Bitcoin is a cryptocurrency, which is a digital asset working as a medium of exchange using cryptography for controlling its creation and management, rather than relying on central authorities or financial institutions. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
Who developed bitcoin?
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper – Bitcoin: A Peer-to-Peer Electronic Cash System, and created and deployed bitcoin’s original reference implementation. Satoshi Nakamoto’s Bitcoin White Paper is now 13 years old.
The bumpy bitcoin ride:
Over time bitcoin with volatile trading history, has undergone rapid growth to become a significant currency both online and offline unlike in 2009 when the value of one bitcoin was effectively worth $0 when it was first introduced to be traded for free between early adopters. It has undergone several rallies and crashes since the beginning.
The first such instance occurred in 2011. The price of Bitcoin jumped from $1 in April of that year to a peak of $32 in June with a marginal improvement in following years by 2015.
In 2013 a crash occurred towards the end of the year. In early October, the cryptocurrency was trading at $123.20 which by December spiked to $1,156.10 followed by an immediate fall to around $760 after three days.
A price bubble occurred in 2017 when cryptocurrency was hovering around the $1,000 price range at the beginning of the year and after a period of brief decline during the first two months, the price charted a remarkable ascent from $975.70 on March 25 to $20,089 on Dec 17.
In 2020, when the economy shut down due to the pandemic Bitcoins again witnessed a burst in their prices. The shutdown due to pandemic and subsequent government policy fed into investors’ fears about the global economy and accelerated Bitcoin’s rise. In Nov 2020, Bitcoin was trading for $18,353 from which by March of 2021, Bitcoin prices reached new all-time highs of over $60,000. On November 5, 2021, bitcoin again reached its all-time high of $68,521.
India to pass a cryptocurrency bill
Towards the end of November 2021, according to a government bulletin the official bill “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” to regulate the digital currency, is to be introduced in the Parliament during the winter session that starts on November 29. The bill includes, India launching its cryptocurrency and banning all other private cryptocurrencies. Amid this news of cryptocurrency being regulated by the government soon, the crypto investors were in a panic mode. The prices of Bitcoin, Solana and other cryptocurrencies fell after the announcement but rose slightly the next day.
Bitcoin was trading at Rs 43,69,008 in the Indian market as shown on crypto trading website WazirX which was slightly up from the 34,00,000 mark which was the world’s largest cryptocurrency registered on November 24. Bitcoin fell more than 13% on the Indian exchange site WazirX. Cryptocurrency prices in the Indian market declined up to 20 per cent as investors were in a panic mode and began selling their assets. At the time of publishing this story, Bitcoin was trading on $54145 that is Rs 41,03,649 as on the WazirX exchange.