How to invest in bitcoin? Demand for Bitcoin is increasing rapidly in the entire world including India. There is a competition for people to buy Bitcoin. The biggest reason for this is its value increase.
Do you know that currently the value of Bitcoin is more than 24 lakh Indian rupees.
That’s why a lot of people are doing business by buying bitcoin at a lower price and selling at a higher price. People are also succeeding in this business. Its value and demand is going to increase further in the future. That is why you must also invest in bitcoin.
What is bitcoin?
Bitcoin is a virtual currency . It was invented in 2008 by Satoshi Nakamoto and released in May 2009 as bitcoin open source software. It can only be used online.
Initially, it was priced at $ 0.003 but in today’s time, the value of one bitcoin is more than 20 lakhs. By looking at these figures, you can estimate how much the value of bitcoin has increased over time.
It does not have any virtual form, that is, it cannot be touched, but it can be spent. There is no owner of this currency like any country or government. Therefore, it can be easily transported anywhere and there is no cost.
What Documents or Documents Needed to Buy Bitcoin?
To buy and sell bitcoins, you must have some important documents so that your bitcoin account is verified and your digital currency remains with you. These important documents are: –
1. Aadhaar Card
2. PAN Card
3. Voter ID Card
4. Bank Account Details
How to invest in bitcoins in India?
To buy and sell bitcoin, you must have a bitcoin wallet because without a wallet you can neither own nor sell bitcoins.
There are many such websites and apps in India from where we can buy and sell Bitcoin. Zebpay and CoinSwitch are very popular apps from where we can invest in Bitcoin.
1. Sign up on the app
First of all, through which app or website you want to buy Bitcoin, sign up there. For the sign, you have to verify your mobile number through OTP. After that you will need to set a 4 digit PIN for Security.
2. Complete KYC
After signing up you will have to complete KYC. For that you will have to upload the photo of your required documents in the app or website. Within 24 hours your KYC will be verified and you will be able to buy and sell Bitcoin.
KYC completes within 1 hour in most apps.
3. Enter bank account information and deposit money
Here you have to enter your bank account information so that the account number you enter while selling bitcoin can be deposited in that account. After this you have to add money to the app wallet, from which you will buy Bitcoin.
If you want, you can also deposit money through UPI and Credit Card.
4. Buy Bitcoin
After all the process is complete, you can buy Bitcoin. Search Bitcoin in the app or website you have signed up and click on Buy.
Apart from Bitcoin, there are many other digital currencies that you can buy.
How to sell bitcoin?
To sell bitcoin, you do not need to go to any other website or app, but in which you have opened an account, there is also a system to sell bitcoin. You can sell Bitcoin by clicking on Sell.
On selling, you are deposited the equivalent of Bitcoin in a bank account filled by you within 24 hours.
Benefits of investing in bitcoin
Now let’s know what are the benefits of investing in Bitcoin.
1. Many online shopping websites accept payment through Bitcoin. You can shop online with Bitcoin.
2. You can use Bitcoin to send and receive money anywhere.
3. By buying Bitcoin, it can be sold when its price increases and can earn money.
4. Banks charge you up to 2% of the payment, but do not incur any fees for payment by Bitcoin.
5. There is no authority to track the transaction in Bitcoin, so no one will monitor your payment.
Disadvantages of investing in bitcoins
Now let’s know what are the disadvantages of investing in Bitcoin.
1. There is no government, bank or authority to control bitcoins, so no one can help you if your bitcoin is stolen or hacked.
2. The value of bitcoin fluctuates so investing in bitcoin can be risky for you.
3. Many hackers are trying to steal bitcoins, so if your bitcoins are stolen, you will be responsible for it yourself.
How much does 1 bitcoin cost?
The price of 1 bitcoin is more than 23 lakh rupees. If you want to know how much 1 Bitcoin is currently priced, you can search ‘ 1 Bitcoin to INR ‘ on Google or you can check in the app or website on which you have created an account and see the real-time price. Huh.
Also Read This – How to buy and sell bitcoins?