Bitcoins have worth it because they are helpful as a form of cash. Bitcoin has the properties of money (durability, convenience, interchangeability, rarity, divisibility, and widespread recognition) that are based on mathematical rather than physical properties (as in the case of gold or silver) or trust in central authorities (as in the case of fiat currency). In short – Bitcoin is based on mathematics. In addition to these attributes, 1 btc to inr only trust and acceptance are required to bring value through the form of money. As with any currency, the value of bitcoins comes only and directly from people wanting to accept them as payment.
What influences the price of bitcoins?
The price of bitcoin depends on the supply and demand for this currency. When demand increases, so does the price; the same applies – when demand falls, then the price decreases. Since the Bitcoin market is relatively small, only a small amount of resources is needed to cause market fluctuations 1 btc to inr – the price of bitcoins can, therefore, be described as very susceptible to fluctuations.
Can bitcoins lose its value completely?
Yes. History knows many cases of currencies that have not stood the test of time and are no longer used. Although previous currency failure was generally caused by hyperinflation, which is impossible with Bitcoin, there is always the likelihood of technical errors, competing currencies, political problems, and so on. As a general rule, no currency should be considered absolutely safe from errors or other issues. Over time, Bitcoin has proven to be safe, and there is still a huge possibility for its growth. However, no one can forecast what future Bitcoin will face.