Bitcoin prices reach all time high, currently around ₹1.10 crore:Almost doubled in the last one year; its value was once zero rupees

Bitcoin’s price has crossed Rs 1.10 crore for the first time. Today, on October 5, this cryptocurrency made an all-time high. In 2009, when a person named Satoshi Nakamoto created it, its value was close to ₹ 0. This means, if you had invested less than one rupee in Bitcoin at that time, its value today would be more than Rs 1 crore. Bitcoin’s first major price increase occurred in October 2010. This was when the price of one Bitcoin started to rise after remaining stable at around $0.10 (approx. Rs 8) for a long time. By the end of the year, it reached $0.30. By 2013, its price had crossed $1000. In today’s terms, this price would be around Rs 87 thousand in rupees. Full details of Bitcoin in QA… Question 1: What are the reasons for Bitcoin reaching its high? Answer: It is at an all-time high due to economic, political, and regulatory changes: Question 2: What is Bitcoin and how does it work? Answer: Bitcoin is called the “gold” of the digital world. It is a digital currency that operates without the control of any bank or government. That is, it is decentralized. No single authority has control over it. Bitcoin is not a physical coin or note, but a digital code that resides in your digital wallet. Just as you send messages on WhatsApp, you can send Bitcoin anywhere in the world via the internet. Their number is also limited. Bitcoin works on blockchain technology Question 3: How does Blockchain work Answer: Think of blockchain as a chain of blocks. Each block is like a page of a copy containing a list of transactions (e.g., Aditya sent 100 rupees to Vikram). When a block is full, it is locked and linked to the previous block. Computers called nodes verify and store this information, ensuring it is correct and secure. Blockchain is also very secure because it uses mathematics and code to protect data. Since many computers keep a copy of the blockchain, it is difficult to hack. Question 4: Why is Bitcoin called digital gold Answer: A special feature of Bitcoin is that its total supply is 21 million. No more Bitcoins will ever be created. This rule is already embedded in its technology. If Bitcoins were created unlimitedly, just as printing more notes increases the prices of goods, the value of Bitcoin could decrease. Due to this limited supply, it is called “digital gold” because it is rare and valuable. Question 5: What is the difference between Bitcoin and fiat currency Answer: Fiat currency is a note or coin that the government prints, like a 500 rupee note in India. If the government declares that this note is no longer valid, as happened during demonetization in 2016, its value can become zero. But, Bitcoin is like gold which has its own intrinsic value. This is because it is also rare like gold and cannot be controlled by the government. Earlier, people used to buy things by giving grain or gold. Then the government printed paper notes. Initially, the value of currency was based on physical resources like gold or silver. The more gold you had, the more currency you could print. Then the condition of physical backing was removed. That is, the government can print as many notes as it wants. But this increases inflation. Bitcoin changes this entire system. Question 6: Is buying Bitcoin risky Answer: Yes, Bitcoin can be risky. Its price fluctuates a lot. Forgetting the wallet password can also lead to loss of Bitcoin. Additionally, some countries may make strict rules for it. Question 7: What are the advantages and disadvantages of Bitcoin Advantages: Disadvantages: Question 8: What is the future of Bitcoin Answer: If more people and companies use Bitcoin, it can become even bigger. It can become like regular online money, but new technology and government permission are necessary for this.