Bitcoin Forecast For 23rd March 2022
Bitcoin’s current price at 10:45 AM IST on 23rd March 2022 is INR 3186501.56, a drop of -2.66% in the last 24 hours. The Bitcoin price forecast for 24th March 2022 is between INR 3097604.96 and INR 3564616.53.
According to Coindesk the market remains bullish for now. The cryptocurrency market remains strong. ETH2.0 is expected to boost Ethereum’s price.
What is Bitcoin?
Bitcoin, the world’s most popular cryptocurrency, is a decentralized peer-to-peer (P2P) digital currency. Decentralised means, the currency is not owned by a private bank or government! Which also means you don’t rely on a middle man or third party for transactions. The transaction is transparent and the network is open to anyone.
The Bitcoin cryptocurrency is denoted by a ₿ and abbreviated as either BTC or XBT. A Bitcoin is divisible into 8 decimal places. Smaller unit is called a millibitcoin or mBTC and the smallest unit is satoshis or sat. 100,000 satoshi equals 1 mBTC. 1000 mBTC equals 1 BTC.
Portmanteau of Bit and Coin, the digital currency uses a public ledger called Bitcoin Blockchain. The blockchain records all the transactions and broadcasts them to connected networks. All transactions are stored publicly which means it’s not anonymous.
Like all cryptocurrencies Bitcoin is an experimental token and is still very much in a developmental phase.
Who created Bitcoin?
This one’s a fodder for all sorts of intriguing conspiracy theories! The founder of Bitcoin seems to be a pseudonymous person/group of persons called Satoshi Nakamoto. There are some estimates that Satoshi’s account might be holding around 1 million bitcoins! Satoshi Nakamoto is also the name of a Nobel nominee in economic science from Japan. However the said person has never claimed to be the founder of Bitcoin. Another theory is that the first person to receive a Bitcoin must have been Satoshi. Unfortunately, that person Hal Finney passed away due to ALS in 2014.
Another conspiracy theory (even jokingly flouted by Elon Musk) is that Satoshi could be a group of companies. “Sa” from Samsung, “Toshi” from Toshiba, “Naka” from Nakamichi and “Moto” from Motorola. While we may never know who the actual founder is, we will forever be indebted for the incredible digital technology that has transformed the world.
The domain name for bitcoin.org was registered on 18 Aug 2008. The currency was first mined on 3rd Jan 2009 when Satoshi began the bitcoin network. Hal Finney received the first ten Bitcoins from Nakamoto. The first known commercial transaction of Bitcoin happened when Laszlo Hanyecz bought two pizzas worth BTC 10,000 from Jeremy Sturdivant.
How Bitcoin works?
Bitcoin is like a virtual kuber ka khajana that is digitally mined. Bitcoin works on a public ledger known as the Bitcoin Blockchain. A blockchain is basically a chain of blocks containing Hash of the preceding block, leading upto the first Genesis block. Each block carries a specific transaction/data. Each transaction consists of inputs and outputs.
In the blockchain, Bitcoins are registered to individual Bitcoin addresses. You can create one by picking a random private key. If a private key is lost, the bitcoin network will not recognize the evidence of ownership, rendering the holdings unusable and obliviated. About 20% of the bitcoins created have been lost uptill now.
Nakamoto set up the network such that the total number of Bitcoins never exceeds 21 million. About 3 million bitcoins are still available for mining. At the current rate, the last chunk of the blocks will be mined in 2140.
How to use Bitcoin?
Technicalities aside, how does one own a bitcoin and transfer one?
You need to create a private key. That’s a first. You also need to have a wallet to hold your virtual currencies. There are 4 types of wallets – (1) Software wallets, (2) Cold storage (3) Hardware wallets and (4) Paper wallets. You can do the majority of your transactions through crypto exchanges. Bitcoin can be used for a lot of stuff. Although it is still very unconventional, quite a few countries, companies and entities have opened doors for BTC. With the advent of Metaverse, it is here to stay as all transactions in the virtual world would be based on virtual currencies of your choice.
Top platforms and apps in India to trade Bitcoin
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible. About 20 million Indians currently hold cryptocurrency. 60% of the total crypto investors are between 18-34 year old.
India is also the second in fastest adoption of cryptos followed by Vietnam. Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country. However with growing consensus and further amendments, digital currencies will become a norm.
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange.
Here are some of the top crypto exchanges available in India.
- Binance
- Coinbase
- WazirX
- CoinDCX
- Unocoin
- Zebpay
- CoinSwitch Kuber
- OKEx
- BuyUCoin
- Bitbns