Bitcoin has ridden bullish moves as far as this year is concerned, attracting individuals and institutions that contributed to the asset hitting its historic high in April.
BTC dominated the financial market after Elon Musk confirmed he owns Bitcoin, Dogecoin, and Ethereum. The claims boosted Bitcoin’s sudden uptick towards its ATH near $65,000. For now, individuals across the world discuss BTC. Is the asset safe for your investment? How can you buy Bitcoin? Let’s dive dip.
What is BTC?
You can trace the Bitcoin concepts back in 2008 from a white paper by Satoshi Nakamoto. Though Bitcoin has risen to trade above $48,000 while writing this, it hovered around $12 in 2013.
Bitcoin is a virtual coin that supports online payments over the internet. At the moment, individuals can use the token to purchase multiple products and services. As giant corporates race against time to venture into cryptocurrency payments, it appears that everyone wants to join the craze.
How to Buy BTC?
If you want to purchase Bitcoin, you have to explore crypto exchanges. The internet has many platforms for interested individuals to buy crypto. For instance, in India, you will create a trading account with ZebPay and fund the account. Remember, you have to complete the KYC before trading the assets.
You can complete the Know-Your-Customer policy using Pan Card, Aadhaar card, or any legit document. You will use a digital payment solution to pay for your Bitcoin order. You can transfer cash from your bank using a credit/debit card, RTGS, or NEFT. At the moment, BTC value at $48,000. However, you do not have to purchase one BTC. You can join Bitcoin investment with as little as Rs 500.
How it Works
As stated earlier, Bitcoin is digital cash exchanged via the internet. The transaction involves sending BTC tokens from an online wallet to another. Blockchain, a public network, record the entire transactions. However, the record lists wallet IDs and not participants’ names. The blockchains comprise blocks that have all details about a given transaction.
Is Bitcoin Legal in India?
Indian Supreme Court overturned the Reserve Bank crypto ban (2017). Remember, the bank had barred Bitcoin dealings by entities. The decision by the court allows individuals and firms to purchase and sell Bitcoin without hurdles.
India hasn’t regulated crypto and will not involve in any issues related to the virtual coin. That translates to magnified risks. However, buying and selling Bitcoin in India is legal.