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HOW TO USE BITCOIN
In the U.S. people generally use Bitcoin as an alternative investment, helping diversify a portfolio apart from stocks and bonds. You can also use Bitcoin to make purchases, but the number of vendors that accept the cryptocurrency is still limited. Big companies that accept Bitcoin include Overstock, AT&T and Twitch. 2nd You may also find that some small local retailers or certain websites take Bitcoin, but youll have to do some digging.
That said, PayPal has announced that it will enable cryptocurrency as a funding source for purchases this year, financing purchases by automatically converting crypto holdings to fiat currency for users. “They have 346 million users and theyre connected to 26 million merchants,” says Spencer Montgomery, founder of Uinta Crypto Consulting. “It’s huge. You can also use a service that allows you to connect a debit card to your crypto account, meaning you can use Bitcoin the same way you’d use a credit card.
High returns & top-performing asset
Cryptocurrencies are one of the fastest-growing asset classes, and Bitcoin holds around 69% of its market share. The price of Bitcoin is highly volatile, i.e., the cost may swing far up and down from the average price of the currency on an hourly basis. But such volatility in the market serves as an advantage to risk-friendly investors and traders looking to make quick and high returns from their investment.For instance, suppose you take a look at the price data of Bitcoins, you will find that in just a decade, the value of Bitcoin has risen from zero to nearly ₹30 lakhs. It is only logical that more investors want to hold a piece of this asset.
The economy-wide increase in the prices of goods and services over time is called inflation. It diminishes the purchasing power of money. Bitcoin was initially designed as a deflationary asset. Its limited supply and Bitcoin Halving act as catalysts against inflation.
Earlier people used to invest in gold as an asset to protect them against inflation. Over the past couple of years, more people find Bitcoin to be a better alternative asset. Even institutional investors are converting their cash into Bitcoin to protect their finances against inflation.
How to Invest in Bitcoin?
Suppose you want to buy or sell Bitcoins in India, you can do so in the following ways:
Through a Crypto Exchange
A Cryptocurrency exchange is a platform which helps you buy and sell digital currencies such as Bitcoins, ethereum, etc. Unlike the stock exchange, crypto exchanges are self-regulated, and they operate 24*7 throughout the year.
You can buy/ sell fractional shares of Bitcoins also via an exchange. In India, most exchanges offer a minimum capital requirement as low as ₹100 - ₹500. These exchanges may charge a small fee for enabling these transactions.
Mining is the source of earning Bitcoin. This process requires the miner to successfully add a block of transactions to the blockchain network for which the reward of new bitcoins is paid every 10 minutes. Every ten minutes, one miner succeeds in adding a transaction to the blockchain and hence earns Bitcoin through this process. Mining involves a high degree of complexity and requires you to have special purpose equipment making it an activity which is not everyone’s cup of tea.
The easiest way to Invest in Bitcoins - Crypto Exchange
For any retail investor looking to add a fraction of Bitcoin to their portfolio, buying them through an exchange is the simplest way. Many exchanges in India facilitate Bitcoin transactions for their users.
All you have to do is sign up with an exchange of your choice and complete the KYC process.
Once you are a registered user, you can add money in INR to your wallet and use that amount to place an order for Bitcoin. In India, you can buy Bitcoin with a minimum capital of just ₹100.
How to Choose a Good Exchange?
An ideal crypto exchange is one which is simple, flexible and accessible to its users. While many platforms are highly technical, a few platforms such as CoinSwitch Kuber are designed for retail investors which simplify the technical process.
While choosing your platform, make sure it is simple to use. Verify the details of the team behind the platform. And most importantly, try to avoid platforms that do not have a KYC in place as it may not be very secure.
Though choosing a secure and straightforward platform is crucial to your investment’s security, you are also required to do your research before investing in crypto.