Price of Bitcoin (BTC) in 2020

Bitcoin Price in India (INR)

Bitcoin is an electronic money, so there are no coins or physical notes. It is decentralized: no authority and no government rules over Bitcoin, it belongs to no one. Bitcoin is exchangeable on the internet between two individuals without going through a third authority: it is peer to peer. It has no geographic limits, caps or clauses whatsoever.

Price of Bitcoin (BTC) in India: Why BTC price is rising

The June rally of Bitcoin has once again shown why no other cryptocurrency may ever come close to being as good an asset the BTC is. While there could be a multiple reasons why Bitcoin prices are constantly rising, including the long-standing price congestion being a minor one, we studied the major ones and found a good probability of the market continuing this way.

The very recent "Facebook’s Libra coin launch” has stolen at least a glance from all the major organisations in the world. For blockchain technology-based companies, it means the world. No wonder Facebook has clear goals with Libra, the primary one being banking the 1.7 billion unbanked people. What’s apparent enough to even a layman is that Libra will certainly push up cryptocurrency adoption, which is one of the reasons why Bitcoin is seeing a rapid but stable price growth at present.

Another reason why BTC is right on fire is Donald Trump once again locking horns with the Chinese dragon. The president of the United States, Donald Trump has imposed 25% on Chinese imports worth around $200 billion. This caused a massive wave of uncertainty among stock traders, who ended up dumping their stocks and investing in the digital gold with the intent of hedging.

A third factor behind the BTC price jump is Bitcoin reward halving, which is about 9 months away. The halving would reduce the mining reward from 12.5 to 6.25 BTC, thus creating a scarcity in the amounts of BTC. As a result, demand increases. The last time reward halving happened in 2016, BTC price had a significant upward rally.

Bitcoin Price in July 2019

Started out lower than where its price closed in June 2019, BTC opened at Rs.8,55,000 approx. The momentum looks good and the trading volume is still good, which shows that the ‘Bull’ is still breathing.

Bitcoin Price in June 2019

Opening at Rs.6,26,000 approx., the price of digital gold climbed as more buyers rush into the market. With a massive 28% approx., growth in the price of BTC, the current price of BTC on 30th June 2019 is Rs.8,71,348.

Bitcoin Price in May 2019

BTC crossed the Rs.4,00,000 mark in the beginning of May 2019 and displayed excellent steady growth throughout the month. It's 31st May 2019 and BTC is well above Rs.6,00,000 mark, continuing the run at Rs.6,23,000; an incredible 55% approx., growth in a month.

Bitcoin price in February 2018

Bitcoin relapses from INR 644,042.50 on 1 February 2018 and it’s price rose up to INR 688,759.27 on 28 February 2018.

Bitcoin price in January 2018

Bitcoin relapses from INR 900,299.60 on 1 January 2018 and it’s price plunged down to INR 637,142.41 on 31 January 2018.

Bitcoin Price in December 2017

Bitcoin relapses from 7,09,339 INR on 1st December 2017 which was due to disconnection of Bitcoin cash from Coinbase and it's price plunged up towards 9,47,519 INR on 31st December 2017.

Bitcoin Price in November 2017

Price of Bitcoin surged down to 4,55,433 INR on 1st November 2017 and steadily scaled up to reach 6,71,327 INR on 30th November 2017 as there was a commotion on the split of the Bitcoin network.

Bitcoin Price in October 2017

Although Bitcoin Gold was launched but due to its low acceptance globally, Bitcoin started at 2,83,894 INR on October 1st 2017, whereby following market trends it has bounced back to 6,71,327 INR on 31st October 2017.

Bitcoin Price in September 2017

After reaching 2,90,829 INR on 1st September 2017, it was a huge run for Bitcoin following news alerts that China would be shutting down their crypto exchanges which led to 2,80,628 INR on 30th September 2017.

About Bitcoin

The Bitcoin network is secured by minors who check all the transactions made on the network. Bitcoin is based on verified and secure transactions: it is a cryptocurrency. All Bitcoin network transactions are recorded and anyone can access it at any time. The source code of Bitcoin is open, anyone can consult it.

At a time when more and more alternative payment services are emerging, the Bitcoin protocol has some characteristics that make it unique, even in the face of modern, fast and secure payment methods.

Decentralization

To say that Bitcoin is decentralized means that no company, no state, no organism controls it. Like e-mail or the web, it's only a technology that anyone can use.

This implies in particular that it can never change the conditions of use, since no company controls it. The only way to modify the Bitcoin protocol is to establish a consensus between the community of its users, which will only accept modifications improving the protocol.

Because the system is decentralized, it is impossible to attack any point to destroy it. The database containing the entirety of all Bitcoin transactions exists in tens of thousands of copies distributed throughout the world.

Open Source

Anyone can check Bitcoin's source code for errors or loopholes. In this, the protocol is collectively secure by the entire community. If problems are found, they are treated quickly and efficiently, and not slipped under the carpet.

Any programmer can also propose modifications or evolutions of the protocol. They are then discussed publicly, and potentially accepted by consensus.

Scarcity

The total number of bitcoins has been set at 21 million. This number is etched in the protocol itself, and the monetary creation in the world of Bitcoin is governed by an algorithm that increases the number of bitcoins in a regular and orderly way. This process, by analogy with the precious metals with which Bitcoin shares a significant number of common points, is called mining.

Bitcoins are traded on public platforms, with mechanisms close to trading floors. The price of Bitcoin is fixed solely by supply and demand.

More Features about Bitcoin

Bitcoin is both a currency and a payment system, and the most innovative way to exchange money at low cost.

BTC is an international digital currency, allowing you to pay for purchases anywhere in the world, instantly, without going through a bank, without disclosing the details of your credit card. It is an extremely reliable currency, used by millions of people.

Bitcoin is also an unprecedented decentralized system of exchange management, ie a bankless and yet very reliable money system.

• Fast, economical and without borders: Payments are done in seconds, between neighbors or from one end to the other of the connected world.

• Decentralized and controlled: Bitcoin does not belong to anything or anyone, it is a common tool, as is the Internet, whose management is provided collectively by its users. The money supply of bitcoins is strictly regulated, avoiding hyperinflation and other money creation abuses.

• Secure and transparent: As soon as sent, your payment is unfalsifiable. All Bitcoin transactions are recorded in a public database, the Blockchain, whose data and code are available to everyone.

Since the Bitcoin database is stored in thousands of powerful computers and laptops around the world collectively, it can be considered as a single large computer because they all have the same database and can communicate with each other. Collectively, they have so much computing power that by sharing them (and the database with money and programs), they can be an incredibly powerful multi-service data center for the world at large.

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