Bitcoin is the name of the best-known cryptocurrency, A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.
Can the Indian Investor buy and sell Bitcoins?
This is the first basic question that many Indian investors have been asking their brokers and their financial advisors. The answer is that there is nothing prohibiting the Indian investor from buying and selling Bitcoins in India.
How does the Bitcoin market work?
In the Bitcoin market the more the price rallies the more traders it attracts, and the more people get into the Bitcoin network, the more valuable it becomes.
How does the Indian investor go about trading in Bitcoins?
Bitcoins can be bought on digital exchanges. There are popular exchanges like Coinbase and Coindesk where you can actually buy Bitcoins at the prevailing market price. On Coinbase you can buy Bitcoins using your international credit cards. Indians can also buy Bitcoins from a website called ZebPay in India which facilitates trading in Bitcoins. You can do a transfer from your bank account into ZebPay and similarly you can also withdraw from your ZebPay back into your bank account.
Some points to remember while investing in Bitcoins
● Bitcoin is a digital currency and is based on a very sophisticated shared ledger technology.
● Cryptocurrencies have no fundamental value, and therefore could drop to any level at any time or rise any time.
● The tax status of cryptocurrencies might change, and varies by country. In absence of proper regulations in India, it is still unclear whether it is a currency or commodity.
● While profits gained by investing in cryptocurrencies are subject to an Indian capital gains tax, reporting requirements are still unclear.
There are some well know names in India like,
● Akshat Gupta.
● Aditya Singh.
● Remode Ramachandran.
● Pankaj Chowdhury.
who are doing really well in the Bitcoin Market, essential thing is to know the procedure, have through day-to-day knowledge and prospects of it and follow the market trends. Many investors are doing well in this field of the 'digital' money investment in India.
Keywords: Bitcoin, cryptocurrency, blockchain, Coinbase, ZebPay
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