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Can We Buy Bitcoin in India?

How to Make a Profit?

 

Hello everyone…this time we are talking about the digital currency , so if you have  question like Can We Buy Bitcoin in India? then read this post carefully…

Bitcoins are often used anywhere across the world because it’s digital and is termed to be ‘globally accepted’.

Bitcoin is an innovative payment network support the revolutionary cryptocurrency technology.

That has enabled a replacement thanks to send and receive payments over the web .

The value of bitcoin has been appreciated such a lot that one bitcoin can purchase you a 1 BHK flat during a metro city.

Yes, you read that right! One bitcoin is currently worth Rs 26 lakh, consistent with Morningstar Ratings Agency

 


In India alone, investors aged between 25 and 40 years are spending heavily on bitcoin, according to CoinDCX exchange. 

Meanwhile, the country’s largest crypto exchange, WazirX, saw a 125 percent increase in their sign-ups in the past six months. 


 

So, if you’re wondering whether investing in bitcoin is for you, read the following FAQs to know more……..

 

What is Bitcoin?

Bitcoin may be a sort of cryptocurrency that’s wont to perform transactions online

It is a bit like a mastercard but unlike any physical card, it’s virtual and can’t be felt.

So basically it is a bunch of 0s and 1s stored on several computers round the globe.

 

 

What is cryptocurrency?

To put it simply, crypto-currencies are digital currencies, which use strong cryptography to secure online transactions.

There are various sorts of cryptocurrencies, like Bitcoin, Etherium, Stellar, Ripple and lots of more.

 

Can bitcoins be used only in India?

Bitcoins are often used anywhere across the world because it’s digital and is termed to be ‘globally accepted’.

Many top companies like Microsoft, Twitch, Starbucks have already started accepting bitcoins as legal transactions.

How did the value of bitcoin increase so dramatically?

Even though bitcoin may be a virtual currency, the assembly of it incurs real cost. One has got to ‘mine’ bitcoins and this process consumes electricity.

Every miner has got to solve a sophisticated cryptographic problem and therefore the first one to crack it’s rewarded with a block of bitcoins.

So, mining is directly proportional to the expense.

The competition of solving this complex problem can make the method even costlier.

Limited availability of bitcoin has also increased its demand.

 

Over 18 million bitcoins are mined already, which leaves but 3 million.

Once miners unlock all the bitcoins, the worldwide supply are going to be tapped out.

The limited supply has fueled the bitcoin hype, which has led to a pointy increase in its price.

It is expected that, because the supply shortens, demand will increase exponentially.

Not only the availability and demand chain, but the market competition has increased the worth of the bitcoins also.

 

With the rise in demand, there’s more competition with people switching over to other sorts of cryptocurrencies.

This has led more investors into the crypto game, giving Bitcoin an whip hand with a rise in its customer base.

 

What is the minimum amount of bitcoins that you can buy?

One bitcoin today may cost you up to Rs 26 lakh but you don’t got to buy an entire bitcoin within the beginning.

You can start with as low as Rs 500 and buy a small portion of a bitcoin.

However, there’s a maximum limit to the amount of bitcoins that you simply buy – as of 8 January 2020, you’ll buy a maximum of two ,405,700 bitcoins..

 

How can we buy bitcoins in India?

Buying bitcoins in India is as easy as creating a UPI account.

You can choose any of those platforms like – Coinsecure, Zebpay, and UnoCoin .

which are widely trusted within the world of cryptocurrency.

 

What documents do you need to buy bitcoins?

As you register on the cryptocurrency platforms, you will be ask to submit your KYC documents.

For investing in bitcoin, you need the following:

  • Aadhaar card
  • PAN card
  • Bank account in your name
  • Email address
  • Phone number

 

How do you earn profits from bitcoins?

Patience may be a virtue that’s most vital to maximize your profits. you would like to patiently await the costs to rise.

For instance, you purchased a bitcoin for Rs 24 lakh, so all you’ve got to try to to is wait till the worth increases automatically.

This is the simplest thing to try to to for beginners.

But if you’re looking to earn and obtain richer quicker, then you would possibly want to think about trading, a bit like stock trading.

You can also lend bitcoins to a different person and earn the maximum amount as 15 percent interest thereon.

So, If you’re an expert, you’ll advise people on the way to make money with bitcoins and obtain tipped also.

 

How do you withdraw your profit?

The procedure is quite simple.

You can visit the nearest crypto exchange and withdraw your returns in the form of physical currency.

 

Can you transfer bitcoins to your bank account?

Unfortunately, bitcoin doesn’t provide any facility to directly transfer your returns to your checking account .

The whole point of cryptocurrency is de-centralisation, which suggests that bitcoin isn’t govern by any regulating or central authority.

De-centralisation makes it impossible to counterfeit, and therefore the government doesn’t hold any power to require it faraway from you.

However, you’ll always sell your bitcoins at bitcoin exchanges and may also directly spend bitcoins on various e-commerce website

 

What are the risks involves in investing in bitcoin?

The price of bitcoin keeps fluctuating – while on most days the costs are skyrocketing, there are days when prices sink real low.

On 11 January, the Financial Conduct Authority warned people about the risks because the price trembled from $40,000 to $30,000 within 24 hours.

At an equivalent time, there are cases of fraud and hacking reported around bitcoin.

Trading bitcoins comes with tons of risks, like fake or illegal money exchanges.

Since bitcoin may be a programme, there are chances that the system are often compromised which your bitcoins are often stolen.

 

 

Can the government traces bitcoin transactions?

All bitcoin transactions are actually fully transparent, claims bitcoin’s official website.

All bitcoins transactions are public, traceable, and permanently stored within the bitcoin network.

Bitcoin addresses are the sole information wont to define where bitcoins are allocate and where they’re sent.

However, once addresses are used, they become spoil by the history of all transactions they’re involved .

Anyone can see the balance and every one transactions of any address.

Since users usually need to reveal their identity to receive services or goods, bitcoin addresses cannot remain fully anonymous’, read a press release on bitcoin’s official website.

However, if you employ a replacement bitcoin address whenever , it’ll be quite difficult to trace the origin of the transaction.

So here is a video to know How bitcoin work ? and What is bitcoin miners ?

Video by Techquickie

 

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