Current bitcoin 8 connections from BTC to INR. History of Bitcoin in India along with historical charts and exchange rates in Indian Rupees. We offer an easy way to compare the price of bitcoin to INR with our charts and currency exchange rate. Bitcoin aka Internet Money aka Future of Money is the talk of the town.
If you haven’t been living under a rock for the past 6 years, you must have heard about Bitcoin by now. Bitcoin has come a long way after debuting in 2009 when the financial crisis was still underway. Back then one Bitcoin was worth less than a dollar. There were some scalability innovations that took place and the price per Bitcoin reached the highest in over two and a half years.
Bitcoin is a great deal for small businesses. When you swipe your card every time you shop, the store has to pay a hefty card processing fee. Those fees significantly shrink when customers shop using Bitcoin. Also in developing countries where people don’t have bank accounts but do have phones, Bitcoins can play a major role in how people transfer money to one another. Though, a vast majority of India is still unaware about Bitcoin.
In a bid to fight corruption and terrorism, on November 8, 2016, Prime Minister of India Narendra Modi shocked the nation by demonetizing Rs. This resulted in long queues at the ATMs and banks for weeks. There was not enough cash with the banks to dispense. People holding cash could deposit their money in the bank accounts or exchange for new Rs. 2000 notes before 30 December. What options do these people have?
Let go all of their money? Well some of them did exactly that. Old notes were found floating in the river. What did government do to curb this? They started raiding gold jewellers. When gold wasn’t working, people were buying silver which significantly increased the demand of silver.
With gold and silver being targeted by authorities, these souls saw Bitcoin as a safe haven. As compared to other countries like the US, the UK and China where the total Bitcoin trade value is around Rs. 700-800 Bitcoin traded every day. This is where Bitcoin’s true potential lies. Bitcoin exchanges in India, said that post demonetization his exchange is now adding about 50,000 new users per month and the queries have gone up by 30 percent. We hail the unprecedented move by PM Modi’s vision for a cashless and corruption free India.
More people have started looking at Bitcoins and interest has surged. We are working hard so that Bitcoins and this technology can help fulfill the government’s dream. As mentioned earlier, countries like the US and China with large liquid Bitcoin markets, can lead the global price, but when a smaller market experiences a big change it doesn’t trigger a global effect, and it creates arbitrage opportunities. The demand in India was so high that Indian Bitcoin price was nowhere close to rest of the world’s. 100 premium on Indian exchanges creating huge arbitrage opportunities. Lots of people in the know that had bank accounts in India and the US took advantage of the situation.