Bitcoin, the world’s largest cryptocurrency, crossed the $ 31000 border on Saturday for the first time in three years. It is estimated that the price of this virtual currency could reach one crore by 2030. In December alone, it recorded a 50 percent increase. A large number of Indian investors have turned to cryptocurrency following an RBI directive to lift the ban on cryptocurrency payments. As people grow in this direction, it is necessary to make people aware of their investment in Bitcoin.
How it is bought and sold
You can buy Bitcoin online (peer-to-peer) from a crypto exchange or directly from someone. The second medium is quite dangerous and can be used by cheaters too. Of note, its exchange is not regulated by any means, but in India they are placed under the Civil and Criminal Laws of the Contract Act, 1872 and the Indian Penal Code, 1860. Before investing in them, check where the registered address of the exchange is and whether it is included under Indian law. Some exchanges also follow KYC and anti-money laundering procedures.
Learn how and where it is sold
Bitcoin travels in the crypto world
Bitcoin is the world’s largest cryptocurrency with a market capitalization of approximately 350 billion. It was launched in 2009 at a time when the world was in crisis. Based on solving mathematical calculations, computers created components in addition to bitcoin. This calculation gets even more complicated each time the component is added. One of the most interesting aspects of this virtual currency is that its accounts are placed in the public ledger simultaneously on thousands of computers. This is in sharp contrast to the process of counting traditional currencies on banks’ servers.
How to Divide a Profit on Bitcoin
Bitcoin was initially used by tech professionals or freelancers, in which they were paid small amounts in the early years. By 2017, it had turned into an investment product, when its price was up 20 times and in December 2017 it earned $ 20000 (12.6 million rupees). It declined sharply in 2018 and is expected to cost Rs 2.3 lakh per unit. After Kovid struck in March 2020, it drew back. It has now reached Rs 13.97 lakh per unit.
Cryptocurrency trading is legal in India
Investing in cryptocurrency in India is neither completely legal nor has any restriction on it. In 2018, the Supreme Court rejected the ban imposed by the RBI. Media reports said that a bill to curb all cryptocurrencies would be brought to parliament in 2019, but it was never tabled in parliament. Advocates said the bill was too difficult to pass. cryptocurrency mining
What are the risks associated with it
The share price in the stock market is determined by the profit margin of the company or the profitability of the bond, but not by bitcoin. There is no basis for determining its price. These proponents claim that in other investment resources such as gold, there is no value associated with them. Huge fluctuations in the price of bitcoin can be quite stressful.
