Islamabad, Feb 17: Bitcoin (BTC) is valued at approximately Rs 26,870,018.79 in Pakistani Rupees (PKR), or around Rs 26.8 million. The cryptocurrency market continues to be dynamic, with fluctuations that attract the attention of traders, investors, and businesses alike.
In a recent financial report, Coinbase, one of the leading crypto exchanges, exceeded expectations for its fourth-quarter profit. This surge in profits was primarily driven by increased trading volumes in Bitcoin and other cryptocurrencies, notably after the U.S. presidential election. Bitcoin’s rise above $100,000 during this period is largely attributed to heightened investor interest, as they anticipated more favorable crypto policies from the newly elected administration.
However, it’s important to highlight that in 2018, the State Bank of Pakistan (SBP) issued a warning to financial institutions about the risks associated with cryptocurrencies, including Bitcoin and Litecoin. Despite this, global interest in digital currencies continues to grow, with Bitcoin remaining at the forefront of the market.
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Bitcoin is a decentralized digital currency that operates without the control of any central bank or government. Instead, it relies on a community of users who manage and regulate the currency through a system of blockchain technology. Unlike traditional currencies like the US dollar or euro, Bitcoin is not backed by any physical asset or government entity, which is one reason it is seen by some as a more efficient form of money. Supporters argue that Bitcoin offers an alternative to conventional financial systems that are vulnerable to inflation and governmental interference.
Bitcoin was introduced in 2009 by an anonymous individual or group of individuals under the pseudonym “Satoshi Nakamoto.” Despite various claims, including from Australian entrepreneur Craig Wright, the true identity of Nakamoto remains a mystery. Bitcoin quickly gained popularity, and many other digital currencies followed in its wake, but Bitcoin remains the most widely recognized and traded cryptocurrency.
Transactions with Bitcoin occur through an encrypted network where codes are exchanged, verified, and recorded by users around the world, ensuring the security and legitimacy of each transaction. Additionally, users can “mine” Bitcoin by solving complex mathematical problems using powerful computers. However, the total supply of Bitcoin is capped at 21 million coins, making it a finite resource.
Bitcoin’s price is known for its volatility, with significant fluctuations that can occur over short periods. For up-to-date pricing and financial advice, it’s always a good idea to consult a trusted crypto exchange or financial expert. As the market continues to evolve, it’s essential to stay informed and cautious when investing in cryptocurrencies.
