With day to day increasing Bitcoin value, more people tend to buy and invest in Bitcoins. In the US, Canada and other countries buying and selling Bitcoins are very famous and an easy process also. Initially, it was a big task in India, but later India also started to buy Bitcoin due to its profitable nature. This article discusses what a Bitcoin is, how to buy in India and the various means of investing in Bitcoins.
What is Bitcoin?
The Bitcoins are like virtual currency, which does not have intermediaries like banks and other government agencies. The Bitcoins are stored in an electronic wallet, which can perform a safe and speedy transaction across the world.
Buying Bitcoins in India
In India, Bitcoins can be bought through various apps through smartphones or using various Bitcoin agencies that are available through web sites. Visit the website by clicking image given below:
What is the least amount for purchasing Bitcoins?
In today’s rate, a Bitcoin is equivalent to 12, 00000. But as a beginner, you can start with a Bitcoin and then begin investing many Bitcoins. A minimum of Rs.500 is needed as a minimum investment for buying and selling Bitcoins.
How to get registered for buying Bitcoins in India?
For buying Bitcoins, the person should have a Bank account and a valid PAN card so that this acts like customer verification. Once verified, people can start buying their Bitcoins. The verification process might take around three days. But once confirmed, the transaction will take less than one day, for any part of the world.
How to obtain Bitcoin Wallet
The Bitcoins are stored in a digital wallet, through transaction and buying takes place. It can be done through a Smartphone or Desktop computers. Either the people can download the e-wallet app or use the e-wallet websites. The user has to register with the name, address, phone number, and other personal information for account creation. Once the account is set up, the wallet can be used for transactions.
As per the Indian government’s law, the profits obtained from any savings are taxable. Even though Bitcoins have no intermediaries, the returns must be taxed as per government rules. So the small returns are liable to 20% taxation, and significant gains are vulnerable to 30%taxation.
Which Cryptocurrency has a profitable investment?
There are many other cryptocurrencies like Bitcoins. They are Namecoin, Litecoin, Peercoin, Ripple, and Zetacoin, and so on. But among all cryptocurrencies, Bitcoins have profitable investments as its value is increasing these days. But in the case of Bitcoins, it is always better to start with small scale investments.
Various ways of Bitcoin investment
There are many ways of investing in Bitcoins. They are:
- Buying a Bitcoin from apps
- Grayscale’s Bitcoin Investment Trust (GBTC)
- Bitwise 10 Private Index Fund
Buying a Bitcoin from apps
In this way of investing Bitcoins, people can use the Bitcoin app for buying or selling Bitcoins. The user has to create an account by registering their personal information and has to deposit a minimal amount for beginning the transaction with Bitcoins. All these transactions will be recorded ad blocks in a blockchain liked to the wallet address of the user. Only with the registered login and the code sent to the registered mobile, the user will be able to access the account for the secured transaction.
Grayscale’s Bitcoin Investment Trust (GBTC)
The best way to begin investing Bitcoins is through Grayscale’s Bitcoin Investment Trust (GBTC). GBTC makes the investment advantageous by allowing all levels of investors across various accounts. They also provide different discounts. By investing through GBTC, security is ensured, and the Bitcoins can also be easily transacted to cash very quickly.
BLOK holds the funds of various countries and manages the blockchain by creating innovative and secured technologies.
Bitwise 10 Private Index Fund
The Bitcoins can also be invested through Bitwise 10 Private Index Fund, which is capable of holding large coins and transactions can be made offline in a secure manner.
With this deep insight on investment ways and strategies, people can start using Bitcoins for a profitable investment.
Also published on Medium.