Till now We have seen about bitcoin and and current price surge. we have gone through its total supply in the market, its transaction mechanism etc. Now lets move to the most important things.
How can I use Bitcoin?
See, we have already told you bitcoin is a cryptocurrency , whose worth is surging like hell from last few months. It is an internationally accepted currency. But as the price is surging, some fellows take this BTC as an opportunity to invest some money in BTC, buy some BTC , let the worth increase in next few months, and then sell it back at a higher rate. Thus, making a significant profit. In western countries, bitcoin is being accepted since its evolution. Talking about India, More than 400 merchants in Bengaluru started accepting it. Update Nov 2017- Supreme Court of India has Denied the acceptance of Bitcoins as a Payment method.
As a Payment Option-
The best part about bitcoin is that you can send money anywhere around the globe on real-time. If you go to bank for an international transfer, you have to face so many hassle, time-consuming and worst part is you have to pay higher transaction charges to bank. But, If you send Bitcoin to your recpient, you have to pay very very less amount to the network. This is the biggest pros of bitcoin.
Bitcoin As an Investment-
You deposit money to a savings bank account. How much a bank gives you interest on it? It varies from 3.5% to 7% maximum. But if you invest bucks in buying BTC, the profit you can get is beyond your thinking! YES… beyond your thinking. From october 2016 to August 2017, Bitcoin price have jumped from Rs.45000 to Rs. 200000. which is more than 4 times. In November 2017, it has crossed $11000 mark. So, you can see this virtual money as an investment option too. Now question arises, what is the procedure to start with? Lest move to themost crucial part.
If you are not getting what is being talked, first refer here- Bitcoin Part-1
How to Buy Bitcoins in India?
See, there are many exchanges or third parties in India which deals with both selling and buying of Bitcoins. There is no other reliable method. Presently, there are many of the exchanges which let you sell or buy bitcoins, I will explain you two of them.
Exchange 1. Zebpay-
This is probably most used and trusted wallet based bitcoin exchange in India. It let you sell as well as buy of BTC. As it deals with money related transactions, you need to upload PAN card, Aadhar Card and your bank account passbook scanned copy. After you upload this at Zebpay wallet app, they will cross check it and approve it. After approval, (takes few hours), you are now eligible to buy BTC. Now what you have to do is add some money to zebpay wallet via netbanking only. Money gets loaded in seconds and same is reflected in the front page of the app (bottom). Now the current rate to buy bitcoin shows up in the front page on left side. it may be like Rs. 188946 (see screenshot below)
click on “Buy”, enter the amount of which you wanna buy bitcoins, (minimun of rs. 1000). click on “buy” and confirm the payment. You get the relevant amount of BTC instantly. Total bitcoins you owns now will be reflected in the home page, to-most side. If you wish to sell, it has similar process. The selling rate always reflect on the right side. click on sell, enter the amount, and sell it. Your bitcoins gets debited from zebpay wallet , and you get equivalent money in Indian rupees instantly to your zebpay wallet as per rate at that time.
Pro-Tip: Check Live BTC, ETH & Altcoins Price From All Exchanges Here.
now, you wish to withdraw the money in INR to your savings bank account. Just open the zebpay app. In the bottom side, you see th withdraw button. Just above it, you can see the total money in INR you have now. click on “Withdraw” enter the amount (minimum 1000) and confirm. you will get the money to your bank account in next 2 working days. download zebpay for android- Download
Exchange 2. Unocoin-
Unocoin is the alternative of Zebpay. Process of buying and selling is lot similar to that of zebpay. Ony difference is Unocoin charges fees somewhat less.
Send money from exchanges to friend-
Its just a matter of seconds. click on “send” , enter recipeint’s Bitcoin address (that is complex) , enter value in BTC and confirm it.
Now you all know how to buy and sell bitcoins. should you buy Bitcoins? Will you definitely get money out of it? Or you have to face financial loss? No one in this world can tell you that you would get profit or meet lose for sure. Already said, bitcoins price is very very volatile. It suddenly surges and also crashes a lot sometime. If you really intend to invest in it, We recommend you to do so for a long term. (at least 6 months, for better returns) If you buy and sell BTC daily, you may face loss and profit daily. so better consider for long vision. I have seen many peoples making profit of 1-2 lakhs from it and also, suffering from losses too. So, its solely depends on you how much you can trade and for how long. If you go for long term, I can assure you will make remarkable returns.
Legality in India-
Bitcoin is not illegal in India. The government had issued a notification in June this year and they has to decide whether Bitcoin or cryptocurrencies should be banned, regulate or leave it as it is. so, Bitcoins is not legal neither illegal in India. You can Buy or sell and nothing to worry. Analysts says that it will be legalized soon , just like Japan did in July. However, RBI had issued a notification earlier saying that Bitcoins or other cryptocurrencies are not under control of govt (which is true), so citizens should deal with these on their own’s consent. RBI will not be responsible for anything loss. Despite these, people in India are buying and selling BTC and demand is increased.
If you sell Bitcoins and make profit of it, you have to show it in Income Tax return. suppose I have bought BTC worth Rs. 200000 and sold it at Rs. 260000. I made a profit of 60000. so I have to pay tax on 60000. If it is short term , I have to pay 30% capital gain tax. If it is a long term, 30% have to be paid. It is not moral but legal responsiblity.
Note- I will not be responsible in any way if you meets financial loss while dealing with bitcoins. Since market is volatile, you have to first study it thoroughly. Secondly, I do not recommend anyone to invest in bitcoins by money which is of your daily use. Investment happens from savings.
That’s all for now.If you have any questions, drop comments below. Also see-Bitcoin-1]]>