Bitcoin was originated in 2009 by the un-traced person or people using a name Satoshi Nakamoto as open-source software as a reward against providing puzzle solutions. Which later Bitcoin took the form of virtual currency which has not been governing under any central bank since. This virtual currency requires neither government department from any country nor bank as an initiator and approval for transferring to one user to another user. This uncontrolled and non-supervised behaviour of Bitcoin has made it so popular in such a short period that even in just ten years, there were more than 6 million users of Bitcoin with Cryptocurrency wallet around the world. The popularity of Bitcoin gained negative attention as it has been utilized in interdicted activities. The rise of Bitcoin was also speculated as Economic Bubble by many economists.
BITCOIN AS THE WORLD CURRENCY
There is no central authority that governs Bitcoin, neither on a central server. Central Banks worldwide are already facing challenges from virtual currency created by private sectors. Till today the world has agreed closest ever on the agreement to the Gold standard in 19th century. And he raises of Bitcoin imperiled the Government regularities around the world that it could control the large share of global transactions. Such vast Impact of virtual currency has triggered many Central Banks towards research for developing their virtual currency. As of now the developments in “Digital Payments” have been accepted by many countries and moving further with Electronic or Real-time Payment Settling systems. But coming back to, Bitcoin which is now exchangeable in open out in the world. Which indescribably has proven the importance of this invisible/ virtual currency.
HIGH AND LOW OF BITCOIN
The worth of Bitcoin in the beginning says, was around 0.08 USD (July 2010). But as it had gained popularity day and night the value of this virtual currency has raised volatility. As of today, the Bitcoin has touched the high of over 40,000 USD value. But in the meantime of reaching this milestone, the Bitcoin had also faced some major crashes and downtrends. As a rough estimation, there are currently more than around 18 million Bitcoins distributed around the world, which have over 400 billion USD market capital worth. As of this week, Bitcoin has just dived and dropped nearly 5,000 USD unpredictably.
LAWS & FUTURE OF BITCOIN
Bitcoin is a form of virtual currency introduced through unknown source form the private sector. It does not have any accountability for its value fluctuations. The rise and drop of this virtual currency are mainly based on trust, forecasting and anticipations of its users. As we have mentioned earlier since no government department or any central bank around the world has control over Bitcoin. Bitcoin draws attention to law enforcement due to its growing authenticated, illegal purchases for the advancement of criminal activities. Many countries have brought banned and penalties on an exchange of this virtual currency. Apart from this Bitcoin has shown the world the perks of online transactions over traditional methods. 2020 being difficult year could also not slow down the pace of Bitcoin reaching the high of all time.