Bitcoin, whose price topped US$2,000 per coin for the first time in May, has arguably entered the mainstream. You can actually use it to buy stuff now, at retailers such as Microsoft, OkCupid and even Subway.
Bitcoin in simple words digital currency. Which is limited in supply. It is neither legal nor illegal in India. There is no one behind it people are behind it. 21 million coins. Owned by people. Blockchain is a public platform. It's decentralized. Noone can control the supply. Since it is limited in number. If demand is more than supply obviously the price do shoot up. This is the thing happening with bitcoin
Bitcoin paved the way for the inception of the world of cryptocurrency, and it remains firm at the top of the list. It is the highest valued cryptocurrency, surpassing the rest by a wide margin. It operates on a peer-to-peer system, facilitating direct transactions. The transactions are verified by network nodes, and they are recorded in a public distribution ledger called the blockchain.
There are already almost half as many transactions on the Ethereum blockchain as the Bitcoin blockchain, and Ethereum is growing exponentially, while Bitcoin has reached its maximum capacity for now. Cryptocurrencies, like social networks, have extremely strong network effects. As the adoption of Ethereum continues to grow, its utility and value will grow exponentially.
A you can see from chart above, Bitcoin was experiencing rapid growth until the beginning of 2017. The following chart of the Bitcoin mempool will explain why the growth has flatlinued.