Even non-crypto currency users are familiar with the term “Bitcoin”, while Polygon or Matic have not yet spread in the true sense of the word. One wonders why Indians trust foreign cryptocurrencies more than their cryptocurrencies.
Bitcoin is the best-known and oldest virtual currency. Bitcoin is often used to circumvent exchange controls not only in China but also in Greece and elsewhere. Bitcoin has become very popular in India. This year, Bitcoin trading in rupees has exploded, with more than 2,500 Indians trading bitcoins every day. The 86% demonetization of the Indian currency on 8 November sparked an explosion of interest. According to some estimates, the number of bitcoins traded in rupees is now the third-largest after the US dollar and the Japanese yen. The price of bitcoin has soared over the past year as trading volumes have increased. In January 2016, the price of a bitcoin was $429 per coin, and this month it reached a high of $4,969.
The Details of Bitcoin
Bitcoin data stood at 4969,000, up from 496,000 at the time of writing.
Virtual coins are designed to allow transactions between strangers without the intervention of governments or central banks. Each bitcoin consists of a unique computer code. Each coin can be divided into fractions, and these fractions are identified by a unique code. The smallest fraction is named “Satoshi Nakamoto” in honour of its creator. Each coin and its owner can be identified by a combination of private and public keys. The public key, known to all, identifies the coin. But only the owner knows the private key and can therefore identify himself. In other words, the owner is the owner because he has the private key.
The Details of Matic(polygon)
The Polygon network, which originated in India, was built by four software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. Polygon is becoming the “Ethereum blockchain internet” and is becoming a practical choice for some new special projects, as Ethereum 2.0 is still under development. It has gained popularity as customers and developers appreciate the platform’s huge throughput and low fuel consumption.
Bitcoin’s popularity vs Matic (Polygon).
This common notion of growing popularity is based on the idea of “going with the flow”. Most cryptocurrency buyers tend to go with the flow. Sandeep Nailwal, co-founder and COO of Polygon (formerly Matic), backed by Mark Cuban, said in an interview that most of the cryptocurrency community is still invested in speculative assets. This is why many people are buying bitcoin. Polygon, on the other hand, is a technology-driven platform with a robust infrastructure and a focus on growing and expanding the ecosystem of blockchain developers. As a result, Polygon, Ether, and similar technology-based commodities are favored by tech-savvies, understand cryptocurrency technology better than speculation and view cryptocurrencies as a long-term investment category. Bitcoin’s popularity stems from the easy availability of trading platforms, a lack of understanding of cryptocurrency technology, and the recognition of well-known individuals.