What Is Bitcoin And Its Price In India

Bitcoin is a digital currency that you can use to purchase goods and services. It was created in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto. Bitcoin has no central authority, so managing transactions are done collectively by all Bitcoin users around the world who maintain their own copy of the ledger with data on every transaction ever made. This decentralized system ensures that transactions cannot be forged or manipulated, and it also prevents any single entity from gaining control over Bitcoin (which would lead to its downfall). The price of Bitcoin fluctuates greatly depending on supply and demand, but it is possible to predict where it might be heading using some indicators. In this post, we will explore how bitcoin prices have been changing in India since 2013!

Bitcoin Price In India

The Bitcoin price in India has been changing dramatically over the past few years. Bitcoin was first introduced to the Indian market back in 2013 when a single bitcoin could be bought for about Rs 20,000. Today, however, as of 12th May 2021 one Bitcoin costs an astounding Rs. 42,04,578, That’s quite a jump in value – even more so considering that this is not an isolated incident but rather part of a general trend that began last year with gradual rises and falls before finally settling at around Rs 700000-800000.

Also Read : How To Buy Bitcoin in India

Is it safe to invest in Bitcoin?

It seems that being cautious when dealing with this currency is the best way to go. When investing in bitcoins, it’s important that you do your research and don’t put all of your eggs into one basket. It may be beneficial to invest with a friend or two so if one person loses their investment then they can help each other out.

Pros and Cons of investing in Bitcoin

Pros:

• Bitcoin is a global currency that can be traded everywhere.
• The value of bitcoin has risen by more than 300% in the last year and could continue to grow exponentially as many believe it will eventually replace cash transactions entirely.
• Bitcoin is a great way to diversify your portfolio.
• Bitcoin has low transaction fees and can be used to send money across borders without any problems, which makes it even more attractive for investors who are looking for ways to save on sending costs.
• Bitcoin has a relatively low barrier to entry and is easy to trade with others.
• Bitcoin can be bought on many exchanges using fiat currencies like USD or EUR.
• Bitcoin is a deflationary currency, meaning that the value of bitcoin will continue to rise as demand increases.

Cons:

• The value of bitcoin fluctuates wildly and as it does so traders must continually adjust their positions in order for them not to lose money.
• Due to lack of regulation by government agencies such as FINRA, there are no safeguards available if an exchange falls victim to fraud or theft – just exit scams where they shut down websites and run off with all customer funds.
• As bitcoins cannot be directly converted into cash by banks or financial institutions, investors might not have any way to access their funds in case of theft or hacking incidents.
• Bitcoin transactions can only be processed at certain intervals because they require time (on average ten minutes) before they’re verified on the blockchain network and completed. This has led some observers to conclude that we could see crypto assets being used more like stocks than traditional currencies.
• There are no guarantees about what the future holds for Bitcoins, which means there might not even be any left if major changes take place to their underlying technology or society decides they’re worth nothing at all.