The technology of blockchain is spreading like a fire in India, although there are many people who do not have much knowledge about it, but in this article we are going to give you information related to this, bitcoin is a very popular cryptocurrency in which people invest money. You are getting very good returns, so if you also want to start your investment with bitcoin, then definitely read this article till the end.
What is bitcoin?
Bitcoin is a decentralized digital currency without a central bank or administrator, which can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Bitcoin is a cryptocurrency that was created in 2009 by a person named Satoshi Nakamoto. No one knows whether Satoshi Nakamoto is actually an individual or an organization of some people. Some people also believe that Satoshi Nakamoto is formed by mixing some companies. Samsung, Toshiba, Nakamichi and Motorola are a combination of these 4 companies suspected to be named Satoshi Nakamoto.
There are many crypto exchanges from where you can buy bitcoins such as Binance, Coinbase, LocalBitcoins etc. There are also some brokers who sell bitcoins. There are few brokers in India called Coin DCX, Pocket Pay, Coin Switch Kuber which sell and also buy bitcoins. How to buy bitcoin through a broker or app is explained in detail below.
What is bitcoin mining?
Bitcoin mining is the process by which miners insert bitcoin transactions into the network of the blockchain. The miner validates a transaction by solving very complex mathematical problems and hence builds trust on bitcoin.
When you do some transaction in bitcoin, a miner checks whether you have the money in your wallet or not? If you have that many bitcoins in your wallet, a miner keeps a record of transferring them. Miners always charge a mining fee in return for doing these record keeping tasks. Mining fees are always deducted from the amount to be transacted. Even though bitcoin mining is not so popular in India, people earn a lot of money by mining bitcoins in countries like America and China.
How to buy bitcoin?
You can earn bitcoin in 2 ways. One by mining and one by buying. The method of mining is not possible for everyone because it is expensive. That’s why people prefer to buy bitcoin. So let’s know how to buy bitcoin
- Register in crypto exchange First of all you have to register yourself in a crypto exchange. In addition to the exchange to buy bitcoin, you can also take it from a broker but always get a bit more expensive bitcoin from the broker.
- Do KYC – There are many exchanges where you do not have to provide any KYC document, while there are some exchanges where it is mandatory for you to fill KYC to buy bitcoin. Coin Base, LocalBitcoins, Coin DCX are some examples of good crypto exchanges from where you can buy bitcoins anytime. Some of the brokers operating in India are pocket pay, coin switch kuber etc.
- Enter bank or payment details – Whether it is a bitcoin exchange or a broker, wherever it comes to buying bitcoins, you will have to fill the payment option. You can use the debit or credit card provided by the bank while filling the payment option with the bitcoin broker. But not every crypto exchange offers all payment options. You can also buy bitcoin with cash. You can buy bitcoins from anyone who wants to flow to you.
- buy bitcoin If you have registered yourself on the exchange to buy bitcoins, you will see that there are many buyers and sellers already on the exchange. You can take bitcoins from them by sending money to the seller you like on the exchange. LocalBitcoins is a very old and good exchange where you can talk to the buyer or seller while buying and selling bitcoins and sometimes sellers also offer discounts by buying again and again.
- store bitcoins After purchasing bitcoin, there are many software and websites to store it. For your information, let us tell you that bitcoin is never stored in any wallet, but bitcoin lives in a block chain network. If you keep your private key with you, then you can get access to your bitcoins by entering that private key in any wallet. If you do not want to do that much then you can store bitcoins on software like Blockchain, Pocket Pay, Electrum. These wallets keep your private keys for you by saving them with you.
Is bitcoin legal in India or not?
Earlier in India, the Reserve Bank of India had banned bitcoin. All the brokers who used to buy or sell bitcoins were also banned in India, but recently the Supreme Court ordered the removal of this ban and it became legal for India to trade in bitcoins again. Keep in mind that it is legal to trade bitcoins in India but bitcoins are not a legal tender, that means you can’t take or pay with bitcoins to buy anything.
future of bitcoin in india
Slowly but steadily, sentiments are building in favor of cryptocurrencies in the country. How cryptocurrencies will be acceptable to Indian lawmakers and regulators remains to be seen. However, the good thing for crypto lovers in the country is that the discussion on this topic is not over.
Are bitcoin income taxed in India?
Yes, it is mandatory to pay tax to the government from the income generated from bitcoin. Income tax is paid on 5 types of income in India which are
- salary income
- rental income
- income from capital gains
- business or profession income
- income from any other source
There are no legal rules for the head under which income from bitcoin is taxed. But legal and financial experts are suggesting that these SEs should be taxed under capital gains.
How to invest in bitcoin?
There are many applications for investing in bitcoin such as Coin Switch Kuber. Coin Switch Kuber is an application where you can get free bitcoin up to Rs 50 just by registering once. Take these steps to register in Coin Switch Kuber
- This link will take you to the Play Store. After opening this app on play store click on install.
- After the app is installed, open it and click on Create A New Account.
- To open a new account, you have to upload your PAN card and any one ID card such as Aadhar card.
- Once the account is opened, 50 rupees will be credited to your account for free, which you can use to buy any crypto currency.
- By going to the Refer and Earn section inside the app of Coin Switch Kuber, copy your referral link and get your friends to download this app too. Coin switch gives 50 rupees free for referral which you can buy crypto currency.
Another good and reliable application like Coin Switch is pocket pe. By joining here you do not get free bitcoins, but from its Refer and Earn section, you can earn money for free. With the same money you can buy bitcoin with pocket pay.
How to register on Pocket Pay?
- To open an account, you need to enter your phone number.
- After the phone number is verified, you will have to do KYC verification by giving PAN card and any ID card such as Aadhar card.
- Once the Zeb Pay account is verified, you can get free bitcoins with the help of referrals.
How to earn bitcoin for free?
There are many websites on the internet that give you free bitcoin rewards for different activities like watching ads, playing games and solving puzzles. Remember that the bitcoin received according to the reward is not actually a whole bitcoin but a small part of a bitcoin. But even with a small amount of bitcoin, you can make a good profit.
Following are some ways by which you can earn bitcoin for free.
- Crypto Browser – Whenever you are surfing the internet with Crypto Browser, you get to do different movements there, which you can edit and earn a share of bitcoin for free.
- Learning about bitcoin coinbase For example, some websites provide videos and courses to teach about bitcoin. After finishing their course, you can earn a share of bitcoins for free by answering some questions or performing some specific tasks.
- By playing online games some online games like Gods Unchained, Sorare, Evolution Land, F1 Delta Time Adi provides small chunks of bitcoins for viewing ads while playing games. This is a simple method that anyone can do.
How much is 1 bitcoin worth in Indian currency?
Although the value of bitcoin is always variable, like the price of petrol, but talking about the average value, the value of one bitcoin is only around 45 lakhs. If you want to know how much is the price of bitcoin now, then search “Bitcoin Price” in Google, you will see the price of 1 bitcoin.
Nowadays investing in bitcoin and other cryptocurrencies has become quite popular among the younger generation. Along with Bitcoin, there are many other Cryptocurrency as well, whose price is very high in the market and investors are getting a lot of profit by investing in it. Investing in cryptocurrencies unlike the traditional stock market certainly suggests that new technologies bring an alternative to everything traditional.
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