The New Market Brought By India'S "Waste Note Order": Bitcoin Has Skyrocketed, Creating A New High In The Past 3 Years.

According to the world

Shoes and hat nets learned that in November 8th, India's prime minister Modi announced the abolition of 500 and 1000 rupees two large banknotes. This "waste note campaign" made the cash that accounted for 86% of the total circulation of India money turned into "waste paper". In recent days, a large number of India people had exploded the nearby bank outlets, and the ATM teams were also lined up on the main street.

Now 1 months later, India's economy is beginning to be affected, and 90% of India's pactions are carried out.

Completed, the cash /GDP ratio has reached 12%, which is about four times the BRICs of Brazil, Mexico, South Africa and other countries. Due to the slow progress of the exchange of new bills, the real estate industry, which needs a lot of cash to complete the paction, has been seriously affected, while bitcoin has soared to the sky and hit a new high of nearly 3 years.

On Friday, the US itBit trading platform showed that bitcoin closed at $774, a record high in February 2014 and a 9% rise in one month.

On Sunday, data from the Unocoin's largest bitcoin exchange in India showed that 1 bitcoins could be exchanged for 57348 rupees, about $850.1, and a 9.8% premium over the dollar - settled bitcoin exchange rate.

In the early September, the premium of bitcoin to rupee was only 3%.

Bitcoin is a kind of virtual currency. Unlike traditional currencies, bitcoin does not rely on specific agencies, and users get it by using complex computers called "mining machines".

In order to control the overall circulation of bitcoins, inventor Ben Cong originally designed the bitcoin system, and stipulated that after producing 210000 blocks, the output of bitcoin would be halved.

In July 9th this year, bitcoin announced that the second production was halved, and the reward for each block changed to only 12.5 bitcoins.

As the total number of bitcoins increased, the manufacturing rate of new coins slowed down until the total limit of 21 million was achieved.

The extreme polarization of the rich and the poor in India is due to the fact that most financial pactions are completed through cash. This provides conditions for tax evasion and taxes, and boosts the growth of the "black economy", which is why Modi decided to "hurt the killer".

At the same time, in order to eradicate roots, India also demanded heavy taxes on deposits that could not prove the source of income.

So many Indians thought of the bitcoin with anonymity, security and hard regulation.

Bitcoin is built on the basis of block chain (Blockchain) protocol, that is to say, if the bitcoin is regarded as currency, then the block chain is the bank, maintaining absolute fairness.

This feature also determines that bitcoin pactions are backed up on millions of servers around the world without tampering.

The so-called anonymity is that anyone can build a wallet, which is equivalent to a bank account without leaving personal information, but it also makes it the best tool for illegal activities such as drug trafficking and money laundering.

No rise or fall.

Volatility is inevitable, especially for the market with a total market value of only $10 billion.

In April 2013, the debt crisis broke out in Cyprus. The price of bitcoin broke through 250 US dollars for the first time.

In November 2013, the United States publicly admitted the legitimacy of bitcoin for the first time. At the end of the month, bitcoin broke the $1000 mark and was close to the price of one ounce of gold.

In December 2013, the Central Bank of China banned bitcoin, and the domestic three party payment agencies did not support the pfer and withdrawals of bitcoin trading platforms. The price of bitcoin dropped nearly 60%, and finally rose 53 times (13.59 US dollars -730 US dollars).

The bitcoin market crashed in 2014, down 57% throughout the year, Xiong Bula.

Main February

Trading platform (Bitstamp, Mt Gox and BTC-e) suffered a large-scale distributed denial of service attack (DDoS attack), and bitcoin fell by 35% during the Spring Festival.

In April, Zhou Xiaochuan, governor of the people's Bank of China, said that bitcoin was not like a currency payment.

In May 10th, China hosted the global bitcoin summit. After that, bitcoin doubled in a month and a half, but it hit a dead end after hitting the highest point in June. At that time, the US government auctioned off 29 thousand and 600 bitcoins worth 18 million US dollars when it seized the world's biggest online black market "Silk Road". Since then, DELL, Paypal and Microsoft have announced the acceptance of bitcoin pactions.

In the end, bitcoin collected about $310.

In 2015, the bitcoin market rose first and then rose nearly 40% throughout the year.

Less than half a month into the new year, bitcoin suffered a head-on blow, down 37%, of which 20% fell in January 14th, the largest single day decline in two years, the first time since October 2013 fell below the 200 dollar pass.

At that time, the Bitstamp platform was attacked by hackers, and nearly 19 thousand bitcoins were stolen, and the market was in panic.

Buffett also suggested keeping away from bitcoin, saying that bitcoin is just a way to pfer money, and its intrinsic value is almost zero.

In August 19th, the price of bitcoin trading platform Bitfinex appeared "flash crash", and the price of bitcoin dropped by nearly 14% in 30 minutes.

In October 22nd, the European Court ruled that the pactions of bitcoin and other virtual currencies would be exempt from VAT. Bitcoin recovered the land lost in the same month and hit the high of 480 US dollars in November. Finally, bitcoin was collected at about $430.

Bitcoin reproduced "mad cow" in 2016.

Before May this year, bitcoin was traded near $450, and the trend was steady.

With the closing of the 6.50 pass on the shore dollar in May 13th, Chinese buyers began to enter the market. The two bitcoin trading platforms, namely, the currency and the OKCoin account for nearly 90% of the global bitcoin pactions, and bitcoin rose nearly 80% in the same month, approaching 780 US dollars.

Since then, in the United Kingdom off the European referendum, the rival currency centering organization The DAO attack, Bitfinex nearly 120 thousand bitcoin theft and other events under the influence, bitcoin higher price in late September dropped 1/4.

Since October, the renminbi has weakened again. With the RMB / USD continuing to refresh its six year low, bitcoin has been rising again under the impetus of Chinese buyers. Now, with the accession of India's "tyrants", bitcoin has successfully broken the high point in the year, and now it has risen 75% compared with last year's closing price.

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Shoes and hat nets.