India, April 5 -- On March 11, 2020, bitcoin was valued at around $8,000. By the end of December, it had risen nearly four times to touch $29,000. And by mid-March 2021, it had further doubled to $60,000 levels. To understand this surge, let us return to the basics.

In October 2008, Satoshi Nakamoto released a research article, Bitcoin: A peer to peer electronic cash system, on the internet. This was after the failure of Lehman Brothers, which, in turn, led to the global financial crisis. The 2008 crisis led to a complete breakdown of trust and raised questions about the cultural norms of the financial firms.

As the existing system of fiat currencies and banking was seen as corrupt and manipulated by a few, Satoshi's vision was the crea...