Bitcoin, the world’s largest cryptocurrency, continues to fly. It has crossed 5 thousand dollars in the last 24 hours and reached 56 thousand dollars (about 40.50 lakh rupees). Bitcoin now holds a new record, reaching 60 56609. Let us tell you that since Tesla’s company Elon Musk has invested in cryptocurrency bitcoin, its flight has not been named.
Just two days ago, the price of Bitcoin was Rs 17 51737 which was around Rs 38 lakh. Prior to this, bitcoin prices reached a new record high on Wednesday. Its price exceeds $ 52,000. The previous day, bitcoin crossed $ 50,000 for the first time. It hit $ 52,577.50 on Wednesday, but has since risen 6.3 percent to 23 52233.
How it is bought and sold
You can buy Bitcoin online (peer-to-peer) from a crypto exchange or directly from someone. The second medium is quite dangerous and can be used by cheaters too. It is important to note that its exchange is not regulated by any means but in India they are placed under the civil and criminal laws such as the Contract Act, 1872 and the Indian Penal Code, 1860. Before investing in them, check where the registered address of the exchange is and whether it is included under Indian law. Some exchanges also follow KYC and anti-money laundering procedures.
Bitcoin travels in the crypto world
Bitcoin is the world’s largest cryptocurrency with a market capitalization of approximately 350 billion. It was launched in 2009 at a time when the world was in crisis. Based on solving mathematical calculations, computers created components in addition to bitcoin. This calculation gets more complicated each time the component is added. One of the most interesting aspects of this virtual currency is that its accounts are placed in the public ledger simultaneously on thousands of computers. This is in sharp contrast to the process of counting traditional currencies on banks’ servers.
- The digital currency bitcoin came in 2009. Its price first reached $ 1 on February 9, 2011
- At 10 am Indian Time on 20 February 2021, its price reached $ 56015.
- On Wednesday, February 17, 2021, it hit the $ 52,577.50 level.
- It rose to 22 48226 (9 February 2021).
- The price of Bitcoin has increased 8-fold since March last year.
- Its market value has increased by more than 700 billion billion since September 2020. In the last three months, the rate has risen nearly 200 percent.
- This year, bitcoin has grown by more than 70 percent.
How to Divide a Profit on Bitcoin
BitCoin was initially used by tech professionals or freelancers, in which they were paid a small sum in the early years. By 2017, it had become an investment product when its price increased 20 times, and in December 2017 it earned $ 20000 (12.6 million rupees). It declined sharply in 2018 and cost Rs 2.3 lakh per unit. After Kovid struck in March 2020, it drew back. It has now reached Rs 13.97 lakh per unit.
Cryptocurrency trading is legal in India
Investing in cryptocurrency in India is neither perfectly legal nor has any restriction on it. In 2018, the Supreme Court rejected the ban imposed by the RBI. Media reports said that a bill to curb all cryptocurrencies would be brought to parliament in 2019, but it was never tabled in parliament. Advocates said the bill was too difficult to pass.
The Modi government is preparing to ban all cryptocurrencies including bitcoin and bill
What are the risks associated with it
The share price in the stock market is determined by the profit margin of the company or the profitability of the bond, but not by bitcoin. There is no basis for determining its price. These are people who assert that in other investment resources such as gold, no value is associated with their price. Huge fluctuations in the price of bitcoin can be quite stressful. In a major development, PayPal Holdings Inc. has allowed its users to place cryptocurrency in the wallet.
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