One thing that prospered during the tough time was Bitcoin and other Cryptocurrencies when it comes to Pandemic. Even in countries like India, we saw a good buzz around digital coins. Some of them even came forward to support the task of Pandemic relief by donating whopping amounts, and one of these includes Vitalik Buterin, who is one of the founders at ETH. He came forward to donate one Billion USD for supporting the relief work in India during the Pandemic. When it comes to helping the Covid affected Indians, many came forward to help the people using digital currencies. There are many Indians who have been negative about the idea of digital currency; however, with time, they now realize the power of the digital currency in a big way. They know that it has the power to drive the financial markets. This came through when they explored this idea of digital currencies, and checking sites like Bitcoin Boom official Site which can also unleash the same.
Cryptocurrency like Bitcoin seemed to have traded trivially in 2010 when it just came in the market, and now it has come up a whopping 65K USD this April. They were able to embark upon several newer coins that seemed to have been introduced since the launch of Bitcoin came in the market, and their cumulative market value seemed to have touched 2.5 T USD this summer. In just a few months, it was seen taking off in a big way, and their value seemed to have crossed all the limits of economies in these modern countries. The recent crackdown in China seemed to have come along with the digital currency that seemed to have given some far-reaching results. With a whopping value in terms of USD, it seemed to have created a good buzz in the global digital currency in the market ever since the Pandemic broke up this January 2020. One can see the digital currency market growing by 500% even during the Pandemic.
Talking about bitcoin, it was developed by the mystery man Satoshi Nakamoto in 2009, and soon it emerged as an independent entity. Still, there seemed some preview regarding the third party financial institution that seemed working just the opposite to the banking systems. This is the reason why it did not collapse, unlike how we see the banking and other economic systems falling. We saw the lack of faith in the current banking system, which perhaps has seen reflecting the global crisis of economic things that very year. Earlier, the governments failed to react as to how the growth of the internet is going to take place with the advent of digital currency, and it did some extraordinary stories in the current modern history that others have not tried to touch by anyway.
Talking about the country India, it has always remained with the reflex action that has not remained beyond the bars, and it has failed to understand the ban that has been reported in control. There are several law-abiding departments in terms of tax that seem to have remained vocal against the digital currency, alleging that it has become the best money laundering way out for the people working in the grey market. In the year 2018, we have witnessed the central banks like the RBI seem to have barred several financial institutions when it comes to supporting digital currency-based transactions. However, the SC seemed to have turned the table in 2020.
Yet, there have been several Indian banks that were at the forefront when it comes to transacting in digital currency. As per the regulation, one can find several serious issues being hurled over digital currencies that can be misused and that these also have volatile nature, and thus the possibility of scams remains. However, despite all these, more and more people seemed to have come forward to refute this very idea of turning things against the tide that perpetrated against digital coins. One can find a positive mindset in favor of digital currencies being hurled and garnered in the past few days. Thus a wise man in Indian politics, Mr. Shashi Tharoor, said if we miss the train of Cryptocurrency, we are going to lose at the end of the day in getting the right edge.
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