Bitcoin is the electronic money, thus there are not any coins and physical notes. It’s decentralized: without any authority or government rules over BTC, this belongs to nobody. Bitcoin can be exchanged on internet between two people without going through the third authority: it’s peer 2 peer. This has got no geographic limits, clauses or caps whatsoever when calculating 1 btc to inr.
Cost of Bitcoin in India: Why Bitcoin price is increasing
June rally of BTC has again displayed why no cryptocurrency might come close for being as good asset as the Bitcoin is. For the blockchain technology-based firms, it means the whole world. There is no wonder that Facebook has some clear goals with the Libra, the main one is banking 1.7 billion of unbanked people. What is apparent to even layman is Libra certainly will push up the cryptocurrency adoption that is one main reason why BTC is seeing the rapid and stable growth in the price right now.
Next factor behind this jump in BTC price is the Bitcoin reward halving, which is 9 months away. Halving will decrease mining reward from over 12.5 – 6.25 BTC, and creating the scarcity in amounts of bitcoin. Thus, demand increases. Last time BTC reward halving happened at 2016, Bitcoin price had the significant upward rally. The process, with precious metals in which Bitcoin shares the significant number of the common points, is known as mining.
Price of BTC is fixed completely by the supply & demand.
Lesser risks for the merchants
BTC transactions are safe, irreversible, and don’t have any sensitive and personal details. IT protects merchants from the losses that are caused by the fraud and fraudulent charge backs.
It is quick
BTC transactions are fast when compared to other banking channels. The bitcoin transaction is fast and will be processed in 10 minutes.