on the top of the crypto market undefeated.
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
A simple explainer can be a pretty rare thing in a realm as complicated as the cryptosphere. That’s what we are here to change—one article at a time.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Bitcoins are a form of cryptocurrency or digital currency. There's no way someone can steal bitcoin; it's stored on a public ledger that's available to everyone in real-time.
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