Bitcoin Explained: Is It Legal? Should You Invest in Bitcoin in India? How to Buy Bitcoin?
Bitcoin Explained: Bitcoin, a popular cryptocurrency is swallowing up the investors thrust, what is it that people are going day by day into a deep well of cryptocurrency, and why is Bitcoin, the king of cryptocurrency, now with us and we will tell you everything about Bitcoin, how to buy & sell, should you Invest or not and even some platforms to invest for Bitcoin. Follow our article and get why you picked up here.
So, as you earlier knew that Bitcoin is the king of cryptocurrency, but why? Have you ever tried to know this, because the bitcoin’s value is up to expensive in comparison to any other cryptocurrency but Ethereum is one of the cryptocurrencies that emerged out and now eating Bitcoin in 2021, this we can say that Bitcoin was the leader till 2020 and still the half of 2021, because Ethereum had returned 530% of the input to that of the Bitcoin, so Ethereum is also going day by day valued? But still, most people would like to invest in Bitcoin as it had created history, When Bitcoin was introduced, its price was 0.09$ and if you want to know the current price of Bitcoin, then it’s 43,130$, a huge upraise. So now it is the most valuable cryptocurrency in the world and its founder Satoshi Nakamoto is the world’s 15th richest man. So this was a brief intro to Bitcoin.
Is Bitcoin Legal?
Note-Bitcoin Is Banned Only To Do Exchange Business By Indian Government In Relation With Banks, Rest There Are No Any Laws Or Statement By Government That Says Stop Trading In Bitcoin.
What do you think, is Bitcoin legal? The answer in one word is something hard, so we will explain, is Bitcoin legal?
So need to be explained that some of the countries allowed while some have completely banned Bitcoin, while some countries allow Bitcoin with several conditions to be followed, actually the cryptocurrency is banned somewhere, you will know below, Yes according to the posts and news as of June 2021 Bitcoin was legal in some countries such as United States, United Kingdom, Japan and most of the developed countries, so people can easily use trading with Bitcoin in accordance of particular countries’ banks. While there are so many countries that have completely banned cryptocurrency as well as Bitcoin too. In the heavy statement, China have put a complete ban on Bitcoin as well as cryptocurrency in India is not banned but you can not use to exchange it into Indian rupees or you can not even use Bitcoin to purchase anything because our Indian government has banned the banks to make any tender or exchange of Bitcoin and rest left unclear. Some other countries that have put a ban on using cryptocurrency and Bitcoin are as follows
- Nepal
- Vietnam
- Colombia
- Russia
- Ecuador
- Aglaia
- Bolivia
- Indonesia
- Egypt
Using and trading on Bitcoin is completely banned in these countries. And where it is legal, somewhere legal, and somewhere partially legal with some conditions. So we hope it’s clear to each reader the legality of Bitcoin.
Now follow our article to find out more about Bitcoin
Read | Ethereum Blockchain Explained: How It Works, Its Features, Uses and More
Should You Invest In Bitcoin In India?
What the Indian laws say because it is an amount-related query so let’s first consider the law. So let us bring to your notice that there is no law that says Bitcoin is legal in India or Bitcoin is illegal in India, according to the government only bitcoin is banned to make any business exchange with Indian rupees, currencies, or digital money, there is no rule that proves Bitcoin or other cryptocurrency is banned in India as investors are investing in Bitcoin with several platforms. So only the main point to be noted is that “you can invest in Bitcoin as no rules say not to invest in Bitcoin but you can not get Indian rupees in exchange with Bitcoin or you can not purchase anything by the Bitcoin”
Read | Crypto Bill: Government’s proposed to ban private cryptocurrencies in India, allow RBI digital coin
Now the question arises, SHOULD YOU INVEST IN IT?
So the answer fully depends on yourself because there are a variety of consequences of you invest in Bitcoin, such if anyone invests in any cryptocurrency or any stock, it may be risky, as it is always at high risk if whether the value could persuade down, yes so first point to follow for investing is a bitter truth you can lose it, so have a patience full mind and think before you leap furthermore if you thought for investing, you need to have crypto wallet and had confirmed your KYC then only you will be able to invest and further if you invest, go through your countries’ guidelines for investing in Bitcoin or any cryptocurrency, and if you are in India it is said earlier
‘NEIGHTER YOU CAN EXCHANGE BITCOIN THROUGH INDIAN BANKS NOR YOU CAN USE TO MAKE ANY PURCHASE OVER INDIA’.
To predict your journey whether you want to invest or not, about 10 crores of Indians have invested in Bitcoin, it is known for short term profit and even kept for a long time, it can make you a millionaire, so only one factor that depends on investing in Bitcoin is the prediction for its uprising or fall down. So, here made your question’s answer whether you should invest in Bitcoin or not.
Now let’s move ahead and shall know the ways and platforms to invest in Bitcoin.
How To Buy Bitcoin?
So how you will be able to buy Bitcoin? Have a tea and follow down the steps because it is much easier and no more complicated to buy Bitcoin.
- Take a look over platforms that provides trading on Bitcoin and choose a perfect service venue among that (eg. Coinbase)
- Make a wallet for your payment and connect to the platform that you are using, you need to give your Indian proved profile document and payment methods carrier(master card, visa, bank account). You may make a Coinbase wallet and connect that one
- Now done and you can place an order in the platform you have chosen
- Point to be noted that choose a safe wallet and store your earnings
Some methods by which you can buy Bitcoin
- PAYPAL
- MASTER CARD
- BITCOIN ATMs
- P2P EXCHANGES
- MAINSTREAM BROKERAGES
Some Of The Useful Questions Related To Bitcoin.
#Q1. Which Is The Best Website Or App To Buy And Sell Bitcoin?
Answer: Binance Is One Of The Best App And Website To Buy And Sell Bitcoin.
Apart from which you can also consider
- CoinDcx
- WazirX
- Zebpay
- Unocoin
#Q2. What Is The Minimum Amount We Can Invest In Bitcoin?
Answer: The Minimum Amount You Can Invest In Bitcoin Is ₹100 According To Indian Rupees In some Platform
Read More
- Bitcoin Mining: How to Mine Bitcoin to earn money online?
- Top 10 Metaverse Stocks To Invest Now For The Future Of Technology
- How to Buy and Sell NFT in India
Wrapping Up –Bitcoin Investment
So we have discussed basics to maximum knowledge about Bitcoin, what is the model of Bitcoin, and whether legal or not, even we have quoted the places where you can buy and sell Bitcoin and how. Also told you the benefits and disadvantages of investing in Bitcoin. Hope you all got all that we have made clear about Bitcoin.
