Created in 2009, the digital currency bitcoins have been the flourishing international online trading currency for a decade. As per resources, the virtual currency was founded by unknown creator Satoshi Nakamoto for decentralized digital trading without any middleman/brokers.
This article mainly talks in detail about why & How to Invest in Bitcoin in India 2021 and 6 more things one should know before stepping into the cryptocurrency world.
The market of virtual currency got highly triggered when one of the world’s richest entrepreneurs Elon Musk invested in it.
Bitcoin is based on a peer-to-peer payment network that runs on blockchain technology (a technology for recording the online transactions of digital currencies).
Being decentralized, this currency does not include any central bank but is made through a process called Mining by ASIC machine.
One unit of Bitcoin values 26,18,064.58 Indian Rupee (bitcoin price in India today) as per Indian currency.
More such cryptographics which are the alternatives or competitors to Bitcoin are Ethereum, Oracle, Blockstream, Ripple, Stemmer.org, Dogecoin, NEO and IOTA. As per data, Bitcoin has overall 51.6 million traders over the globe.
Let’s Go Through 6 Basic Points You Must Know Before Initiating Bitcoin Trading:
1. Can I Invest in Bitcoin in India?
There have been doubts over the fact that, Is bitcoin legal in India? Though having supremacy in the digital trading market, Bitcoins are not legal globally.
In India, Bitcoin has been declared legal completely. Still, it has gained a good fan base for years. The app market has various apps for Indian Bitcoin traders to invest and sell the currency globally. The minimal capital to invest in a fraction of Bitcoins is just Rs100 (in Indian currency).
Bitcoins have quietly stepped into India since February 2011 when one unit of the currency just valued at $1. As per analyst’s reports in 2021, India owns 70 to 80 lakh cryptocurrency traders and is still rising.
2. Difference between Cryptocurrency and Bitcoins
Bitcoin is the best cryptocurrency, however Ethereum is the second to capture the digital market. Bitcoin being the reason blockchain technology was ever invented, has got complex encryption techniques to operate, verify and record the digitalised monetary transactions.
The term cryptocurrency was coined simply a decade before Bitcoin in 1998 as eCash and renamed digicash later. However, Satoshi Nakamoto plays a leading role in the cryptocurrency system and digital currency trading initiative.
3. How to Invest in Bitcoin in India 2021?
The Bitcoin traders as a beginner must keep a focused eye on rising or bending levels of the Bitcoin market on daily, monthly and yearly basis. In India, one may start his investment journey from Rs 100 to learn the digital asset process.
The app market has several apps for traders‘ ease in respective countries. Indian Bitcoin traders refer to CoinDCX GO, WazirX, Zebpay, and Coinswitch Kuber, in which Zebpay records the highest trusting users. Also, Coinbase and Coindesk are international platforms to deal with Bitcoins at market price.
Dealing of Bitcoins goes with the process of three steps:
- Know your market where you are going to purchase Bitcoins
- Get a Bitcoin wallet and connect it to your bank account.
- Place an order of Bitcoins and you may start
4. Can bitcoins be converted to cash?
Can bitcoins be cashed? The answer is yes. Bitcoins can be exchanged with real money through ATM or debit cards selling it for cash.
The steps that follows to convert Bitcoins into cash:
- Deposit your Bitcoins to a digital marketplace
- The interesting buyer purchase your coins
- Therefore the buyer will transfer the real money to your bank account/digital wallet
However, the spare app lets you convert your cryptocurrency into cash and Sell bitcoins in India without an ATM. An app called bitcoin ticker helped you to keep on track with the price level of Bitcoins.
5. What can we buy with Bitcoins?
Sell Bitcoins in India:
A number of tech companies are considering Bitcoin as an exchange currency for air tickets etc like Square, IBM, and Microsoft. As per sources, Apps like Apple are on the way to convert Bitcoin as a payment system using blockchain technology in the near future.
The most trading or digital asset holding country is Nigeria. However, developed countries like the UK and Japan have geared up to the Bitcoin exchange payment system for most of their products.
6. Is it safe to invest in bitcoin in India?
Bitcoins are safe to be invested in India, however, there is no regulating or centralized body to govern the legal or illegal transactions.
The Government of India has asked companies to open up virtual transactions with the person or group of persons (both nationally or internationally) in their balance sheets. This transparency of the crypto transactions in the monetary records would help government-imposed regulations on it.
FAQ About How To Invest In Bitcoin In India 2021?
How much to invest in Bitcoin in India?
While the current value of Bitcoin in Indian currency is Rs 26,18,064.58, initially the investment may start from a minimal amount of Rs 100. Good experience of investment in the stock market or any other mutual funds and ample amount of research may help a Bitcoin trader as a beginner.
How much can you earn by investing in Bitcoins?
Being a trending cryptocurrency globally, Bitcoins are profitable platforms to invest on. The earning depends on the strategic investment, volatile research, ideal plans and certainly great apps.
Initially, investing a sum of triple digits on Bitcoins as a beginner will be completely incorrect. One may begin with as low as Rs 100/ $2 and gradually learn for a higher approach.
Which are the best apps to invest in Bitcoins in India?
The top 5 best apps to invest in Bitcoins in India are
The Final Lines
Bitcoins investor masses are soaring over the globe including India. Experts considered that possibilities of the determination of Bitcoin market will reach levels of $15000 by 2030.
However one must know the tips and tricks to invest before any financial risks. Henceforth we have discussed ‘Is bitcoin banned in India or not?’, ‘value of Bitcoin Indian rupees’. ‘Are Bitcoins legal in India?’, most importantly ‘how to invest in Bitcoin in India 2021?’ and ‘how to invest in cryptocurrency in India 2021’ other possible questions for a bitcoin trader as a beginner.