How to purchase and sell bitcoins? Are bitcoins legitimate in India?

Even as economies like Japan and Russia move to legalize the utilization of Bitcoins, India, despite being at the cusp of a digital revolution is yet to officially recognize the cryptocurrency.

How to purchase and sell bitcoins? Are bitcoins legitimate in India?

With a 300 percent increase in its value in only one year, Bitcoins could rather be the type of investment you'll be trying to find.

However, in spite of all the curiosity, many folks have wondered if it's safe to shop for , store and sell bitcoins in India.

In the news recently for being the sole payment method to pay ransoms to WannaCry attackers, Bitcoins are often used for a number of other things. And countries like Japan and South Korea are leading the way.

One of Japan's biggest electronics retailers, Bic Camera, began accepting bitcoin at two stores in Tokyo last month.

Another Japanese firm, Recruit Lifestyle announced it'll add bitcoin acceptance to its mobile point of sale tool AirRegi, which is employed in 260,000 merchant and restaurant locations across Japan.

How are Bitcoins created?

Unlike paper currencies, Bitcoins can't be minted, they will only be mined. There are only 21 million bitcoins that are created.

At present, only 16.8 million or 80 percent of all the bitcoins are mined.

How to buy Bitcoins?

You can search for various digital currency exchanges to shop for bitcoin.

You can purchase Bitcoins with a MasterCard. Coinbase.com and Coindesk.com are the foremost popular exchanges. They also offer tutorials on digital currencies.

In India, you'll purchase Bitcoin from the Zebpay exchange and PCEX Cryptocurrency exchange. Zebpay has Android apps that allows you to link your checking account for quick transfers.

You can buy Bitcoins by making a payment to PCEX Member's checking account. you'll also withdraw the cash to your checking account, and track data on Bitcoin valuation within the country.

There is a KYC requirement and you would like to verify your ID by simply clicking a photograph of your PAN card.

PCEX Member another India-based exchange, allows you to trade Bitcoins. they will assist you to buy, sell, store, use and accept bitcoin.

PCEX Member is one of the emerging Cryptocurrency Brocker, which Has come up with an Idea of Simplify the Process of Bitcoin Trading in India. Unlike WazirX and CoinDCX which charges 0.2% and 0.1% fees on the transaction process, PCEX Member, a user-friendly Brocker. charges no fees on the transaction process (deposit and withdrawal) in the spot and Features market. There is no hidden fee charged on this platform. It allows instant buying of cryptocurrency. It comes with the facility of even cashing out of BTC into INR within a few hours. There is a KYC requirement and you would like to verify your ID by simply clicking a photograph of your PAN card.

To be ready to store Bitcoins, you will need a wallet that may be on your computer or smartphone. you'll copy the wallet at another location in order that you do not lose data if your disk drive crashes. counting on your requirement, you'll choose a wallet.

How many returns are you able to get if you invest in Bitcoins?

The decentralized virtual currency that took the planet by storm has witnessed a 300 percent rise in value in only one year. Its value hit an all-time high when Japan passed a law to simply accept bitcoin as a legal payment method.

Despite RBI's reluctance to acknowledge the cryptocurrency, the interest in Bitcoins in India has not waned. After Prime Minister Narendra Modi's demonetization move, Ahmedabad-based bitcoin trading start-up Zebpay witnessed a 25 percent surge in revenue.

Unocoin, another bitcoin trading firm that had received funds from Blume Ventures, saw a threefold rise in its user base to 1,20,000 following demonetization.

Value of Bitcoins might not come down as there is a limited number of Bitcoins and every day more and more people are showing interest in investing within the cryptocurrency.

Is Bitcoins legal in India?

Even as economies like Japan and Russia move to legalize the utilization of Bitcoins, India, despite being at the cusp of a digital revolution is yet to officially recognize the cryptocurrency.

India's financial institution, the Federal Reserve Bank of India or the RBI, which regulates Indian rupee, had earlier cautioned users, holders and traders of Virtual currencies (VCs), including Bitcoins.

"The creation, trading, or usage of VCs including Bitcoins, as a medium for payment aren't authorized by any financial institution or monetary authority. No regulatory approvals, registration, or authorization is stated to possess been obtained by the entities concerned for carrying on such activities," the financial institution had said.

In March, RBI Deputy Governor R Gandhi warned against cryptocurrencies like Bitcoin. "They pose potential financial, legal, customer protection and security-related risks," Gandhi said. "Payments by such currencies are on a peer-to-peer basis and there's no established framework for recourse to customer problems, disputes, etc. status is certainly not there," he added.

However, the financial institution hasn't unequivocally banned Bitcoins within the country.

Blockchain, the technology behind Bitcoin

Although Bitcoin is yet to become mainstream in India, the underlying technology behind it, the blockchain technology has caught the eye of several Indian banks. Last year, ICICI Bank announced that it successfully executed transactions in international trade finance and remittances using blockchain technology.

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Rahul Kohali
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