The success of Bitcoin has paved the way for many alternate currencies, which are popularly called as ‘Altcoins’. Today, these digital currencies are used by many people across the world to make transactions or for trading purposes. Initially, this new monetary technology faced a big challenge to get established in big nations like India and China, as they were banned. But with time, both the countries acknowledged its importance and later accepted it. Now even Indians are so curious to own cryptocurrencies. But mere owning a cryptocurrency is not a solution, you need to know how to buy it for trading or selling. Among other cryptocurrencies, Bitcoin is the most popular one. So in this blog, we will know how to invest in Bitcoin.
But before we leap to know about its buying, let us have a clear understanding of the Bitcoin cryptocurrency.
To find the main reason behind the popularity of cryptocurrency which we notice today is Bitcoin. Ever since it made its debut on 3rd January 2009, it created a wave among the whole world. People became much fascinated with its use as the digital currency. Though there is much confusion about its real founder, however, Satoshi Nakamoto is popularly known to be the real founder. When we discuss Bitcoin, then it is not possible to not mention blockchain. For someone new to the crypto concept, might not be aware of the fact that blockchain is a digital ledger platform on which Bitcoin and other cryptocurrency operate. Without blockchain, the Bitcoin can't function. The existence of this digital currency solely depends on the blockchain technology.
In comparison to fiat currencies, Bitcoin has lower transaction costs. If you want to own Bitcoin, then you need to understand that these crypto coins are scarce. It is complicated to obtain it over time. Every four years, the rate of Bitcoins is produced in cuts. If you follow Bitcoin news today, then you might be knowing that in the year 2020, the halving of Bitcoin is expected again. Although Bitcoin has become much popular choice among the people now in India, there might be some beginners who might not know how to buy it.
Now since the concept of cryptocurrency is accepted in India, so it is possible to invest Bitcoin in India. But are you aware of its buying? If not, then know it now. If you want to buy Bitcoin, then there are some exchange platforms.
You must be using ATMs of several banks for transactions, but there is also an ATM for especially obtaining Bitcoin. To deposit cash, you need to have Bitcoin ATM nearby. Bitcoin is sent to you when you get promoted for Bitcoin address. You don’t have to face any exchange hassles as Bitcoin ATM features an easy method. 5 to 10% is supposed to be the charges for its services.
If you want to invest Bitcoin in India, there is another popular exchange called Unocoin. It is prominently based on Bitcoin. In this exchange, users can refer to NEFT and IMPS bank deposits for buying the Bitcoin. The cryptocurrency is received when the payment reaches in the account of Unocoin. .7% is the trading fee charges of this exchange. The fee can even steep downward when trading is done often. There can be an increase in limits when trades are done enough.
In this exchange, amounts of money and method are chosen by the users. Person to person Bitcoin exchanges is allowed through an escrow service.
Changelly is unlike another exchange, where the user selects output and input currency. When the two currencies are chosen, a deposit address for the output currency must be given by the user. A provided address is then sent to the currency. In changelly exchange, a user can use fiat currency to buy any cryptocurrencies, including Bitcoin. 5% of fee is taken by the simplex, whereas .5% fees go to Changelly.
