The virtual coin which does not have any central bank or a single administrator, opened the gates for making quick money.
No one up to this date is aware of who invented this digital coin, however, many speculations and names have popped up.
However, the idea of adopting bitcoin as a means to buy goods and services is still not widely accepted but there are many companies, retailers, and platforms that kept a broader mindset toward using Bitcoin as a medium of exchanging services and payments.
Bitcoin has a supply limit of 21 million BTC coins, while currently, the circulating supply is more than 19 million BTC coins.
Bitcoin stays the largest cryptocurrency in the market even when it corrected from its all-time high of $$64,863.10 on April 14, 2021.
They are allowed to be exchanged for other currencies, products, and services, however, the digital coin is criticized for its illegal transactions as well.
However, some experts have seen Bitcoin as the game-changer for the cryptocurrency market and the beginning of a new era in the trading world with a footprint of the blockchain industry expanding.
Lok Sabha approved taxation rules on virtual digital assets or “crypto tax” that was proposed in Budget 2022-23 by clearing the Finance Bill 2022.
Further, a loss incurred during the transfer of the virtual asset will no longer be allowed to set off against any income calculated under the “other” provision of the IT Act as the word “other” has been removed.
Many countries including India are exploring their own mechanisms to launch central bank-backed digital coins .
Bitcoin isn’t widely used among the locals, and chances are you will have to still rely on your country’s currency for such services.