Bitcoin Forecast For 27th May 2022
The current price of Bitcoin on 26th May 2022 (10:40 AM IST) is INR 24,28,763 with a change of -1.03% in the last 24 hours. Bitcoin price forecast for 27th May 2022 will be between INR 2118963.23 and INR 2437931.93
BTC has again fallen below the $30k mark. Midweek BTC is still bearish and showing a downward trend in the charts.
The RSI of Bitcoin too is weak According to Crowd Wisdom analysts BTC’s overall outlook looks negative However what is heartening is that the crypto is trading uncoupled from NASDAQ as it slumped yesterday with major stocks of social media giants slumping
Cryptos are taxable in India from April 01 2022 Click here to know more about the new crypto taxations
Disclaimer: This forecast is based on various independent online sources and is not intended to be used as financial, legal or tax advice
What is Bitcoin?
Hailed as renaissance of finances, world’s most popular cryptocurrency Bitcoin is a decentralised peer-to-peer (P2P) digital currency Decentralised means, the currency is not owned by a private bank or government! Which also means you don’t rely on a middle man or third party for transactions
The transaction is transparent and the network is open to anyone
The Bitcoin cryptocurrency is denoted by a ₿ and abbreviated as either BTC or XBT
A Bitcoin is divisible into 8 decimal places Smaller unit is called a millibitcoin or mBTC and the smallest unit is satoshis or sat
100,000 satoshi equals 1 mBTC 1000 mBTC equals 1 BTC
Portmanteau of Bit and Coin, the digital currency uses a public ledger called Bitcoin Blockchain
The blockchain records all the transactions and broadcasts them to connected networks All transactions are stored publicly which means it’s not anonymous
Like all cryptocurrencies Bitcoin is an experimental token and is still very much in a developmental phase
Who created Bitcoin?
This one’s a fodder for all sorts of intriguing conspiracy theories! The founder of Bitcoin seems to be a pseudonymous person/group of persons called Satoshi Nakamoto There are some estimates that Satoshi’s account might be holding around 1 million bitcoins! Satoshi Nakamoto is also the name of a Nobel nominee in economic science from Japan However the said person has never claimed to be the founder of Bitcoin Another theory is that the first person to receive a Bitcoin must have been Satoshi Unfortunately, that person Hal Finney passed away due to ALS in 2014
Another conspiracy theory (even jokingly flouted by Elon Musk) is that Satoshi could be a group of companies
“Sa” from Samsung, “Toshi” from Toshiba, “Naka” from Nakamichi and “Moto” from Motorola
While we may never know who the actual founder is, we will forever be indebted for the incredible digital technology that has transformed the world
The domain name for bitcoin
org was registered on 18 Aug 2008 The currency was first mined on 3rd Jan 2009 when Satoshi began the bitcoin network Hal Finney received the first ten Bitcoins from Nakamoto The first known commercial transaction of Bitcoin happened when Laszlo Hanyecz bought two pizzas worth BTC 10,000 from Jeremy Sturdivant
How Bitcoin works?
Bitcoin is like a virtual kuber ka khajana that is digitally mined
Bitcoin works on a public ledger known as the Bitcoin Blockchain
A blockchain is basically a chain of blocks containing Hash of the preceding block, leading upto the first Genesis block Each block carries a specific transaction/data Each transaction consists of inputs and outputs
In the blockchain, Bitcoins are registered to individual Bitcoin addresses
You can create one by picking a random private key If a private key is lost, the bitcoin network will not recognize the evidence of ownership, rendering the holdings unusable and obliviated About 20% of the bitcoins created have been lost uptill now
Nakamoto set up the network such that the total number of Bitcoins never exceeds 21 million
About 3 million bitcoins are still available for mining
At the current rate, the last chunk of the blocks will be mined in 2140
How to use Bitcoin?
Technicalities aside, how does one own a bitcoin and transfer one?
You need to create a private key
That’s a first You also need to have a wallet to hold your virtual currencies There are 4 types of wallets – (1) Software wallets, (2) Cold storage (3) Hardware wallets and (4) Paper wallets You can do the majority of your transactions through crypto exchanges
Bitcoin can be used for a lot of stuff Although it is still very unconventional, quite a few countries, companies and entities have opened doors for BTC With the advent of Metaverse, it is here to stay as all transactions in the virtual world would be based on virtual currencies of your choice
Top platforms and apps in India to trade Bitcoin
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible About 20 million Indians currently hold cryptocurrency
60% of the total crypto investors are between 18-34 year old
India is also the second in fastest adoption of cryptos followed by Vietnam Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country
However with growing consensus and further amendments, digital currencies will become a norm
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange
Here are some of the top crypto exchanges available in India
Cover Image: Pixabay