Elon Musk said that he thinks that the virtual currency Bitcoin, is a “good thing” for users of an online media app. The value of Bitcoin greatly increased due to his comments. So much so, in March 2020, a singular Bitcoin was worth £3,600 which is over $60,000 in 2021.
The Bank of Singapore has suggested the 12-year-old currency as a store of value to replace gold as a global currency. The Bank of England’s head, Andrew Bailey, however, warned in October that Bitcoin was unpredictable, saying that it makes him very nervous.
The Bitcoin boom has created a “positive sentiment”, which has pushed more normal crypto traders to jump into crypto trading in India. Also, retail investors aged between 25 and 40 are spending millions on trading in cryptocurrency in India every day, according to Media Reports.
You probably wonder with all this talk – What is Bitcoin and how to buy it in 2021?
What is Bitcoin?
Bitcoin is a kind of money that’s practically virtual, often described as a cryptocurrency, virtual currency or digital currency. This is like an online cash version. You can use it for purchasing products and services, but Bitcoin is still not accepted by many shops and was prohibited in some countries.
However, certain companies are starting to purchase their growing impact. For example, PayPal announced in October last year that it would allow its customers to buy and sell Bitcoin (https://www.buyucoin.com/buy-bitcoin-india). Without the private codes printed within them, they would be worthless.
Things to know before you start to buy Bitcoin
An exchange account for Cryptocurrency, Personal Documents if you use a Know Your Customer (KYC) platform, secure Internet connection and a payment method. It is also advisable to have your own personal wallet outside the exchange.
Valid payment methods for bitcoin purchasing are done by bank accounts, debit cards and crédit cards. Bitcoin can also be obtained from specialised ATMs and through P2P exchanges. But be aware of the growing demand for Bitcoin ATMs by government-issued IDs in early 2020.
How to buy Bitcoin in India online?
Pick the best exchange
By registering for a cryptocurrency exchange and Purchasing Bitcoin in India, you may buy, sell and keep cryptocurrencies. In general, an exchange is best practised to enable its users to withdraw their crypto into their personal wallet for safer maintenance.
Some of the key features of the best crypto exchange are:
- Crypto exchange app that supports both Android and iOS
- Buying and selling of 14 major cryptocurrencies
- Best social and copy trading crypto exchange
- Funds deposited by bank or wire transfer
- No Crypto commissions and low propagations
- Best long-term investment cryptocurrency exchange
- You can handle the crypto portfolio from any device with the Trading app
- A wide range of crypto assets for commerce
- Buy crypto through a bank account, credit card or transferring crypto
- High cash flow
- One of the best margin trading cryptographic platforms
- Low costs and quick delivery of orders
- Very low cryptographic charges
Save your Bitcoins securely
Cryptocurrency wallets are a more secure place for storing digital assets. With your crypto outside the exchange and in your personal wallet, you can only control your money’s privacy. It also allows you to save money away from an exchange and avoid the risk of hacking and losing your money.
You have a number of options when choosing a Bitcoin wallet. The first thing you need to know about crypto wallets is the concept of hot wallets(online) and cold wallets (paper or hardware wallets).
Bitcoin in India
As a means of payment, Bitcoin has neither been approved nor has any central authority been regulated in India. Furthermore, for resolving disputes that might occur while dealing with bitcoins, there have been no established rules, regulations or guidelines.
Bitcoin transactions, therefore, come with their own risk package. However, in light of this background, it is impossible to conclude, as there is no ban on bitcoins in India to date, that bitcoins are illegal.
In its ruling of 25 February 2019, the Supreme Court of India required the Government to come up with regulatory policies on cryptocurrency. On 29 March 2019, the matter was adjourned and rescheduled for a hearing in the second week of July 2019.
As the concept of Bitcoins is quite new to the Indian market, the Government has apparently still not included the taxability of Bitcoins in statute books. At the same time, it is not possible to rule out the tax levy on bitcoins because Indian tax laws have always sought to impose a tax on income, regardless of the form it is received.
Buying Bitcoin in India
Here’s a step by step guide of how can you buy a Bitcoin in India –
- Open a Digital Indian Wallet – The first thing you need is an INR wallet for altcoins transactions in India. This is where you store your coins.
- Register and create an Account – After step 1, go to BuyUcoin/signup, register, and make your account by filling in the necessary details.
- To start trading through Bitcoin with 0% trading fee, upto 10K you don’t require KYC but if you buy bitcoin in India above 10,000 INR You will be required to complete your KYC and AML.
- Complete Google verification.
- Finally, add your bank details to begin your cryptocurrency journey with instantly purchasing bitcoin in India!
A lot of people can use Bitcoins and recently all people seen dogecoin price . You can use them in any country without converting between currencies, as they are an international currency. The Blockchain is truly safe and enables you to ensure the right person receives your money. Bitcoins will receive no money for the transactions, and Bitcoins have a great deal of support.
All this definitely helps Bitcoin to gain more users, and it may replace formal currencies if everyone uses Bitcoin. Certainly, it has certain disadvantages, because Bitcoin is something new, it will be less problematic as time goes on.