How to BUY Bitcoin in India: Bitcoin is a decentralised digital currency that works on a peer-to-peer network, allowing users to send and receive payments without the need for intermediaries such as banks or governments. It is said to have been invented in 2008 by an unknown person or group of people under the alias of Satoshi Nakamoto. However, it was released as an open-source software in 2009.
Bitcoins have become popular among investors for a variety of reasons. Bitcoin’s price has risen dramatically since its inception, and some investors view it as a hedge against inflation or a store of value like digital gold. Bitcoin investment also allows for portfolio diversification because its price movements differ from those of traditional assets such as stocks, bonds, and mutual funds.
However, investing in Bitcoin carries risks and cautions. Given the fact the cryptocurrency market is said to be highly volatile, and prices can fluctuate dramatically in short periods, the investors are expected to be prepared for the possibility of losing their entire investment.
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Investing in Bitcoins in India
At present, Bitcoins have no legal backing in India and investors have to pay a tax on the income earned by trading in them. Reserve Bank of India Governor Shaktikanta Das had on January 13, 2023, reiterated his call for an outright ban on cryptocurrencies, saying these are ‘nothing but gambling’ and their perceived ‘value is nothing but make-believe.”
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How to Buy Bitcoins
Bitcoin can be purchased through various online platforms known as cryptocurrency exchanges. These exchanges facilitate the purchase, sale, and trading of Bitcoin and other cryptocurrencies. These platforms allow investors to create accounts, deposit funds, and place buy or sell orders based on current Bitcoin market prices.
Where to Store Bitcoins?
After purchasing Bitcoins, investors are required to have a secure way to store their holdings, which is known as a bitcoin wallet. A Bitcoin wallet is a digital tool that allows the investors to store, send, and receive Bitcoin. Some of the popularly known Bitcoin wallets hardware wallets, software wallets, and paper wallets, each with a unique level of security and convenience.
