Buy Bitcoin in India

Bitcoin mining is the process of utilizing high-powered computers to solve complex computational problems. Upon solving these computational problems, computers produce a Bitcoin, although the probability of a computer solving a problem is almost 1 in 13 trillion. Other than that, there are two outcomes of Bitcoin mining. The first is the production of new Bitcoin when the computer solves these complex problems on the Bitcoin Network. The second outcome is the by-product of the computation process of the computers, which make the Bitcoin networks trustworthy and secure as they verify its transaction information.

In order to tackle inflation and similar real-world economic issues, Bitcoin undergoes a process known as Bitcoin Halving which results in the reduction of the production of Bitcoins by half every four years or every 210,000 blocks mined. In this way, the Bitcoin system creates its own synthetic inflation system until all the Bitcoins are mined and released into the system. This system would continue until the year 2140, at which point, the miners would be awarded transaction processing fees that would be reimbursed by the network users. The fees would act as an incentive for Bitcoin miners to continue their operations and would cause them to remain low after the halvings have come to an end.

Cryptocurrency rates have a tendency to fluctuate in short periods of time. As of 29th June 2020, the price of 1 Bitcoin against the INR stands at 6,88,046 INR. The value of the Bitcoin fluctuates on the basis of demand and supply. When the sale of Bitcoins starts soaring, its value proportionately increases. But due to government bans in countries or lack of willingness to invest would result in the subsequent fall of the price.

Although this might seem a high-risk situation to many greenhorns or even experienced investors, a thorough and timely technical analysis is capable of predicting the market trend of the cryptocurrency. It could also help in determining the most profitable entry and exit points to traders and investors.

One of the main reasons for investment in Bitcoins is the high profitable returns that the Cryptocurrency provides to the investors in a comparatively short period of time. The value of a single bitcoin has increased from around 3,00,000 INR in 2019 to 6,88,046 INR in 2020. Other than that, since the Indian Supreme Court has lifted the ban on cryptocurrencies, many businesses and financial institutions have started adopting Bitcoin as a legitimate mode of payment and are expected to have a huge growth rate in the coming years. Software giants like Microsoft have already adopted Bitcoin as a means to purchase their products in its Windows and Xbox stores.

The existence of the misconception that buying Bitcoins in India is a difficult process that is fraught with hardships has plagued the minds of numerous eager investors. In reality, buying Bitcoins is a simple process that involves visiting coin wallets present over the internet that provide interested buyers and traders with coins.

Bitcoin can be bought from coin wallets that are present on the internet. There are many peers to peer marketplaces that exist on the internet through which bitcoins can also be bought. These wallets deduct a small amount of fee for their services which may be as low as 0.0005 BTC.

India stands to be a gold mine for Bitcoin investors as there exists a price difference of almost 7,552 INR and hence can stand to gain huge profits if the right decisions are made. There multiple platforms through which the sale of Bitcoins can be conducted. There exist peer to peer trade exchanges that allow Bitcoin holders and potential buyers to buy or sell Bitcoins upon paying a small service fee to the service provider.

There are also websites that allow sellers to utilize the traditional method of cash transactions for the buying and selling of Bitcoins. Bitcoin exchanges are also occurring on social media platforms like WhatsApp and Telegram in order to maintain anonymity.

Bitcoins can either be sold directly to the buyer using peer to peer trading platforms or can be exchanged through legitimate cryptocurrency exchanges that are present over the internet. Although peer to peer transactions are highly discouraged by many large exchange platforms as they are fraught with risks of volatility.