On Saturday, bitcoin recorded a record increase. Bitcoin recorded a growth of 1.32%. Now its price has increased to $ 60,555.97. Bitcoin has crossed $ 60,000 for the second time in the last 10 days.
On January 4, 2020, the price of bitcoin fell to $ 27,734. Since then, the price of this cryptocurrency has increased by 118.3%. After March 18, on April 1, bitcoin crossed the $ 60,000 price limit.
What does virtual or cryptocurrency mean?
A virtual or cryptocurrency is a type of digital currency that is generated and regulated with the help of encryption technology. The RBI or any other country’s banking regulator does not have an effective role in the process of creation, investment, transaction, or fund transfer of these currencies. There is neither the seal of any country on these currencies nor is there any kind of sovereign or government guarantee for their payment.
There are many crypto-currency prevalent around the world, of which bitcoin is the most famous.
Understand by example
Gold is a metal that has its own value. How expensive or cheap the dollar will depend on the condition of the American economy. The value of the rupee is related to our economy. The health of the pound depends on the UK economy while the yen on the Japanese economy. Apart from this, bitcoin has no value of its own. It is used for betting, only on this basis, its prices keep increasing and decreasing. More betting and more ups and downs.