Currently, a single Bitcoin is enough for you to buy 8 iPhone 11s, 150g of 24k gold or one SUV. Two Bitcoins might even convince your parents that you are better than Sharmaji’s son.
The current currency rate of 1 bitcoin is 8,093.81$, which is the highest rate of currency exchange in the world to date. Bitcoin is where your bonus bitcoin transactions are recorded for self-purpose and no government control is ensured in your account. People have gained lots of popularity and attraction to currency.
Cryptocurrencies are heavily encrypted (hence the name), making it secure. At the moment, 1 Bitcoin is worth ₹6,05,804.33.
Not accepted universally:
Bitcoin is not accepted in all the places in the world. No uniform laws have been set internationally either that can regulate Bitcoin.
Let’s take a mainstream mode of payment like Visa for example. On a regular day, Visa handles over 1736 transactions per second. It is necessary for Visa to be able to do this to support a large number of people using it. Bitcoin, on the other hand, can make a maximum of 7 transactions per second and would not be able to handle traffic as efficiently as Visa.
Unfortunately, the average man does not know a lot about Bitcoins. Those who do, may not possess the means to buy or mine them. Therefore, it is used only by a small fraction of the people out there, leaving Bitcoin far from becoming a mainstream mode of payment.