Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency. It was invented by Satoshi Nakamoto in 2009.It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearing house. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
Unlike paper currencies, Bitcoins cannot be minted, they can only be mined. There are only 21 million bitcoins that have been created.
At present, only 16.8 million or 80 per cent of all the bitcoins have been mined.
Howtobuy Bitcoins in India?
You can look for various digital currency exchanges
You can purchase Bitcoins with a credit card. coinbase. com and coindesk .com are the most popular exchanges. They also offer tutorials on digital currencies.
In India, you can purchase
Bitcoin fromZebpay exchange. Zebpay has Android and iPhone app which lets you link your bank account for quick transfers.
You can buy Bitcoins by making a payment to Zebpay’s bank account. You can also withdraw the money to your bank account, and track data on Bitcoin valuation in the country.
There is a KYC requirement and you need to verify your ID by simply clicking a photo of your PAN card.
Unocoin, another India-based exchange, lets you trade Bitcoins. They can help you buy, sell, store, use and accept bitcoin.
The company claims it has over 1,50,000 customers.
With Prime Minister Narendra Modi-led government going the whole hog to make India a less cash economy, digital cryptocurrency has caught the attention of many Indians.
Post demonetisation, leading Bitcoin exchanges in India witnessed a rise in user base by up to 250 per cent.
Sathvik Vishwanath, CEO of popular bitcoin wallet Unocoin had told BT that after demonetisation demand from India has increased manifold.
Sandeep Goenka, CEO of Zebpay, one of the largest bitcoin exchanges in the country had said, “Indians are enquiring about bitcoins as an alternative and safe investment option. They are downloading Zebpay as they want to experiment with digital currencies. There has been a 50% increase in Zebpay downloads.”
To be able to store Bitcoins, you’ll need a wallet which can be in your computer or smartphone. You can back up the wallet at another location so that you don’t lose data if your hard drive crashes. Depending on your requirement, you can choose a wallet.
So at first you need to join bitcoin exchanges like Unocoin or Zebpay or any other exchange like buyucoin, bitxoxo, koinex etc. Then verify your account with KYC and start investing.
Unocoin (use referral code U358225 and Coupon Code TTA200 get 200rs Bitcoin as a sign up bonus)
Zebpay (use refferal code ‘REF57617248″ and get instant 100 rupee bitcoin as a signup bonus)