How to Invest in Bitcoin in India 2021
Invest in Bitcoin in India :
Bitcoin, Bitcoin Bitcoin Everywhere, In social Media, in Public Places everyone is talking about Bitcoin. Many of you wondering what exactly is bitcoin. How can i earn Money From Bitcoin. How to invest in Bitcoin in India 2021, how can i earn Money online From Bitcoin, so i have done some research on Bitcoin and so read carefully each and every steps and every details as it is risky to invest money. so in this post i will provide you all details how you can Invest in Bitcoin in India.
What are bitcoins ?
Apart from Bitcoins, there are around 800 such cryptocurrencies. Each having their own conversion rates to our physical currency. Examples are Ethereum, Ripple Coin, PeerCoin, ZCash etc And the rates of conversion keep on fluctuating every second. It is similar to the INR – USD conversion rate, which keeps on changing based on different factors. Similarly, the Bitcoin to USD conversion rates keep on changing every second based on different factors. (Some of them I will discuss in this article so that you can understand it)
How does Bitcoin Work? What is Bitcoin Mining?
This part is the core of the entire Bitcoin system. Unless and until you understand the technology properly, your picture regarding the bitcoin system will be vague. Sadly enough, most of the websites have given complex explanations, which are hard to understand properly. I would try my best to make you understand in an easy way.
Like our Currency is printed by Reserve Bank of India, Bitcoins needs to be generated from somewhere. The founder Satoshi Nakamoto found an interesting way to develop bitcoins, known as Mining.
To explain in simple words, Mining is ‘Making the computers solve Complex Mathematical Problems’. The ‘information’ generated by the computers during the process of mining is stored in Bitcoins.
But why should a computer solve the problem? And what problem should it solve? Let me explain that.
Suppose Person A sending 1 BTC to Person B. A will take B’s BTC Address and transfer the amount. As soon as the transfer request is made, a ‘block’ or record is created with an encryption that a transaction is pending.
A miner’s job is then to decrypt the ‘block’ (like I said, every Address is a private key) so that the bitcoin transfer to Person B is complete.
The decrypted ‘block’ is attached to a ‘blockchain’. The Blockchain keeps the record of the ‘successful transaction’ after it is done.
So, from a blockchain, all details of the transaction can be known, including which address sent it, to whom it was sent, and how much amount was sent. But even if someone knows that he still won’t know who is behind that specific address. So, both the parties spending and accepting bitcoins remain private.
Well, in doing the job of transferring the money, the miner takes some fees. So, Person B won’t receive fully 1 BTC, he will receive a bit lesser. This is the reason every bitcoin transaction, some amount of fees is cut off.
Again, the amount of fees is totally dependent on the miner. That also keeps on fluctuating. But, it is a very minute amount (Under 0.00001%) which won’t affect much of the transaction amount.
Anyways, coming to the miner’s point of view again, so, the miners need to solve these complex encryption algorithm which is based on Mathematics. The more mining is done, the more bitcoins are made.
As soon as the bitcoins are created, the miners own it. Because they mined it. (Like gold mining) This is like a reward for the miners and this is the ONLY SOURCE of generating new bitcoins.
But what is the reward amount?
Well, that’s another interesting scenario. This reward amount falls by half every 4 years. (That’s the way this technology is created by Satoshi Nakamoto)
So, if you had earned 50 bitcoins for mining a block in 2009, you would only earn 25 bitcoins for the same work in 2013, and only 12.5 bitcoins in 2017.
Mathematicians have calculated and found that, if this continues, then there will not be more than 21 Million Bitcoins in circulation ever. So the total amount of Bitcoins that can be created and circulated is fixed.
And right now, in 2017, 16 million bitcoins have already been mined using this technique. Only 5 million is left to mine. And it will continue until the year 2140 only. By then all bitcoins will be mined.
No matter how much more mining is done, new bitcoins won’t be produced after that, due to the fact that
the reward is reduced to half every 4 years and will be almost zero by that time.
If you are still reading, then, yes, you now know how this system works. That’s everything, inside out. That’s the thing
people fail to understand. Now you know it.
Why the Bitcoin Value Fluctuates?
In the beginning, I said that the conversion rate of Bitcoins to USD or INR or other currencies keep on fluctuating.
The general tendency of the users is to buy Bitcoins and let the value of Bitcoins rise high and sell them finally at a higher rate.
The reason for the fluctuation lies in this buying and selling of Bitcoins itself. When someone buys bitcoins, the value of bitcoin rises up: This is due to the fact that Bitcoin is being consumed by people. The total amount of Bitcoins is constant, so, the more people buys is, the lesser amount of bitcoins will remain in the market. This Bitcoin Scarcity is one of the reasons of its value hike.
When someone sells bitcoins, the value of bitcoin goes down: Likewise, this happens due to the fact bitcoins
are rejected by users and they are more freely available. If all bitcoin holders decide to sell off bitcoin RIGHT NOW, then the value of Bitcoin will fall to zero: It’s obvious, something can only be traded if there are users for it.
Also, the more bitcoins are purchased, the value will become higher. Right now (25th May 2017) it is growing tremendously and the reason behind it is people purchasing it like hell. In my personal opinion, I don’t think people will stop buying right now. In fact, this increased rate is going to encourage more and more buyers, which will increase the rate even more. It works that way. But these are all my speculations. It may not happen!
So, I guess you now understand why the value of bitcoins keeps on fluctuating. It is due to the amount of transactions done using them.
Since bitcoins are widely accepted as payment modes for many places, the demand for bitcoins is high, which has resulted in this high price. And the ones accepting the payments as bitcoin are also getting benefitted. Because
by the time they sell that bitcoin, they can earn even more than the actual amount of money they took as payment.
Suppose a coffee costs 5$, and a user pays the company bitcoins worth 5$. At the end of the month, when the company decides to cash it out, the value may go up to 10$! (Just an example) That’s the reason, different merchants have started to accept bitcoins and it is increasing every day. See the scope and demand for the bitcoins? You can now easily tell the reason behind its rapid growth now.
Bitcoin value too high? That’s the time people start selling them. This may lead to downfall. Again, if the value is too low, people will buy it, grossing its value.
How can you invest in Bitcoins ?
Bitcoin Venders are available throughout social networks. Just search Buy Sell Bitcoins on Facebook and you shall see a lot of Facebook Groups involved in buying and selling Bitcoins. But there is a big risk in buying from them, they can cheat you. They may take your money, and never give you bitcoins. You can’t seek legal assistance as Bitcoins don’t fall under the jurisdiction of any law.
How to invest in Bitcoin in India app
There are two ways,
- Directly buy Bitcoins
- Invest in Mining Bitcoins
the First option is more preferable. You should buy bitcoins from a trusted place and sell there only. In India, currentlyand are the two best apps. According to , daily more than 2500 people opening account. That s incredible feat . You can buy bitcoins through IMPS/NEFT/RTGS from an Indian Bank Account. Current price Rs. 35,00,000.
We Have Already Posted information on our website About Other Exchanges from where you can buy crypto-currencyZebpay | Unocoin | how to invest in Bitcoin | BuyUcoin | WazirX
1. How to Invest in Bitcoin in India using ZebPay
On zebpay, there is a Zebpay Wallet in INR. You can add money to Zebpay Wallet from Bank using IMPS / NEFT / RTGS or Net Banking, anytime. You can withdraw all your Zebpay Wallet money anytime to your Bank too. you can get Rs 100 for Free by using Zebpay Referral code
The minimum amount to add to the wallet is Rs5000. Well, it is not much high considering the extreme value of Bitcoins. You must invest a big amount to hoping for better returns. so Invest in Bitcoin in India using ZebPay is best option.
- Click here to Install ZebPay App
- Open App and Sign up for New Account
- upload Your Pan Card and Enter your Bank Details and submit. It Will Take 3 days to verify your details
- To Get Rs 100 For Free, In your app, go to settings > free bitcoins and Enter Refer codeREF45157934 to Get Rs 100 for Free
- If you are referring your friend, you can find your unique code under ‘share your referral code’. If you have received code from your friend, you can enter your friend’s referral code in ‘enter promo code’ and click ‘verify’.
- After you add money to Zebpay, you can use that money to purchase Bitcoins from within the app itself. It is easy and one step process.
- Similarly, you can sell off your bitcoins whenever you like. The equivalent amount will be added to your Zebpay
wallet. This you can use to buy Bitcoins again or withdraw to your bank account anytime.
To ensure safe buy and sell, Zebpay will verify your identity and address. You need to provide any valid Govt Id and Address Proof Scanned Copy. You cannot buy any bitcoins before you get approval. This process takes a few hours only. Don’t worry. We all did it. And it is for the good of us only, so that nobody can cheat the system
2. How to Invest in Bitcoin in India using Unocoin
Unocoin is another option for Indians to buy and sell Bitcoins using Indian currency. Like Zebpay, this also has shows buying and selling rates of Bitcoins. It also has its own Wallet where you can add up balance and buy Bitcoins using that balance. However, here, the minimum balance is Rs1000 (In Zebpay it was Rs5000). Here’s Unocoin Referral Code to Get Rs 200 on Sign up.
So, Unocoin Platform is preferrable for people who want to play with Bitcoins but with lesser rates. While lesser rates give you less income, it also has lesser risks to involve with. However, note the differences between Unocoin and Zebpay.
The first thing is about Support. Zebpay has a better and quick support. You can reach out to them and get help quickly. This is one of the main reason why Zebpay has better ratings on Play Store than Unocoins. For the same reason, your KYC Verification at Unocoin will take longer time period. Mine took more than 48 hours (50 hours exactly).
The second thing is about the Lower Buying Limits, which may be helpful for people who wants to invest lesser.
The third thing is about Unocoin’s Bitcoin Rate Updating System. It updates every second, but it doesn’t auto update.
Let me elaborate. So, Unocoin’s Bitcoin Buy / Sell rate is updated every second but its not reflected inside the app automatically. You need to manually visit the Bitcoin Rate Page (which is the first tab right after opening the app) and revisit the page again and again to update the price.
So, suppose you saw the rate is good to buy Bitcoins and proceed with buying it, you may find it has increased by the time the payment is complete.
The fourth thing is that Unocoin is available both as Android / iOS App and Website, while Zebpay is only available
on Android and iOS platform. It has no Website view. So now you know how can you Invest in Bitcoin in India.
How to Trade Bitcoins In India?
Bitcoin trading is the process to exchange one cryptocurrency to buy another cryptocurrency. We usually trade off bitcoins with altcoins (other currencies) because we can buy more of them with bitcoins, since the value of bitcoins is higher, and then we can get better profit when the value of the corresponding cryptocurrency rises higher.
ETH and XRP are the most profitable ones after BTC
The most profitable cryptocurrency after Bitcoin is Ethereum (ETH).
Though its value is lesser than bitcoin, its daily growth rate currently (25th May 2017) is more than Bitcoin growth. So, it is a good option to consider after Bitcoins.
Also, its risk factor is lesser than Bitcoins. Bitcoin has reached the highest amounts recently. It is unpredictable what will happen in future (though common sense says it will increase). So for them who wants to play with lesser risk factor can trade Bitcoins for Ethereum.
The third most important cryptocurrency currently in talks is Ripple Coin (XRP).
Now comes the question why not buy other cryptocurrencies directly, like we buy bitcoins? The reason is there are not many options to buy other currencies. Yes, there are websites like EthexIndia to buy Ethereum and BitxIndia
to buy Ripple Coins, you can try them out if you wish. But I personally prefer buying Bitcoins first, for a different reason. It is actually about strategy. As Bitcoin value is more, the more bitcoins you have, the more Eth or Xrp you can buy. So you can buy BTC at first and keep your money in Btc for some days, see the growth of Btc, and only trade once the value of Btc starts falling down.
In that case, you can buy more Eth or Xrp as your Btc would have increased by that time. Isn’t it good?
Where to Trade Off Bitcoins?
There are many sites where you can exchange your Bitcoins for your preferred Currency. The Popular Ones are:
Altcoin Wallets for Trading:
To trade Bitcoins against Altcoins (other cryptocurrencies), you first need a Wallet for that corresponding Altcoin. A Bitcoin Wallet cannot hold Ethereum and vice versa.
Never Send Bitcoins to Ether Wallet and vice versa. Applicable to all wallets.
It is absolutely essential not to mix up wallets. Keep them separate from each other. A bitcoin wallet runs in a completely different way than ethereum wallet. So, if you try to send altcoins to a bitcoin wallet, it will fail. But by chance if it DOES NOT FAIL, you will LOSE THAT AMOUNT. Like I said earlier, these transactions are not reversible. So
always be cautious.
Below I am listing both Ethereum (ETH) and Ripple Coin (XRP) Wallets. During trading, put these wallet addresses.
that each of them are secure wallets. So take utmost care to keep their address and qr codes in a safe place. Take print out to be safest.
- Ethereum Wallet Android
- Ethereum Wallet by Decentral [This is at Beta Stage, try on your own risk]
Ripple Coin Wallets:
Well, like I said there are more than 700 Cryptocurrencies. I can’t discuss them all here. Also, the listed ones aren’t the only options. There are others too. I just tried to assist the best I could. Do the internet research yourself.
- Put only that much amount which you are comfortable in losing. Don’t go overboard.
- Istill don’t understand the rationale why these currencies are going through the roof. I don’t have a mathematical model therefore I believe whatever money I made was purely from my good luck. There was no special skill involved.
- Please please first read about latest developments and speak to different people who have invested in it to gain from their experiences.
- I advice you to go beyond just bitcoin. There are other prominent currencies like Ripple, dash,
Ehtereum, Lite Coin. Do give a read about them as well. So you can now Invest in Bitcoin in India
OTHER IMPORTANT ARTICALS:
We Have Already Posted information on our website About Other Exchanges from where, Users Can Buy & Sell
The Currencies Like Bitcoin, Ethereum, Ripple Through these Exchanges which are Specially Available for INDIAN USERS Zebpay | Unocoin | how to invest in Bitcoin | BuyUcoin | WazirX
DISCLAIMER:- Cryptocurrency trading Business is a very risky business , Loss and Profit both are doing on your own Responsibilty , Sometime loss and sometime profit, I’m not responsible for your any loss… I’m just sharing a information to you thatHOW TO BUY CRYPTO-CURRENCY IN INDIA with INR.
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