Currently its value for 1 Bitcoin= 6, 57,306.18 Indian Rupee. Now we know a little about bitcoin, but what about the technology that is lying behind this?
If there are so many advantages, why do people still not prefer to invest in Bitcoin?
- There are not enough Blockchain experts available in the market.
- This Technology is younger in the market. More new software’s and hardware’s are needed in the market to bring out this technology.
- Mindset of People: Having currency available only digitally is not acceptable to people. People are more comfortable handling their physical form of money, rather than handling the digital money.
Immutability means, once the data is stored in the blockchain, it cannot be changed. That prevents the chances of having fraud and corruption of data.
In 2017, Bitcoin price rose from $1000 to $19,000 and touched price 1400% higher than earlier price. But in the mid-2018 Bitcoin price has declined but now in October 2019 it found its high average price $8,000 to $9,000.
Balances of Bitcoin token are made by using public and private keys and these keys are created by using mathematical algorithms and letters. The public key acts as an account number which is given as address and to others. On this number other users send Bitcoins. On the other hand the Private Key is kept secret as ATM Pin and it is also used in same way to authorize Bitcoin transactions.