In simple words, Bitcoin can be described as a digital currency that is not bound by any countries governments or bank. On the other hand, INR is the official currency of India and is controlled by the Reserve Bank of India. The exchange rate of 1 BTC to INR of bitcoin is very high. The exchange rate of 1btc is equaled to 6,06,854.47 INR. This is a very shocking stat for people who don’t know why bitcoin is a better currency than any other.
The Reason Why Bitcoin Is Better Than Indian Currency
Bitcoin can be considered like gold which is not possible to be created arbitrarily. It is created by the process called bitcoin mining. The value of any currency is determined by the demand and supply factors of it. But the value of bitcoin is not directly affected by the factors of demand and supply. There are a total of 21 million bitcoins. This means the supply is lower but the demand is very high. thus the price is very high due to so much demand but very less supply. It makes it clear why 1BTC to INR is so high.
The reason for such high demand is the simplicity and its popularity as a cryptocurrency. It is valued much higher than other cryptocurrencies or any normal currency. A cryptocurrency is considered a good option for exchange in outside country trade and bitcoin is really proven to be a high valued currency.
