Bitcoin has become one of the buzzwords in the market that has gained traction since this virtual currency hit an all-time high in April of this year. This larger virtual currency has taken up space after Tesla CEO Elon Musk made a statement, “that he himself owns cryptocurrency ranging from Bitcoin, Ethereum, Dagecoin.” This statement caused cryptocurrencies to rise sharply, to the point where Bitcoin hit an all-time high of $ 65,000. This investment avenue is the subject of discussion across the world, but the more it rallies, the more embarrassed it leaves passionate investors, who struggle to understand the intricacies of cryptocurrencies like How Can We buy it? Is this a safe avenue for investment?
What is Bitcoin?
The concept of bitcoin dates back to a white paper published in 2018 by Satashi Nakamoto. The currency that has jumped over $ 48,000 at the time of writing topped $ 12 in 2013. Bitcoin, to say the least, is a virtual currency and is an online currency that changes hands on the Internet. At present, there is a plethora of services that one can avail of using these virtual currencies.
And the giant companies that are fighting against the clock to design a payment strategy for providing and accepting cryptocurrency-related services, in themselves shows that no one wants to miss the cryptocurrency train.
How do you buy it?
People who want to buy Bitcoin should go to Bitcoin exchanges. There are many platforms in India where one can buy cryptocurrency from exchanges like Coinbase and Coindesk. But in India, you can buy Bitcoins on ZebPay. To buy Bitcoins, you can make a transfer from your bank account to ZebPay. You must undergo a basic KYC before you start trading Bitcoin. You can get your KYC after submitting an Aadhaar card, Pan card or any other document.
After placing an order, you can purchase Bitcoin using digital payment methods. Money from your bank accounts can be transferred by NEFT, RTGS, debit or credit card. Currently Bitcoin is $ 48,000 but that doesn’t mean you will have to buy Bitcoin, in fact you can invest in Bitcoin from Rs 500.
How it works?
As we said, this is an online checkout and changing hands on the internet. This means transferring bitcoins from their wallet to the wallet of another person who is a party to this transaction. All transactions are recorded in a public list called a blockchain. One point that should be noted here is that every bitcoin transfer is logged but not with the names of the buyer and seller but just their wallet IDs.
The blockchain is made up of units of data called blocks that contain all of the information about the transaction. All information is listed in chronological order, forming a chain called a blockchain.
Is it legal in India?
The Supreme Court of India issued the judgment overturning the ban imposed by the Reserve Bank of India in 2017. The Reserve Bank of India has banned entities from dealing with Bitcoin. The ruling by the Supreme Court provided the necessary clarity for businesses and individuals to be able to buy and sell it easily. But it should be noted that there are no rules, regulations and guidelines in place to address Bitcoin issues in India. So the risk factor can be a big drag otherwise it is legal to buy and sell Bitcoins in India.
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