Islamabad, Feb 18: The price of Bitcoin (BTC) stands at approximately Rs 26,729,861.80 in Pakistani Rupees (PKR), marking a significant value of around Rs 26.7 million. This represents a notable rise, as Bitcoin continues to capture attention across the global financial landscape.
In a recent announcement, the leading cryptocurrency exchange, Coinbase, exceeded profit forecasts for Q4, primarily driven by a surge in trading volumes of Bitcoin and other digital assets following the U.S. presidential elections. The election results, particularly the victory of Donald Trump, led to an unprecedented interest in cryptocurrency, with many investors anticipating crypto-friendly policies under the new administration. Bitcoin’s price surged beyond $100,000 during the quarter, demonstrating its growing appeal as an investment asset.
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Despite these global advancements in cryptocurrency, it’s important to note that the State Bank of Pakistan (SBP) has historically been cautious. In 2018, the SBP issued a warning to commercial and general banks, advising them against facilitating transactions related to cryptocurrencies such as Bitcoin and Litecoin.
What Is Bitcoin?
Bitcoin is a decentralized virtual currency, created using complex computer code. Unlike traditional fiat currencies like the US dollar or Euro, Bitcoin is not backed by any central authority or government. Instead, it operates on a peer-to-peer network, where its users govern and manage it. Supporters argue that Bitcoin offers a more efficient alternative to conventional currencies because it’s not influenced by national governments that might devalue their currency to improve exports, for instance.
Just like traditional currencies, Bitcoin can be used to buy goods and services, or exchanged for other currencies, provided the recipient agrees to accept it.
Origins of Bitcoin
Launched in 2009, Bitcoin was created by an anonymous individual or group under the pseudonym Satoshi Nakamoto. While Australian entrepreneur Craig Wright claimed to be the true creator of Bitcoin, doubts about his assertion persist within the community.
Since its inception, hundreds of digital currencies have emerged, yet Bitcoin remains the most widely recognized and utilized. An increasing number of businesses and online platforms now accept Bitcoin and other cryptocurrencies as payment methods.
Transactions are conducted when encrypted codes are transferred over a vast computer network, which collectively monitors and verifies each transaction. This process ensures that no single Bitcoin can be spent twice. Bitcoin can also be “mined” through the process of solving complex computational puzzles, though the total supply is capped at 21 million coins, creating scarcity.
Bitcoin’s value is volatile, often experiencing sudden and drastic changes. For the most accurate and current price updates, it is essential to consult trusted financial sources and exchanges. It is advisable to seek expert advice before making any investment decisions.
