Bitcoins have all of a sudden started to trend globally, mainly because the value of Bitcoins has increased to nearly 150% this year alone. Japan recently accepted bitcoins as a payment method and since then the demand for Bitcoins has increased further and spread across other countries including India as well. Let us get into some important facts and discussions about Bitcoins and learn how you can get Bitcoins in India.
Bitcoin is a crypto-currency similar to Dogecoin, Zerocoin, Namecoin, Peercoin, etc. designed to work as a medium of exchange to secure the transactions and to control the creation of additional units of the currency.
Bitcoin is an electronically stored currency, something you cannot see or touch and has no paper or metallic form like the dollar, pound, euro, yen or rupee. It doesn’t even have any central authority, organization or bank involved for managing transactions. It has no middle man involved and no banks involved. It is simply a virtual currency circulating through the internet.
There are various reports showing different people like Satoshi Nakamoto and Craig Wright claiming to be the founder or creator of Bitcoin, but no concrete evidence has been found on who actually created Bitcoin.
How to get Bitcoins in India?
You can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account.
As mentioned above, many authorized wallets have been created across the globe for the storage, transfer and control of your money. For Indian consumers, there are 2 Bitcoin wallets that are being used extensively. Both these apps are available for free on the Google Play store.
Unocoin Platform is preferrable for people who want to play with Bitcoins but with lesser rates. While lesser rates give you less income, it also has lesser risks to involve with. This app shows buying and selling rates of Bitcoins and also has its own Wallet where you can add up balance and buy Bitcoins using that balance. However, here, the minimum balance is Rs1000.
Account verification on Unocoin is time consuming and takes time ranging between 48-72 hours. You can send or receive bitcoins from your friends or colleagues as it supports Peer-to-peer transfer. The buying and selling rates on Unocoin are updated every second to give the the best and latest prices, so that you can choose the most profitable time to buy or sell your bitcoins.
The app also allows you to do mobile recharges and keep a check on your linked bank account. You also get discounted and attractive offers on various seasonal vouchers.
You can add money to Zebpay Wallet from Bank using IMPS / NEFT / RTGS or Net Banking, anytime. You can withdraw all your Zebpay Wallet money anytime to your Bank too. The minimum amount to add to the wallet is Rs5000. After you add money to Zebpay, you can use that money to purchase Bitcoins from within the app itself. It is easy and one step process.
You can trade bitcoins or send and receive bitcoins between your friends or colleagues as it supports Peer-to-peer transfer. You can even buy vouchers and do mobile recharges through the app.
You will need to scan and upload any valid Govt Id and Address Proof Scanned Copy. You cannot buy any bitcoins before you get approval. Account verification on Zebpay is much faster and happens in a matter of few hours as compared to verification on Unocoin.
Zebpay aslo has a better and quick support. You can reach out to them and get help quickly.
If you need to store Bitcoins for a longer period, its recommended that you always transfer your Bitcoins to a hardware wallet which you create like Copay or Blockchain. You can again transfer it to your Zebpay Bitcoin Address and sell it off when the time is right.
Why is Bitcoin SUDDENLY trending so much?
Bitcoin is not a sudden creation that popped into the scene a few days back and went viral. It has been in the field for more than a decade now. Bitcoin first came into existence when its invention was published in 2008 and it was released as open-source software in 2009. It has enjoyed huge success over recent years and has become one of the world’s best known digital currencies today.
There are a bunch of reasons behind the sudden boost in popularity behind this currency.
- Bitcoin is classed as a safe, appreciating and decentralized digital asset, which has helped to aid its popularity as well as its value.
- Bitcoin is easy to use and circulate when it comes to online transactions.
- It is now being widely used across the globe, with many now opting to make payments via Bitcoin rather than using other methods.
- Many companies now accept this as a method of payment. There are now many places where consumers can pay by Bitcoin.
- Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money.
- Bitcoins also provide the added bonus of security, which is something that you do not always get when you use payment methods such as credit and debit cards due to the higher risk of fraud.
- This sudden spike in Bitcoin popularityhas led to an increase in the number of retailers and businesses that accept Bitcoin transactions. This in turn is further boosting the usage of Bitcoin amongst consumers.
Bitcoin investment – Important facts
Credit cards, debit cards, and online payment services like Paypal are still hugely popular payment methods. However, cryptocurrency is fast becoming a preferred option among some consumers. Using Bitcoin to pay and get paid is easy and accessible to everyone.
Before getting into investing in Bitcoins, you should be explore it a bit more and gather some basic knowledge and understanding since it something new and slightly different.
- Bitcoin price/value is volatile
The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy and sometimes fluctuating market conditions. Thus, keeping your savings with Bitcoin is not recommended at this point.
- High risk element
Due to its volatile nature, Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin.
- Bitcoin wallets
This sudden spike in the value and recognition of Bitcoins has led to the creation of many authorized wallets for the storage, transfer and control of your money. Bitcoin should be treated with the same care as your regular wallet and you can use Bitcoin for any serious transaction. If you receive payments with Bitcoin, many service providers can convert them to your local currency.
- Bitcoin payments are irreversible
Any transaction issued with Bitcoin cannot be reversed. Thus they can only be refunded by the person receiving the funds. This means you should be careful while doing business with people and organizations you know through Bitcoins. Make sure the transactions you make are with organizations with an established reputation.
- Safe and secure
Bitcoin can detect typos and usually won’t let you send money to an invalid address by mistake. Additional services might exist in the future to provide more choice and protection for the consumer.
- Bitcoin is still experimental
Bitcoin is an experimental new currency that is in active development. In other words, you can we can say that this technology is still in its Beta testing phase. Each improvement makes Bitcoin more appealing but also reveals new challenges as Bitcoin adoption grows. During these growing pains you might encounter increased fees, slower confirmations, or even more severe issues. Always consult a technical expert before making any major investments.
- Unpredictable future
Investing in Bitcoins is like investing in stock exchange. You can ear high profits or loses according to various factors. Nobody can predict Bitcoin’s future.
Take 1% or less of what you own, buy bitcoin with it, and then forget about it for at least the next five years; ideally the next decade. “You either lose one percent of your net worth, which most people can take, or you make millions.”