How to invest in bitcoin? Demand of Bitcoin is increasing day by day in the world including India. There are competition for people to buy and sell the Bitcoin. The biggest reason for this is the increase in its value.
The value of Bitcoin is more than 26 lakh currently
That’s why a lot of people are doing the business of buying bitcoin at a lower price and selling at a higher price. People are also becoming successful in this business. Value and demand of the Bitcoin is going to increase further in the future. That is why you must also invest in bitcoin.
Things before Invest in Bitcoin ?
So today I thought why not give you some important information about how to invest in bitcoin, so that you can make it easier to invest in it.
What is bitcoin?
Bitcoin is a virtual currency. It was invented in 2008 and released in May 2009 by Satoshi Nakamoto as bitcoin open source software. It can only be used online.
In the starting, it was priced at $ 0.003 only but in Current time the value of one bitcoin is more than 26 lakhs. By looking at these value figures, you can estimate how much the value of bitcoin has increased with time.
How to buy and sell bitcoins
It does not have any physical form. It can’t be touched, but it can be spent. There is no owner of Bitcoin like any country or government officials. That why, it can be easily transported anywhere and there is no cost.
What Documents or Documents Needed to Buy Bitcoin?
For buying and selling the bitcoins, you must have some necessary documents so that your bitcoin account is verified and your digital currency remains with you. These important documents are: –
- Aadhaar Card
- PAN card
- Voter ID Card
- Bank Account Details
How to invest in bitcoins in India?
For buying and selling the bitcoins, you must have a bitcoins wallet because without a wallet you can neither own nor sell bitcoins.
There are many such websites and applications in India from where you can buy and sell Bitcoins.
Sign up on the app
First of all, sign up on any application or website through which you have to buy Bitcoins. For the sign, you will have to verify your mobile number through OTP. After that you will need to set a Security Pin of 4 digit.
After signing up, you will have to complete Know Your Customer (KYC). For that you must have to upload the photo of your required documents in the application or website. Within 24 hours your KYC documents will be verified and you will be able to buy and sell Bitcoin.
KYC completes within 1 hour in most of the applications.
Enter bank account information and deposit money. Here you have to enter your banking details 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 wallet of the app, from which you will buy Bitcoin.
If you want, you can also deposit money through UPI and Cards.
After the below process is complete, you can buy and sell Bitcoin. Search Bitcoin in the applicatons or website where you have signed up and click on Buy and buy.
Apart from Bitcoin, there are many other digital currencies that you can buy.
How to sell bitcoin?
To sell the Bitcoins, you don’t need to go to any other website or applications, but in which you have opened an account, there is also a system to sell Bitcoins. You can sell Bitcoins by clicking on Sell.
On selling, you are deposited the money equivalent to Bitcoins in a bank account filled by you within 24 hours.
Benefits of investing in bitcoins
Now let uss know the benefits of investing in Bitcoins.
- Many online shopping websites accept payment through Bitcoins. You can shop online with Bitcoins.
- By buying Bitcoin, you can sell it when it rises and you can earn money.
- There is no authority to track the transaction in Bitcoin, so no one will monitor your payment.
- Banks charge you up to 2% of the payment, but do not incur any fees for payment by Bitcoins.
- You can use Bitcoins to send and receive money anywhere.
Disadvantages of investing in bitcoins
Now let’s know the disadvantages of investing in Bitcoins.
- There is no government, bank or authority to control bitcoins, so no one can help you if your bitcoins is stolen or hacked.
- The value of bitcoins fluctuates so investing in bitcoins can be risky for you.
- 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 A bitcoins is more than 26 lakh INR. If you want to know how much A Bitcoins is currently priced, you can search on google ‘1 Bitcoin to INR’ or you can check it from the application or website on which you have created an account and see the real time price of the Bitcoins.