Cryptocurrency is a digital asset that is used to exchange currency anywhere in the world, although it is not in physical form. Actually it is an electronic transaction system in which blockchain technology is used in the exchange of tokens to ‘buy’ goods and services. Like the US dollar and the Indian rupee, cryptocurrency also has a ‘stored value’ which enables it to function like a digital currency. by the way many cryptocurrencies But when it comes to investing money, most people Bitcoin Trust only. It is the world’s oldest, largest and most popular cryptocurrency.
What is Bitcoin?
Bitcoin, which debuted a little over a decade ago, has become the most accepted digital currency in the world today. This popular cryptocurrency uses Blockchain technology and has its own digitally exclusive electronic specification. Each Bitcoin contains unique information that cannot be changed or rewritten. Bitcoin does not belong to any government and it is the best tool to have complete transparency. No geographical limit applies to it. Bitcoin is like the currencies that we use in physical form, the only difference is that its value is stored digitally.
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How to Invest in Bitcoin in India
Although cryptocurrency trading in India is still in its early stages, many merchants in the country have started accepting Bitcoin and other virtual coins for payment. Given its increasing demand, the future of Bitcoin looks promising. Due to its ever increasing rate, it is attracting the attention of many investors.
Things to keep in mind before investing in Bitcoin in India
1. Legal Process
If you want to invest in Bitcoin, first of all it has to be verified on legal standards. You can do this through Know Your Customer Verified (KYC). You will also have to provide personal documents like PAN card, address proof and bank account details.
2. Cryptocurrency Exchange Platform
There is no fixed structure for trading in Cryptocurrency. However, there is such a crypto exchange platform where people can trade. The popular exchange platforms in India include WazirX, CoinDCX etc. You yourself have to choose such a ‘platform’.
3. Account Creation
Once you have selected your crypto exchange platform, here you have to create an account. For this, it is important that you read the policies of this platform carefully. You have to choose the investment plan. You can buy cryptocurrencies by transferring the amount from your bank account.
You have to choose the coin you want to invest in. Here it is definitely bitcoin. After selecting Bitcoin, make sure to store the code in the account which is to protect against various risks including hacking. Apart from this, these platforms ensure that you have a Bitcoin wallet to hold or store cryptocurrency.