Bitcoin price crosses Rs 3 lakh mark in India

There are around 100 odd crypto currencies traded globally but bitcoin is still the most popular

The value of bitcoin, a leading crypto currency, crossed the Rs 3-lakh mark on the Indian exchanges on Tuesday.

At present the price quoted on Zebpay, the oldest and largest bitcoin Indian exchange, is Rs 3,16,000 per unit while globally it is trading at $4,600. On Unocoin, another big Indian exchange, it is quoting Rs 3,04,000 per unit.

There are around 100 crypto currencies traded globally but bitcoin is the largest and most popular. 

The crypto currency market in the past couple of months has risen 70 per cent to $164 billion, and the share of bitcoin, which in the beginning of August was 50 per cent, has fallen to 46 per cent.

The reasons for the booming market are several, the foremost among them being the implementation of new software, which has improved trading efficiency.  In India interest in crypto currencies has been rising despite all talk of the government planning to regulate the market.

Sandeep Goenka, co-founder of Zebpay, said: “Prices are rising because interest in crypto currencies is increasing globally. Apart from that, the activation of Segwit on the bitcoin network, which is a major software upgrade, opens the door to many new features in future.” 

Segwit is helping faster transactions. Since this is now being implemented, interest has risen. Some attribute the rise in bitcoin to geo-political uncertainties. 

The newest crypto currency, Bitcash, is also making news. Initially it was trading at around $600 but fell by two-thirds in days. But it has picked up and is now trading at around $575.

Goenka said: “Since Bitcoin is an open-source project, anyone can make a new version of it. The important part is that there should be enough players in the market to want it.” 

Bitcash is a new version of Bitcoin. Investor interest is intact in India and prices are quoting at a premium of Rs 15,000.