Bitcoin reached its maximum peak this month and it is touching a new value daily and very soon it will cross 50,000 $ also. Many crypto investors gain a huge profit, Here huge profit means, when we gain 10 times, 20 times, etc.
Just because of Bitcoin people like Erick Fineman, Peter Saddington, Jered Kenna, etc become so rich today. You can refer this article to know more about them.
Although it’s always not necessary that people who will invest in crypto-currency will be rich. They might lose too much or gain too much based on the time of investment and market trends. So today I will be sharing some basic details about Bitcoin. Keep reading and don’t forget to share with friends.
Some Important points that we need to know before investing in BTC
What is Bitcoin?
“Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software”According to Wikipedia
Bitcoin is also known as BTC.
How does Bitcoin work?
Bitcoin is not a physical currency like gold or rupees, it is a digital currency also called crypto currency that is not backed on any country’s central bank or government agencies.
BTC can be transferred from one user to other user (peer to peer) without any intermediate agencies or government involvement. Transactions are verified by network nodes through cryptography and recorded publicly distributed ledger called block chain.
Anyone who has the high-speed computer can store and verify the transaction by mining (storing the coin). People who do mining is earning bitcoins without investing in BTC. Bitcoin minors receive BTC as a reward by completing block of verified transaction which are added to the block chain.
Normal transaction (UPI/NEFT) take few secs to complete the transaction but BTC is taking few minutes to process the transaction. The logic behind the BTC transaction is so much complicated and it is taking minutes to calculate. This is the main reason minors need high-speed computer.
Is Bitcoin legal in India?
Yes, Bitcoin is legal in India although it was never banned in India. Before March, 2020 RBI disconnect the BTC with any bank transaction. That means you cannot trade the Bitcoin with rupees but after the court decision its now linked and you can buy it from your INR money.
I will be sharing details how you can buy and what all the procedure you need to follow in upcoming section.
Is Bitcoin Risk Free?
No Risk, No Gain. I think most of the people must have heard this already. BTC is the decentralized currency that means government doesn’t have control like Dollar or INR, So its high risky for sure.
As of current trend and buying selling volume we can definitely say its going upward and it crossed more than 40,000$ already. So, my suggestion will be invest based on your capacity. Don’t ever invest by taking loans or selling any property.
Can we use Bitcoin for Transaction purpose?
Now a days many businesses and services are accepting bitcoin as currency. As of now in India I have not seen any vendor who is accepting bitcoin but worldwide it is getting accepted in many sectors and even I saw few news where restaurants were accepting the bitcoin.
Bitcoin transaction is taking few minutes to confirm because of the block chain algorithm behind it. So, it’s not good for the quick purchases as of now.
Is Bitcoin a good Investment?
As per the current market trend we can say Bitcoin or BTC investment is really good and high profitable. In last few days Bitcoin price gained more than 15,000 $. My suggestion are going to be “you can start investing, Its never too late”. But make sure to invest based on your capacity not by borrowing by someone.
How do I start investing in Bitcoin?
There are ample of sites (Broker or exchange you can call) where you can sell, hold, buy bitcoins. I am personally using Two websites: Bitbns and Bitdroplet. I am using Bitbns for lumsum and one-time investment and Bitdroplet for monthly SIP investment.
I will be giving one referral code from which you can get good bonus from them and also too many good benefits. I will be sharing my experience with these in upcoming sections.
Referral Links: (Code: 237642)
- Bitbns: Click Here
- Bitdroplet: Click Here
Before Investing you need to follow very simple steps those are listed below: Also you can comment down if you have any concern and query. I will be uploading video also where you can see my portfolio and other parameters.
- Signup with my code (To get extra benefits)
- Complete your KYC (Know Your Customer)
- Link Your Bank / UPI
- Deposit Money
- Start your goal/Investment
My Personal experience with Bitcoin
I always want to invest in Bitcoin and other crypto currency. But finally, I started investing in May 2020 as a monthly 5 $ Plan and Now my total investment is around 45$ and the current price of the 155$ (250% Profit). I also started investing in some other coins and getting good profits.
Any Other Cryptocurrency!!!
Apart from bitcoin there are so many other crypto coins where you can start investing. I am listing down few coins below:
- XRP: Ripple
- ETH: Ethereum
- TRX: Tron
- DASH: Dash
- LTC: Litecoin
Apart from that Angular, EOS, Sia, verge, etc are also good coin to invest.
Hope now you have little clear picture about bitcoin and crypto investment. Still if you have any query you can always comment it down. I will try my best to answer those. Also check out How To File Income Tax Return
*Investment is the subject of risk. So decide based on your own experience, We are not responsible for any loss or profit.