Bitcoins, the recently launched digital currency, has officially reached its peak value in the past 3 years, as announced on Friday.
The advantages of it have increased ever since a shortage of cash in India had sprouted up as a direct result from eradicating large bank notes from being exchanged last month.
In the past month, the Bitcoin trading has gone up by 9% in the past month alone, which has been the highest since February 2014, trading as much as $774 as of on the New York’s itBit exchange system.
Bitcoin’s Use as Currency
Bitcoins serve as a substitute for cash, as the advantages of them include transporting money globally at a rapid rate, and no type of central authority need be contacted or met with to process the dealings for this sort of web-based money.
In 2015, the use of the Bitcoins had gone up by about 35%, but currently it has far exceeded that and rose up to 80%.
The Indian Prime Minister, Narendra Modi claims that the reason he has dismissed the large rupee notes of 500 and 1,000 were mainly to tackled corruption he said that was becoming far more apparent within the country.
He also added that people have been creating sham bills out of them, and even used them to fund militias who plot several terrorist attacks in India, creating even more controversy.
The bills that were dismissed by the Prime Minister had amounted to a whopping $256 billion.
The Bitcoins value has seen a fluctuating transition, surging beyond $1,300 in the year 2013, but has been in a stable state for the past 6 months, maintaining a value above $500. This is contrary to back in 2015, when the currency value had plummeted to $150 USD.
The value of the digital currency continues to have explosive and impulsive outbreaks every now and then.