With a 300 per cent spike in its value in just one year, Bitcoins may well be the kind of investment you might be looking for.
However, in view of all the interest, many of us have wondered whether it is safe to purchase, store and sell bitcoins in India.
In the news lately for being the only payment tool to pay ransoms to WannaCry terrorists, Bitcoins can be used for a variety of other items. And countries such as Japan and South Korea are leading the way.
One of the largest retailers in Japan, Bic Camera, started accepting Bitcoin last month in two Tokyo stores.
Recruit Lifestyle, another Japanese company, reported that it would add Bitcoin’s adoption to its mobile selling point AirRegi, which is used in 260,000 shops and restaurants throughout Japan.
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How are Bitcoins created?
In comparison, Bitcoins cannot be mint like paper currency, they can only be mined. It has been developed only 21 million bitcoins.
Currently, only 16.8 million or 80% of all bitcoins are mined.
How to buy Bitcoins?
Several digital exchanges can be looked for to order bitcoin.
With a credit card, you can buy Bitcoins. The most famous exchanges are Coinbase.com and Coindesk.com. They offer digital currency guides as well.
You can buy Bitcoin in India from Zebpay. Zebpay has an Android and iPhone app that allows you to attach fast payments to your bank account.
By paying to Zebpay bank account, you can buy Bitcoins.
You can also pick up your bank account money and track Bitcoin value data in your region. your bank account.
There is a KYC provision, and you must literally press an image of your PAN card to search your ID.
Unocoin, another exchange in India, helps you to trade Bitcoins. You can buy, sell, save and use bitcoin and accept that.
The business appears to have more than 1,50,000 clients.
With Prime Minister Narendra Modi’s entire hog turning India into a less cash economy, many Indians are attracted to digital cryptocurrencies.
Following demonetisation, India’s leading Bitcoin exchanges saw a growth of up to 250 per cent for consumers.
The CEO of famous Unocoin Bitcoin wallet Sathvik Vishwanath said BT had increased demand for demonetisation from India.
Sandeep Goenka, Chief Executive Office Officer of Zebpay, one of the country’s largest Bitcoin exchanges said, “Indians are searching for an alternative and secure investment solution for Bitcoins. They download Zebpay as they want experience with digital devices.
You need a wallet that can be stored on your device or mobile in order to hold Bitcoins.
The wallet should be backed up somewhere so that you don’t delete details if the hard drive fails. You should pick a wallet according to your specifications.
How much returns can you get if you invest in Bitcoins?
A 300 percent increase in valuation was reported after just a year in the decentralized virtual currency that took the world in a storm.
Its value reached a height when Japan passed a law recognizing Bitcoin as a legitimate means of payment.
Despite RBI’s unwillingness to consider the cyptocurrency, India’s curiosity in Bitcoins has not decreased.
The Ahmedabad-based Bitcoin trading start-up Zebpay experiences a 25 percent rise in sales following Prime Minister Narendra Modi’s demonisation shift.
Unocoin, another Bitcoin trading company with Blume Ventures assets, saw its customer base triple up to 1,20,000 after demonization.
Bitcoin value cannot decrease because the number of Bitcoins is small, and more and more people are involved in crypto-monetary investment every day.
Are Bitcoins legal in India?
Even as economies like Japan and Russia move to legalize the use of Bitcoins, India, despite being at the cusp of a digital revolution is yet to officially recognize the cryptocurrency.
India’s central bank, the Reserve bank of India or the RBI, which regulates Indian rupee, had earlier cautioned users, holders and traders of Virtual currencies (VCs), including Bitcoins.
“The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities,” the central bank had said.
However, the central bank hasn’t unequivocally banned Bitcoins in the country.
Blockchain, the technology behind Bitcoin
While Bitcoin is still a big player in India, the underlying technology behind it has drawn the attention of many Indian banks with its blockchain technology. Last year ICICI Bank confirmed it has carried out purchases and payments successfully using Blockchain technologies in the foreign trade finance market.
