Bitcoin is a hot topic right now. I’m sure you have heard about it by now. In the last 3 months the value of Bitcoins increased almost 172% and this is one of the reason why everyone is now talking about it. But many people specially in india are confused about it. So today in this post I’ll try to give a complete guide on what is bitcoin, how you can buy bitcoins in india, is it legal , etc. So stay tuned.
IF YOU WOULD HAVE INVESTED RS 1000 IN BITCOINS IN 2010, YOU WOULD HAVE GOT RS 4 CRORE IN 2017.
Before knowing how to buy bitcoin or how we can make huge profits from it we need to first understand what is bitcoins and how it works.
What is Bitcoin?
Bitcoin is a digital crypto currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who ‘mine’ them by lending computing power to verify other users’ transactions. Since it is not tied to any government so you can transfer bitcoins to any part of the world easily and quickly which you cannot with normal currencies.
Watch this video to have a better understanding of bitcoins
Who created Bitcoin?
Not much is known about the creator of bitcoin. The first proof of concept of bitcoin was published in 2009 by Satoshi Nakamoto who revealed little about himself and left the project in late 2010.
So by now we know what is bitcoin and who invested it. So now lets move on to the important part of this article.
Is investing in Bitcoins Illegal in India ?
No Bitcoin is not illegal in India. Nishith Desai Associates is a leading law firm in the country. They have announced multiple times that Bitcoins is legal under all existing laws in India. Many countries like Japan, Australia have already officially recognized bitcoin as legal method of payment .
How much can you invest in Bitcoins ?
Right now the value of 1 Bitcoin is Rs 2.80 Lacs . Many people here thinks that the value is too high how can we afford to buy ? Well it does not mean that you need to buy 1 Bitcoin or more you can buy a small fraction of it too.
There is no upper limit or lower limit to it. You can buy Bitcoins from as low as Rs 1000 too. So it depends on your risk taking capacity. The market is highly volatile.
How to earn from Bitcoins ?
So by now you must be thinking how to actually earn profits from bitcoins . Well it is very simple. I’ll give you a small example here. In May 2017 the value of 1 bitcoin was Rs 1.10 Lacs. So lets assume i bought bitcoins worth Rs 50,000 at that time. Now in August 2017 the value of 1 Bitcoin increased to Rs 3 Lacs which means in just 3 months my Rs 50,000 increased to almost Rs 1.50 Lacs So now if the sell the bitcoins then i’ll get Rs 1.50 Lacs for it.
I hope now you understood why people are going crazy about it. But what is the guarantee that the value will keep on rising ? Well the user base of bitcoin is increasing day by day and then it is being adopted worldwide now by major financial institutions so the value will only go high.
THE FIRST INVESTOR IN SNAPCHAT THINKS BITCOIN COULD REALISTICALLY BE WORTH RS 3.2 CR BY 2030.
How to buy Bitcoins in India ?
There are now many sites in india from where you can buy bitcoins. Every sites have their own pros and cons. The prices of the bitcoins might differ in every exchange but it is almost the same.
Here are some of the sites from where you can buy bitcoins in India.
In all the above sites you first need to create an account and then transfer money to the account. Once you money is added then you can buy bitcoins from it. And when the values goes up, you can sell the bitcoins and get money equivalent to it.
How to buy Bitcoins using ZebPay ?
You can buy bitcoins using zebpay by the following :