Bitcoin price recorded Rs 29,864,162.49 in Pakistani Rupees (PKR) on December 17, 2024 (around Rs 29.86 million) after an increase during today’s trading session.
Bitcoin has seen significant increases since the United States elected Donald Trump as president, as investors expect the new administration to implement more crypto-friendly policies.
It is worth noting that in 2018, the State Bank of Pakistan (SBP) issued a notice warning commercial and public banks against using cryptocurrencies such as Bitcoin or Litecoin.
What is Bitcoin?
Bitcoin is a virtual currency created from computer code. Unlike a real-world unit such as the US dollar or the euro, it does not have a central bank and is not backed by any government.
Instead, it is controlled and regulated by the Bitcoin user community. Proponents say this makes it an effective alternative to traditional currencies because it is not subject to the whims of a state that might devalue its money to boost exports, for example.
Just like other currencies, bitcoins can be exchanged for goods and services – or for other currencies – as long as the other party is willing to accept them.
Read more: Bitcoin to PKR: Bitcoin price in Pakistan; November 25
Where does it come from?
Bitcoin was launched in 2009 as a cryptographic program written by someone using the Japanese name Satoshi Nakamoto.
Last year, secretive Australian entrepreneur Craig Wright said he was the creator of bitcoin, but some have cast doubt on his claim.
Hundreds of other cryptocurrencies have followed, but bitcoin is by far the most popular, with more and more merchants accepting the digital currency for payments.
Transactions occur when highly encrypted codes are passed across a computer network. The network as a whole monitors and verifies the transaction in a process that aims to ensure that a single bitcoin can’t be spent in more than one place at a time.
Users can “mine” bitcoins – bring new coins into existence – by running their computers through increasingly complex and difficult processes.
However, the model is limited and only 21 million units will be created.
Note: The price of Bitcoin is volatile and subject to sudden fluctuations. Talk to an expert or a trustworthy exchange for the latest prices and financial guidance. Decisions made with this information are not our responsibility.
