Non-crypto users may be familiar with the term “bitcoin”, while Polygon and Matic are yet to become viral in all senses of the word. It is easy to see why Indians believe in foreign cryptocurrency more than they do their own.
Bitcoin’s Popularity
Bitcoin is one of the oldest and most popular virtual currencies. Bitcoin is widely used to bypass currency controls not only in China but also in Greece and other countries. Bitcoin is very popular in India. The volume of rupee trading in Bitcoin has exploded this year, with more than 2,500 Indians trading bitcoins every day.
Interest in bitcoin has exploded since the November 8 demonetization of 86% Indian currency. According to some estimates, rupee-denominated Bitcoin trades generate the third largest volumes of bitcoin transactions after the Yen and the dollar. As trading volumes increased, bitcoin prices shot through the roof. Bitcoin was trading at $429 per currency in January 2016. It reached $4,969 in February 2016.
Bitcoin Details
The virtual currency was created to facilitate transactions between people who didn’t know each other. There is no oversight from central banks or governments. Each bitcoin is made up of unique computer codes. Each bitcoin can be divided into fractions, and each fraction is identified with unique codes.
In honor of its creator, the smallest fraction is called the “Satoshi”. A combination of private and public keys can identify each coin and its owner. The coin is identified by the public key, which everyone knows. Only the owners have access to the private key, which allows them to identify themselves. Or, to put it another way: owners are the owners because of their private key.
The Details of Matic, Polygon
Polygon – An Indian origin network, Polygon was created by Jaynti Kanani (Sandeep Nailwal), Anurag Arjun (Mihilo Bjelic) The startup is located in Mumbai. Polygon, which is described as “Ethereum’s Internet of Blockchains”, is emerging as a viable option for a few exceptional projects. Ethereum 2.0 is still in development. Because of its high throughput and low gas costs, it has been popularized by developers and clients.
Bitcoin is more popular than Matic (Polygon).
This idea of “going with the trends” is the basis of the whole concept of cryptocurrency’s growing popularity. The majority of cryptocurrency buyers follow the trend. In an interview, Sandeep Nailwal (previously Matic), Co-Founder and COO at Mark Cuban-backed Polygon, stated that most of the crypto community still invests in speculative assets.
This is why so many people are buying Bitcoin. Polygon is a platform that is technology-driven and has a solid infrastructure. It focuses on expanding the ecosystem of blockchain developers. Polygon, Ethereum and similar tech-centric goods have been preferred by people who understand crypto technology and consider it a long-term investment option. Bitcoin’s popularity is due to its accessibility to trading platforms, the lack of understanding by people about crypto technology, as well as endorsements from famous figures.