There’s usually a degree of ceremony that surrounds money. Forms are stamped, counters are guarded, and offices close precisely when one most needs them. In India, this ritual is familiar and mostly trusted, shaped by decades of banking custom and central oversight. But Bitcoin enters the room without acknowledging any of it. It does not queue nor does it explain itself. It simply exists and carries on.
Bitcoin was introduced in 2009, in the aftermath of a financial crisis that left many people wondering who exactly had been minding the shop. It proposed removing the need for a central authority by replacing trust with verification. Instead of believing a bank’s word, participants would rely on a shared record that anyone could inspect. It was an idea with the modest confidence of something that assumes it will be ignored and builds itself anyway.
A Ledger That Can’t Be Manipulated
At the heart of Bitcoin sits the blockchain, a public ledger that records every transaction since the system began. Rather than being stored in a single place, copies exist on thousands of computers around the world. These computers are called nodes and they behave like stubborn archivists. They check every new entry and refuse anything that looks suspicious.
For readers who follow markets, the contrast can feel almost philosophical. The Bitcoin price in INR flickers sharply on a phone screen, reflecting nerves about interest rates or global growth, with real-time values often tracked on Binance. Beneath that agitation, the ledger ticks along at a steady pace, accepting transactions only after broad agreement. This separation between price movement and record keeping is what allows Bitcoin to function without a central administrator.
This agreement is known as consensus. It means that no single computer decides the truth. The network does. If a transaction does not meet the rules, it is quietly ignored. There is no appeal process, no escalation email, and no sense of personal offence.
Mining Without Romance
The process of adding transactions to the blockchain is called mining. The word suggests pickaxes and drama, but the reality is closer to competitive accounting. Miners use computing power to solve mathematical problems. The first to solve the puzzle earns the right to add a block of transactions and receives Bitcoin as a reward.
This is often criticised for its energy use, and the criticism is valid. The Cambridge Centre for Alternative Finance estimates that Bitcoin consumes around 120 terawatt hours of electricity each year. The figure is debated but widely cited. That energy use serves a purpose. It makes altering the ledger prohibitively expensive. In place of a trusted institution, Bitcoin relies on cost and incentive. Cheating is costly. Honesty pays just enough.
The Absence of a Committee
Bitcoin does not answer to governments because its rules are written into code. There will only ever be 21 million bitcoins. This limit cannot be adjusted during an emergency or revised after an election. For people used to central banks managing supply, this rigidity can feel unsettling.
This design leaves regulators in an awkward position. Bitcoin is not issued by a state, does not represent a company, and does not fit neatly into existing categories of financial assets. This lack of central control also explains why Bitcoin transactions cannot be reversed. Once the network agrees, the decision stands. There is no customer service desk to negotiate with. Although this can sound unforgiving, it allows it to be consistent.
When Institutions Take Part
For all its independence, Bitcoin has evolved into more than a fringe curiosity. The approval of spot Bitcoin exchange traded funds in the United States marked a shift in tone. According to The Wall Street Journal, these products attracted billions of dollars in a short period, drawing pension funds and asset managers into the market.
This gradual acceptance echoes a remark made by Richard Teng, CEO of Binance, who observed that global adoption often starts ‘with a single domino.’ Now that crypto is being recognized as a legitimate financial instrument within one of the world’s largest retirement systems, the question is no longer what but when. Any other reading of the situation would be one made ignoring its obvious momentum.
Why Bitcoin Keeps Turning Up
Its demise has been declared many times, but Bitcoin always survives, mostly through repetition. Every few minutes transactions are checked, grouped, and recorded. The process neither speeds up for good news nor slows down for panic. It simply continues.
Yi He, co-founder of Binance, has described this steady change by saying that crypto is not just the future of finance, but a force that is already ‘reshaping the system one day at a time.’ The reshaping is happens in a more subtle way than you’d expect.
For Indian readers trying to make sense of Bitcoin, this perspective matters. It is not a replacement for banks so much as an alternative way of coordinating trust. Some find this techy innovation jarring, but equally, its viewed as a breath of fresh air. In a world accustomed to asking for permission, Bitcoin’s most unusual feature may be its indifference.
