Bitcoins are the cryptocurrency that came into light in 2009.Bitcoinsare digital currency that works online as cash. There are codes encrypted on bitcoins that makes them special and valuable. They are basically computer files which are used as money in online transactions to purchase goods, products and services, where the payment medium is offered. They don’t have a central bank to administrate the processingand can be sent from user to user onpeer to peer on bitcoin network without any need of arbitrators.
The bitcoin can be purchased with the real money or in exchange of goods and services. People fascinate them because they have no government or bank attached to it. They can spend their bitcoin price anonymously, though all transactions are recorded but the account numbers are not in the public domain.
There has been news doing the rounds that the bitcoins are being used in illegal activities like purchasing drugs and other illegal commodities, since they don’t have any accountability towards the government and the banks. Many of the countries including India had banned the use of bitcoins in April, 2018.
The value of bitcoins:
On 4 March, 2020, the supreme court of India has overturned the central bank order on barring the banks for providing the services to the crypto companies. The ban has been revoked giving fresh air and life to the crypto companies in India. 1 bitcoin price equals to a whopping 6,70,737.94 Indian Rupee.
According to the economists, bitcoins have negative effect on the economy since they are unregulated. Most of the countries have now started a parallel markets for the crypto currencies in unison with thereal money to come to a compromise. The motive is to bring both the real currency and crypto currencies in running the market. They have come up with certain modules for the crypto currencies where they have their value intact and the flow supervised.