Nowadays everyone seems to be amused by the digital currency Bitcoin. It has become more like a trend as people who are not even aware of the concept are talking about investing their money into it. The value of 1 Bitcoin crossed USD 11,000 on Wednesday, while in rupee terms it reached INR 8.6 Lakhs per unit.
However, as profitable as it looks, there are a lot more aspects of the currency that need to be studied. Here’s everything you need to know about bitcoins.
What is Bitcoin?
Bitcoin is not a coin; it’s a digital code or virtual token that can be transferred from one user to another through a secured network. Unlike regular currencies, it’s not regulated by any bank or government. This is why; there is no regulatory body which makes its legality almost non-existent.
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Where to buy Bitcoins?
For those trading in Bitcoins in India, there are 11 platforms to buy the Cryptocurrency. These include-
- Unocoin
- Zebpay
- Coinsecure
- LocalBitcoins
- Coinmama
- Bitcoin ATMs
Fractions of Bitcoins
Much like rupee can be fragmented into Paisa; Bitcoins can also be bought in fractions. So, one can buy 0.2 or 0.3 bit of a unit. In India, Bitcoins are traded in the range of INR 200-250 Crores every month. Globally, more than 3 million people are actively involved in its trading.
Using Bitcoins in India
In India, there are not many avenues to use Bitcoin but ecommerce platforms like Amazon and Flipkart run voucher programs for users who use Bitcoin exchanges. However, Bitcoin payments are not accepted as legal mode of transaction.
Risk Involved
As mentioned above, there is no regulator of Bitcoins and hence no particular person or organization is responsible for the fluctuation of its value. Besides, the transaction cannot be tracked and hence it can be easily used for money laundering, scams, and tax theft.
Although it has an advantage that it cannot be copied, yet a very high risk involved with the currency is that if someone steals your Bitcoins or hacks into your computer, you cannot report the theft nor can you recover the lost unit.
Other Cryptocurrencies
Not just Bitcoin, but there are 1000 more crypto currencies in the market including names like Litecoin, Ethereum, Ripple, Zed Cash, Monero, NEM, Ethereum Classic, PP Coin, etc.
