how to invest in bitcoin? The demand for the virtual currency Bitcoin is increasing rapidly all over the world including India. There is a competition among people to buy Bitcoin. The biggest reason for this is the increase in its value.
Do you know that currently the price of bitcoin is more than 24 lakh Indian rupees.
That’s why many people are doing the business of buying bitcoin at a low price and selling it at a high price. People are also succeeding in this business. Its value and demand is going to increase in future. That’s why you should also invest in bitcoin.
So that’s why today I thought why not you guys how to invest in bitcoin Some important information should be provided about it so that it can be easy for you to invest in it.
What is bitcoin?
bitcoin is a virtual currency. It was invented in 2008 Satoshi Nakamoto and was released in May 2009 as bitcoin open source software. It can be used online only.
Initially its price was $ 0.003 but in today’s time the price of one bitcoin is more than 20 lakhs. By looking at these figures, you can estimate how much the value of bitcoin has increased over time.
It does not have any virtual form i.e. it cannot be touched, but it can be spent. There is no owner of this currency like any country or government. That’s why it can be easily transported anywhere and there is no fee.
What documents or documents are required to buy bitcoin?
To buy and sell bitcoin, you must have some necessary documents so that your bitcoin account is verified and your digital currency remains with you. Those required documents are:-
1. Aadhar Card
2. PAN Card
3. Voter ID Card
4. Bank Account Details
How to invest in bitcoin in India?
To buy and sell bitcoin, you must have a bitcoin wallet because without a wallet you can neither hold nor sell bitcoin.
There are many such websites and apps are prevalent in India from where we can buy and sell Bitcoin. Wazirx, Zebpay and CoinSwitch are very popular apps from where we can invest in Bitcoin.
But if I am asked, I will alwaysWazirxI will choose only. Because I myself have been using it for many years. I have never had a problem with anything in this platform.
1. Sign up for Wazirx App
First of all you have to sign in to buy Bitcoin by visiting the Wazirx app or website. For signing, you have to verify your mobile number through OTP. After that you will need to set a 4 digit PIN for security.
2. Complete the KYC
After signing up you have to complete KYC. For that you have to upload the photo of your required documents in the app or website. Within 24 hours your KYC will be verified and you will be able to buy and sell Bitcoin.
KYC is completed within 1 hour in most of the apps.
3. Enter bank account details and deposit money
Here you have to enter your bank account information so that the account number you enter while selling bitcoin can be credited to that account. After this, you have to add money to the wallet of the app from which you will buy Bitcoin.
If you want, you can also deposit money through UPI and Credit Card.
4. Buy Bitcoin
After all the process is completed you can buy bitcoin. Search Bitcoin in the app or website where you have signed up and buy by clicking on Buy.
Apart from Bitcoin, there are many other digital currencies that you can buy.
How to sell bitcoin?
To sell bitcoin, you do not need to go to any other website or app, but there is also a system to sell bitcoin in the one in which you have opened an account. You can sell Bitcoin by clicking on Sell on your Wazirx account.
After selling, within 24 hours, the amount equal to Bitcoin is deposited in the bank account filled by you.
Benefits of investing in bitcoin
Now let’s know what are the advantages of investing in Bitcoin.
1. Many online shopping websites accept payment through Bitcoin. You can shop online with Bitcoin.
2. You can use Bitcoin to send and receive money anywhere.
3. By buying bitcoin, you can sell it when its price increases and earn money.
4. Banks charge you up to 2% of the payment fee, but there is no fee for paying through Bitcoin.
5. There is no authority to monitor the transaction of Bitcoin, so no one will keep an eye on your payment.
Disadvantages of investing in bitcoin
Now let us know what are the disadvantages of investing in Bitcoin.
1. There is no government, bank or authority to control bitcoins, so no one can help you if your bitcoin is stolen or hacked.
2. The value of bitcoin fluctuates, so investing in bitcoin can be risky for you.
3. Many hackers are trying to steal bitcoins, so if your bitcoins are stolen then you yourself will be responsible for it.
How much is 1 bitcoin worth?
The cost of 1 bitcoin is more than 24 lakh rupees. If you want to know how much 1 bitcoin is currently worth then you can google ‘1 Bitcoin to INR‘ or you can check in the app or website on which you have created the account and see the real time price.
what did you learn today
In today’s article you learned how to invest in bitcoin We hope you have found a lot of useful information related to investing in bitcoin in this post.
If you have any question regarding this article, then tell in the comment and if you are satisfied with the information, then do not forget to share the article! Be sure to visit our blog again for such great and knowledgeable information.