5 Bitcoin facts you don’t know yet!
A lot is happening around Bitcoin and other cryptocurrencies in India in recent times. Let’s take a look at a few Bitcoin facts that could possibly refresh your financial perspectives.
BITCOIN — This is a word that is on everyone’s lips and it has created a humongous buzz among millions across the world.
A lot is happening around Bitcoin and other cryptocurrencies in India in recent times. It’s a new asset class that has grabbed many eyeballs and there are talks about regulating cryptocurrencies in the country.
But let’s not dive deep into much of that. Let’s instead take a look at a few Bitcoin facts that could possibly refresh your financial perspectives.
1. Bitcoin is legal in India
While some countries like Bolivia, Russia, Vietnam, and China have put a complete ban on Bitcoin transactions, this doesn’t stop the tech-smart population from having access to Bitcoin.
Although crypto in India has received a positive response, it’s still unregulated in nature. The government will move forward to regulate cryptocurrency as an asset class but there’s one thing that’s clear, and let’s call it out loud- Bitcoin is legal in India.
2. Bitcoin founder is a mystery
Bitcoin was introduced to the world in 2009 by an anonymous identity called Satoshi Nakamoto. Some believe it’s one individual, while some say it’s a group of individuals. To date, there’s been no concrete conclusion.
While the internet is filled with theories about who Satoshi Nakamoto is, all we can say is that he has set a milestone in the financial history of mankind with the introduction of Bitcoin, a decentralized digital asset, which is not controlled by a central authority.
3. Bitcoin is limited
Bitcoin is NOT unlimited; only 21 million Bitcoins can be mined. Out of which, 18.5 million Bitcoins are already mined and the majority of it is in circulation. So, unless something impossible happens, only 21 million Bitcoin can ever exist.
4. Bitcoin is legal tender in El Salvador
El Salvador became the first country to accept Bitcoin as legal tender on 7th September 2021. While El Salvador had one of the lowest incomes per capita in Latin America, residents can now pay their taxes in Bitcoin and businesses can’t refuse to accept Bitcoin.
5. Bitcoin Pizza Day
In 2010, a California resident bought two pizzas for 10,000 Bitcoins, which were roughly worth $41 at the time. But it turned out to be the most expensive pizza in history!
1 Bitcoin costs around ~₹44 lakhs today, so you can do the maths!
Fun facts aside, crypto is a volatile market, so you must do your research before investing. Buying Bitcoin is not rocket science, and you don’t need Crores of rupees in your bank account either. You can start buying Bitcoin from as low as ₹100 on CoinSwitch.