Buy Bitcoin in India — Step by Step Guide for Beginners
What is Bitcoin?
Bitcoin is a collection of computers or nodes, that all run Bitcoin’s code and store its blockchain. A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions.
Because all these computers running the blockchain has the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system. Anyone, whether they run a Bitcoin “node” or not, can see these transactions occurring live.
Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
Key elements of Bitcoin include:
Unlike fiat currency, Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system known as a blockchain.
Bitcoin’s history as a store of value has been turbulent; the cryptocurrency skyrocketed up to roughly $20,000 per coin in 2017, but as of two years later, is currency trading for less than half of that.
As the earliest cryptocurrency to meet widespread popularity and success, Bitcoin has inspired a host of other projects in the blockchain space.
There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that along with all Bitcoin transactions is verified by a massive amount of computing power.
Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.
How to Buy Bitcoin In India?
In India, you can buy bitcoins from some trusted Bitcoin apps. There are quite a lot of such apps. One among them in India is BuyUcoin with no hidden charges. Choosing the best platform to buy them from is another task.
Step by Step Guide For Beginners, How to Buy Bitcoin in India?
BuyUcoin is an exchange that provides buying and selling Bitcoin in India as well as other cryptocurrencies. Below is a step by step guide to buying Bitcoin via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is BuyUcoin.
Step 2 — Register & Open an Account
Once you enter buyucoin/signup, register and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree on the terms and conditions register your account for crypto trading.
Step 3 — KYC
KYC and AML are mandatory for Indian jurisdiction. Your data is saved and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.
Step 4 — Google 2 Step Verification
To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you login to your BuyUcoin account. This works only when signing in with an email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings.
Step 5-Add Bank details
Add the credentials of your bank name, holder account name followed by account number, and IFSC code details.
Also watch this video, which can help you to understand better:-
Trade Bitcoin In India
Bitcoin trading is how you can speculate on movements in the cryptocurrency’s price. While this has traditionally involved buying bitcoin through an exchange, hoping that its price will rise in time, cryptocurrency traders are increasingly using derivatives to speculate on both rising and falling prices — in order to make the most of bitcoin’s volatility.
BuyUcoin offers you the opportunity to BUY (go long) or SELL (go short) on all Bitcoin trades. This service is available to you 24/7. You can use your preferred trading strategies to buy or sell Bitcoins regardless of which way the currency is moving. Also traders can check latest bitcoin market price on buyucoin.
We encourage you to learn more about Bitcoin trading by visiting our Trading Conditions & Charges page. Please note: The Cryptocurrency market’s high volatility can offer ongoing trading opportunities.
Can I Use Regular Money to Buy Bitcoin?
Yes, you can use regular money like INR in India using BuyUcoin.You can start a bitcoin investment by selecting an exchange to open an account, transfer money, and use your money to buy bitcoins. BuyUcoin also has a tie-up with the world’s largest crypto exchange.
Buy bitcoin instantly in India The leading peer-to-peer Bitcoin marketplace is now in India. Paxful is the best option if you want to convert your INR to BTC. With escrow-backed payments and over 300 payment methods available, buying Bitcoin has never been more safe and easy.
Getting a Bitcoin Wallet
A Bitcoin wallet is analogous to a physical wallet. However, instead of storing physical currency, the wallet stores relevant information such as the secure private key used to access Bitcoin addresses and carry out transactions. Types of Bitcoin wallets are desktop, mobile, web, and hardware.
i. Easily buy Bitcoin Cash (BCH) and Bitcoin (BTC)
ii. Store Bitcoin and SLP tokens in one safe place
iii. Pay faster than ever before with InstantPay
iv. Live price charts for BCH and BTC
v. Enter and exit volatility with integrated Stablecoins
vi. Swap between BTC, BCH, and Stablecoins
A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency. The currency ticker used for bitcoin is either BTC or XBT.
BuyUcoin is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base. Withdrawal Methods: BuyUcoin lets you sell Bitcoins for cash, which you can then withdraw into your bank account.
Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin. At 600 seconds (10 minutes), all else being equal it will take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power usage provided by ASIC miners.
Bitcoin mining can still make sense and be profitable for some individuals. Equipment is more easily obtained, although competitive ASICs cost anywhere from a few hundred dollars up to about $10,000.
Miners, traders of bitcoins would be treated as businesses and would have to pay corporate income tax as well as charge a 17% VAT. … Bitcoin is not regulated as it is not considered to be electronic money according to the law.
Bitcoin mining can be done by a computer novice — requiring basic software and specialized hardware. The software required to mine is straightforward to use and open source — meaning free to download and run. A prospective miner needs a bitcoin wallet — an encrypted online bank account — to hold what is earned.
As of the time of writing, the reward for completing a block is 12.5 Bitcoin. In November of 2019, the price of Bitcoin was about $9,300 per bitcoin, which means you’d earn $116,250 (12.5 x 9,300) for completing a block.
Bitcoin has stood firmly in the media limelight for the last two years. Like other innovative ideas, even if Bitcoin loses relevance, cryptocurrencies have made a point: there are feasible alternatives to institutionally backed internet transactions. This month, daily Bitcoin transactions surpassed 100,000.