BitCoin : The Future of Currencies...
Posted: Sun Dec 17, 2017 4:02 pmBitcoin – Past, Present & Future
Initially, the valuation of genesis coins was Rs.6 per coin. Total coins were 50 so the total valuation of Bitcoin was Rs. 300. Initially, the supply was more and there was no demand as nobody knew or believed in Bitcoins. Handful of developers and hackers were interested in Bitcoins and they were collecting them (mining them). But, as the awareness and the demand grew, the price of the Bitcoins started rising. By Nov. 2010 INR 25. By Feb. 2011 1/4th of the total supply of bitcoin was created (mined) i.e. 5250000 and price reached to the level of US dollar (INR 45) then the Euro, then the Pound. 2012 it reached $10(INR 550), but by November it came down to $2(INR 110).
It showed huge quick gain and long period of fall down continued. WordPress began accepting Bitcoins on 15th of November, 2012, in countries and places where credit card companies or banks were not providing services. 2013 was the year of Bitcoin. From low to high Bitcoin rose by more than 100 times in just a year. The all time high of $32 (INR 1750) was shattered by February to scale to a new high. In March, it crossed $100 (INR 5430) for the first time, only to fall back again to $72. Over the next six months the range was flat. Then the Chinese market started speculating and the price passed $263 (INR 14465). In next 15 days, it doubled again to more than $500(INR 28000). In another few days, it doubled again to reach at $1242(INR 74520). Then, for a long time, there was a quite & lull period for almost 4 years . In November 2017, Bitcoin broke its all time high to achieve INR 1,00,000 mark for the first time. Then it dropped again. In just 14 days, in May 2017, Bitcoin grew from 1,10,000 to 2,34,000. On 14th of August, 2017, it reached 3,04,000. On 1st of September, 2017, it reached 3,66,000. Bitcoin’s market capital has crossed $77 Billion (INR 5000000000000). The ransom ware attacks and the demand for it through Bitcoins was considered as one of the major reasons. As this book goes for publishing, the value of one Bitcoin is at Approximately Rs.3,66,000. In Just 7 years, Bitcoin has achieved unthinkable heights. It took 70 years for IBM to reach to its first billion-dollar mark, Bitcoin has achieved it in less than 3 years. Many big and reputed companies are now accepting Bitcoins as a Payment . WordPress, Microsoft, Expedia, Dell are amongst the few fortune 500 companies that are accepting Bitcoins on their websites. Many exchanges were hacked, many coins lost, but as the publicity and acceptance kept growing Bitcoin continued its upward move. Smart app, IPad app, European conference, USA conference, every now and then, there were new developments happening in the gamete of Bitcoin. After looking at the numbers, you might think that Bitcoin must have exhausted its potential but the global experts are betting big on Bitcoin and other Cryptocurrencies . Zee News in DNA covered Bitcoin in details and in one of the predictions, Bitcoin is expected to reach Rs. 6,70,000 by the end of 2018. The book, ‘Bitcoin: The Future of Money?’ by Dominic Frisby predicts that if 1% of all the global electronic transactions start happening with Bitcoin, the value of Bitcoin will be around half a billion i.e. Rs 3.3 Crores. That’s 100 times rise from the current price . It might sound impossible and far stretched but looking at the impressive performance of Bitcoin in the past 7 years, we cannot neglect these predictions completely.