Since Bitcoin hit a record high in April this year, Bitcoin has become one of the buzzwords in the market. After Tesla CEO Elon Musk issued a statement, this largest virtual currency took up space: “He owns a variety of cryptocurrencies from Bitcoin, Ethereum, and Dagecoin.” The statement triggered cryptocurrency It rebounded so sharply that Bitcoin hit an all-time high of $65,000. This investment path is controversial worldwide, but the more it recovers, the more it disappoints enthusiastic investors, who have difficulty understanding the complexity of cryptocurrencies, such as how do we buy them? Is this a safe way to invest?
What is Bitcoin?
The concept of
Bitcoin can be traced back to the white paper published by Satoshi Nakamoto in 2018. At the time of writing, the currency rose by more than $48,000, and in 2013 it was over $12. Bitcoin is at least a virtual currency and online cash that change hands over the Internet. From now on, there are a variety of services that can be used with this virtual currency.
and giant companies are racing against time to develop payment strategies to provide and accept cryptocurrency-related services, which in itself shows that no one wants to miss the cryptocurrency train.
How did you buy it?
people who want to buy bitcoin should go to a bitcoin exchange. There are many platforms in India that can be used to buy cryptocurrencies from exchanges such as Coinbase and Coindesk. But in India, you can buy Bitcoin from ZebPay. To buy Bitcoin, you can transfer money from your bank account in ZebPay. Before you start trading Bitcoin, you need to perform a basic KYC. You can complete the KYC after submitting the Aadhaar card, Pan card or any other documents.
After placing an order, you can use digital payment methods to buy Bitcoin. You can use NEFT, RTGS, debit or credit cards to transfer funds from your bank account. The current price of Bitcoin is 48,000 US dollars, but this does not mean that you have to buy Bitcoin. You can start investing in Bitcoin from 500 rupees.
How does it work?
As I said, it is an online cash that changes hands through the Internet. This means transferring Bitcoin from their wallet to the wallet of another person participating in this transaction. All transactions are recorded in a public list called the blockchain. It should be noted here that every bitcoin transfer will be recorded, but the names of buyers and sellers are not recorded, only their wallet IDs are recorded. The
blockchain consists of data units, so-called blocks, which contain all the information about the transaction. All information is arranged in chronological order, creating a chain called a blockchain. Is
legal in India?
The Supreme Court of India issued a judgment to lift the ban imposed by the Reserve Bank of India in 2017. The Reserve Bank of India prohibits companies from processing Bitcoin. The decision of the Supreme Court made it urgent for companies and people to make it clear that they can buy and sell it without any problems.
However, it must be noted that India does not have rules, regulations and guidelines for solving Bitcoin-related issues.
So the risk factor may be a big obstacle, otherwise it is legal to buy and sell Bitcoin in India.
