Cryptocurrencies are digital assets used to exchange value anywhere in the world, not in a physical form though. It is an electronic transaction system, that uses blockchain technology for exchanging tokens to buy goods and services. Just like the US dollar and Indian rupee, cryptocurrencies, too, have stored value of their own that makes them eligible to work like currencies digitally. Though there are many cryptocurrencies, many people trust Bitcoin the most when it comes to investing their money. It's the oldest, biggest, and most popular cryptocurrency in the world.
What Is Bitcoin?
Making its debut over a decade ago, Bitcoin has become the most accepted cryptocurrency in the digital currency world today. This popular cryptocurrency uses blockchain technology and has special electronic specifications of its own digitally. Each and every Bitcoin contains a piece of specific verified information that cannot be altered or rewritten. Bitcoin does not belong to any government and that makes it the best tool in terms of having complete transparency. It doesn't follow any geographical borders either. Bitcoin is just like the currencies we use in physical form; the only difference is the value it uses is digitally stored.
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How To Invest In Bitcoin In India?
Even though cryptocurrency trading is still at a nascent stage in India, many merchants in the country have started accepting Bitcoin and other virtual coins for payments. Considering its growing demand, Bitcoin does seem to have an optimistic future. With its rate soaring high every now and then, it has attracted the attention of many investors.
Here's what you need to keep in mind before investing in Bitcoin in India:
1) Legal Procedure
First, you need to get verified on legal parameters if you want to invest in Bitcoin. You can do it via Know Your Customer Verified (KYC). You need to submit your personal documents, such as PAN card, address proof, bank account details. Make sure all these details belong to you — only the one person wanting to invest in Bitcoins.
2) Cryptocurrency Exchange Platform
There is no set structure for trading in cryptocurrencies. However, there are crypto exchange platforms where people can trade. Some of the between-known exchanges in India are WazirX, CoinDCX among others. You need to select a platform for yourself.
3) Account Creation
Once you've selected your go-to crypto exchange platform, make an account there. You need to read all the policies of the platform given. You would be required to select the investment plan. You can buy cryptocurrencies by transferring the amount from your bank account.
You need to select the coin you want to invest in, here, of course, Bitcoin. After you've chosen Bitcoin, make sure to store codes in the account. This is to refrain from any kind of risks including hacking. Apart from this, these platforms ensure you have Bitcoin wallets to store or sell the cryptocurrency.