Bitcoin the latest market talks around the country and seems to be attracting a lot of people towards it. People think what bitcoin is? How are people around the world investing in it and making millions? Is it even legal in India?
Where many countries are still uncomfortable with bitcoin, India also agrees with them. The Reserve Bank of India or RBI and the Indian government are not comfortable with cryptocurrencies. The RBI official Sundershan Sen on September 13 in 2017 said made an official statement saying that “It is uncomfortable with cryptocurrencies like bitcoin and other.” As the digital market took over a 50percent of their trading in the last 13 days.
So, as we can after reading this that Bitcoin is illegal in India. But that doesn’t stop the investors in investing in Bitcoin. Well, let’s start with basics and see how to invest in bitcoins.
What is Bitcoin?
Bitcoin is a cryptocurrency, a form of digital currency that can be used worldwide in the form of trade and exchanges. It uses cryptography for the regulation of the currency generation unit. In 2009 bitcoin was introduced to the world by an alias named Satoshi Nakamoto. Bitcoin is the first to be the most valuable among the cryptocurrencies. Many people even made billions with it. It doesn’t require a bank for buying and selling.
The Winklevoss Twins who are known to make an eccentric entry into the American Business World. They in 2013 loaded $65 million in bitcoin and became the first virtual currency millionaire. Many people said they were naïve and laughed at them, but in Dec 2017 their stockpile of the bitcoin was worth over $1.3 billion.
How to Invest in Bitcoin in India?
Bitcoin in the past few years has risen to become the high valued cryptocurrency around the world. But how do you invest in Bitcoin and start making money or as the trader say start mining? Well, here are the steps to illegally spend and make money in Bitcoin.
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#1. Download a Bitcoin Wallet
Bitcoin can be purchased online and is stored online in a wallet in the form of digital currency. These wallets are very secure as they act as a bank for your digital money. You have many different exchanges available India like Zebpay, Coinbase, Unicorn, etc. Be careful while selecting these wallets. Select them based on their security, features, the platform they can be used on and many other that the company provides.
#2. Create an Account
After selecting one of the providers of the bitcoins to create the account in it. This account will help you in buying and selling of the bitcoins. This account is a secure place to store your bitcoin, make secure payments to others, convert your local currency into bitcoin and vice-versa.
#3. Start Buying and Selling
When your account is open, you can start buying bitcoin this will open the exchanges and rates of purchasing a bitcoin. Well, when you start buying the prices of bitcoins might be high, and you could only buy a fraction of a bitcoin. But don’t worry once you buy it, you can use it for buying things online, or you can start mining.
With the Prime Minister Narendra Modi ideology of making the country cashless, people are being attracted toward this digital form of cryptocurrency money which can be used anywhere around the world.
The demonetization has attracted many people to bitcoin which in turn lead to a 200% rise of users in India’s Leading Bitcoin Exchanges. The CEO of Unocoin bitcoin wallet said that after the demonetization the demand of cryptocurrency has risen.
How much return will you get?
The decentralized virtual currency which took the world by a blizzard has seen a rise of more than 300% in one year. The value of bitcoin sky rocked when Japan declared to official pass a law to make bitcoin transaction as a legal payment method.
In India despite the Reserve Bank of India or RBI hesitant to accept the cryptocurrency, the interest in Bitcoin has not become less. In fact, after the demonetization, people started to look for ways to invest money, and this lead to many companies like Zebpay and Unocoin has seen a tremendous growth in their user registration.
The value of Bitcoin is difficult to go down as there is the insufficient amount of Bitcoin available and every day many new people are investing in the cryptocurrency market.
The Technology Behind Bitcoin. The Blockchains
Despite the RBI being reluctant about the Bitcoin, the technology behind the cryptocurrency has caught the eye of many. Blockchain has the potential to transform several industries and make the transaction more secure, transparent and democratic. Many financial professionals are investing in this Blockchain technology and making the country open to it.