Bitcoin completes 10 years: How 15 paise investment became Rs 4 lakh; all you need to know

Bitcoin, the most popular cryptocurrency, has completed ten years. Nobody knows for sure who invented it; it was just one person or a group of persons but it is known that Bitcoin was for the first time posted on a cryptography mailing list. When it was first mined, its value was just $0.003 dollar or 15 paise per Bitcoin. However, now, Bitcoin’s value is $6,366 or Rs 4,68,251.13.

On December 17, 2017, when it reached its highest price ever, it was trading at $19,343.04, which was about Rs 12 lakh. Bitcoin’s growth in rupee terms has been a whopping 31,21,67,233%.

Here’s all you need to know about Bitcoin
The founder of Bitcoin is known as Satoshi Nakamoto but nobody knows who it is. Satoshi Nakamoto posted a paper called Bitcoin: A Peer-to-Peer Electronic Cash System on a cryptography mailing list. Later, it became an open source community project.
The first commodity ever bought, reports say, by Bitcoin was Pizza. Then the cost of pizza was 10,000 Bitcoin.
Last reported, Santoshi Nakamoto owns some $ 7.5 billion worth of the crypto-currency.
Last year, it surged from $2,200 in July to $19,000 in December. However, soon it began tumbling and fell to as low as $5,000 before recovering. The reasons for its fall were attributed to many countries declaring it illegal and the launch of Bitcoin’s futures.
Bitcoin has hit headlines for its criticism by many bankers and businessmen. While Nobel laureate Paul Krugman called it an ‘evil’, top banker Jamie Dimon said labeling it a ‘fraud’.
Bitcoin is not a legal tender in India. Moreover, the Reserve Bank of India (RBI) has imposed a ban on a virtual ban by asking every entity regulated by it to cut ties with anyone or any organization dealing in Bitcoin.

Financial Express contributed this story