Home FINANCE Thinking of Investing in Cryptocurrency? Here’s everything you should know

Thinking of Investing in Cryptocurrency? Here’s everything you should know

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To begin, you must first understand the concept of bitcoin. Unless you have some information on that, you will not be able to get a hold on buying, selling, or withdrawing the blockchain currency. 

 

These ever growing currencies are gradually spreading their tentacles into the market. A study shows that at the end of the third quarter of 2020, around 3,51,417 bitcoin transactions were recorded world wide. 

 

Link –  https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/

Bitcoin

Every bitcoin is a computer file stored on a “digital wallet” app. It is a digital currency or online cash that is completely virtual based. 

& Working with Bitcoin 

Bitcoins are mostly transacted on peer-to-peer bases without any financial regulatory body’s involvement. They are created mathematically using cryptography and come with special codes that are unique.

Every transaction occurring using cryptocurrency is recorded under a public list called “blockchain list”. So that a track can be kept on the transactions. These transactions also occur under unique codes so that they cannot be manipulated further for making copies or spending coins that aren’t theirs. 

reference material – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3431718

 

The concept of bitcoins is not very accepted everywhere and has been banned in many countries. Even so, in India cryptocurrency had not received any form of legal authorization for quite a long time. 

Is Bitcoin Legal in India or Not? 

The legality of bitcoins in India was a bit of a gray area for one full year. Until March 2020, things turned to the Good side, and Bitcoin was declared purely legal in India

 

Lifting the ban on bitcoin transactions, the Supreme Court marked the day 4th March 2020 for every passionate bitcoin lover. India is soon to be added to the list of cryptocurrency countries. 

 

Using Bitcoins in India 

While investing or purchasing these virtual currencies. Keep in mind this fairly new form of currency is very prone to change. It can value a lot at one time and nothing the next. With this, there are many more conditions to keep in mind while working with cryptocurrency. 

Using Bitcoins in India 

While investing or purchasing these virtual currencies. Keep in mind this fairly new form of currency is very prone to change. It can value a lot at one time and nothing the next. With this, there are many more conditions to keep in mind while working with cryptocurrency. 

Process of Encashing & Buying Bitcoins in India 

Amidst a pandemic, the norms for selling or purchasing bitcoins in India can be simply done through a bunch of apps. Else you can also use your debit or credit card. Or turn to internet banking methods such as RTGS, NEFT. 

 

Bitcoin to INR 

Before we dig a little deeper into various methods of transacting bitcoin. It is better you are aware of its present day value in Indian Rupees. 

Bitcoin

1 btc = 24,44,000 INR (approx) 

Using Debit/ Credit card for Bitcoins easier than you

There are several websites for you to begin with. These websites allow you to buy bitcoins using your debit card or credit card. A few of these websites are coinbase, cex.io, Binance, coinmama, wirex, etc. There are a bunch of processes to be followed on each website. That will help you through. 

 

Encashing bitcoin in India

wazirX, Binance, BitBNS, Localbitcoins are websites that will help you sell and withdraw bitcoins. The methods for the transactions are either direct bank withdrawals or P2P. 

 

WazirX being the most popular crypto exchange platform in India. I would like to talk about it in more detail. Started out in 2018, WazirX aims at including almost every Indian into the blockchain. 

 

The process of selling bitcoin on WazirX requires you to first create an account, login to their web app, deposit bitcoin, and then simply sell it in INR. 

 

IS BITCOIN THE ONLY DIGITAL CURRENCY? 

Well, the simplest answer to that would be “no”. Similar to bitcoin, there are many more digital currencies that too can be bought and sold. Ethereum is another cryptocurrency that is expected to rise in the upcoming years. Along with, loopring, Cardano, dogecoin. 

Bitcoin

It is so expected that in India cryptocurrency is about to have a bright future. There are some challenges that still need to be tackled for a swell in cryptocurrency’s future in India. 

 

Link – https://bfsi.economictimes.indiatimes.com/news/blockchain/how-does-the-future-of-cryptocurrency-look-like-in-india/78804637

 

POPULAR APPS IN INDIA FOR BUYING & SELLING BITCOINS

 

If you wish to invest in any form in bitcoins in India, there are some apps that will help you do so. 

 

COINSWITCH 

A Coinswitch cryptocurrency exchange platform. That has the simplest ways of accessing it. It is one of the most popular app across the globe, that includes India also. Operating since 2017 it gives our Indian Digital currency enthusiasts an access. Coinswitch supports over 3000 digital currencies and 45000 trading pairs. 

 

If you are passionate about digital currencies beyond just Bitcoins, such as ethereum, looping, etc. coinswitch is the best possible app for you. Coinswitch is very user-friendly and is the best app for buying and selling digital currencies. 

 

BUYING BITCOINS USING COINSWITCH 

  • You, as a user, have to first, go to the website of coinswitch. Where in a section you can see the exchange value for bitcoin and Indian rupees. Click next on “view all offers”. This option will show you various offers for exchange. 
  • Choose recommended exchange so that you can select the best rates for your BTC to INR
  • You next need to enter your BTC wallet address to receive the coins.
  • Lastly, you need to proceed with the payment in INR. On doing so your payment will process, after which you will need to provide your personal documents and ID card for KYC. Once your KYC is confirmed, you will receive your bitcoins into your btc wallet. 

 

COINSWITCH

 

Coinswitch is another popular platform for every Indian digital currency lover. It is known for its crypto versatility. This platform allows upto 200+ digital currencies to be exchanged. It is another simple and user friendly stage that allows you limitless trading of cryptocurrencies. It is an app very convenient for Indian users since it provides an INR to BTC platform. 

BITCOINS

ZEBPAY

Operating since 2014, it has served over 3 million users. One of the most commendable features of this platform is its security system. This is another hassle free exchange interface with advanced trading features. It has competitive rates and a robust API.

How to Earn Bitcoins for Free 

Well, this article is attempting to answer as many frequently asked questions as possible. Or at least provide information enough to give a clear vision of this currency. 

 

Therefore, I am about to tell you a few ways to earn cryptocurrencies for free. 

 

PLAY GAMES AND EARN BITCOINS 

 

Well, one the attractive and fun ways to earn bitcoins is through games. This is also the simplest form to earn bitcoins. There are some games that let you earn bitcoins by playing. You can play on your phone or online and get paid in bitcoins. There are a bunch available on Google play store itself. 

 

READ CLASSIC BOOKS AND EARN BITCOINS 

 

Bitcoin aliens, to generate user activity decided to pay users for reading books. This in turn was also a way for them to generate advertising revenue. If you’re a lover of books, well this is a great way to earn some coins. PaidBooks is another website that pays its users in bitcoins to read various classics. 

 

LEARN CRYPTO TO EARN BITCOINS 

 

Coinbase is an app that allows you to earn crypto by learning about crypto. It is a simple app that requires you to register.

BITCOINS

You can then learn about the available cryptocurrency and earn crypto. These cryptos can next be exchanged with bitcoins on coinbase. That’s all you need to do to earn bitcoins. 

 

WRITE ABOUT TO EARN BITCOINS 

 

Now there are several blogs wishing to spread the word of cryptocurrency. They need individuals who can research and write engaging content on it. This is another way for you to get paid in bitcoins for free. 

 

Conclusion 

 

Now, this is a lot of information that you need to soak in before you begin investing in bitcoin in any way. This article has tried to cover most bitcoin related information in a brief way. So that you as a reader can have a broad perspective on it. 

 

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