Just imagine that the government of India declares that there is no value for Rs notes/coins at all from next moment on. What would you do? Just rush to a shopkeeper and try to give out all the money you have? Doesn't look quite impressive. Shopkeeper just discards your request and he wouldn't accept your money. The next thing you do is that, you need some mode of exchange to get your daily basic needs. To do this, you gotta follow old torn out but also evergreen method i.e exchanging one type of goods with another. Now you can provide the shopkeeper some of your utilities and get some other product in return as you need. In the same way is what the bitcoin works. It's just independent of your country, your currency and believed to be the futuristic mode of exchange. No one in any part of the world would reject bitcoin then. The hungry for bitcoin is already in its full swing. Although its virtual, it has its own value.
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| A Bitcoin |
What value you ask? Well I'm afraid you would jump off your chair. Before 2011, the value of one bitcoin was just $0.30, but rose to $32 in 2011, roughly 107% increase in its value in just period of months!!! US$266 in 2013, slumped to around $50 after few days. US$1135 at the end of 2013, just three days later the value fell to US$693. As you can observe a drastic ups and downs in the value, its not quite easy to predict its value at any instant. It depends on time, demand, usage etc. As per today's(04/May/2014) review the value of one bitcoin is $431.6 . And may increase or decrease in just few hours of time.
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