Sunday, 10 December 2017

How To Buy Bitcoin In India : Beware of Transactions, Cryptocurrencies - IndiaTecInfo

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Today I am going to tell you, how to buy Bitcoin in India best and easy way. so, read it carefully and follow the steps, hope it will help you to buy Bitcoin.
Bitcoin has become one of the most popular cryptocurrencies around the world and has a growing number of applications every day. In case you are also looking to find out how to buy and sell bitcoin currency in India, here's a step-by-step guide for you.



Step 1: Find a Bitcoin wallet
Bitcoin can be purchased online and are stored in an online wallet in digital form. You can select from various bitcoin exchanges available in India such as - Unicorn, Brit xoxo, Zebpay, Coinbase etc. Select wallet based on features, platforms they can be used on, and security etc.

Step 2: Create an account
Next, you can create your account by registering on the selected bitcoin service provider. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.

Step 3: Start buy/ sell order
Once you want to buy bitcoin, it will take you to the exchange and the rate at which you can buy the bitcoin. At present, the value of bitcoin has been pushed to very high levels, so you will probably be able to buy only a fraction of a bitcoin. You can sell your bitcoin in the same manner.

Beware of these risks: 
1.Cryptocurrencies are not regulated
The Bitcoin and other cryptocurrencies are not regulated by governments in most of the countries. Recently, Reserve Bank of India also issued a statement stating that it is uncomfortable with "non-fiat" cryptocurrencies like Bitcoin.
 "Any user, holder, investor or trader dealing with virtual currencies is doing it at their own risk," 
The RBI had cautioned on its website in February this year. The RBI has been repeatedly flagging concerns about virtual currencies like Bitcoins, stating that they pose potential financial, legal, customer protection and security-related risks.

2.Bitcoin transactions are irreversible
When you create an account with a cryptocurrency service provider, your money is kept in a digital wallet with one public and one private key. The public key is your mobile number and the private key is your username and password. You should keep both the keys confidential.
You should note that the password of Bitcoin wallet is irrecoverable. Your money inside the wallet will be worthless if you don't remember a password. Similarly, balance transfers of Bitcoins are also irreversible. So, if your Bitcoin gets stolen by hackers, there is no way to recover it.

3.Beware of fake cryptocurrencies
As cryptocurrencies are not regulated, it gets difficult to distinguish between fake and real. So, before trading in any cryptocurrency, you should look into the underlying project, market cap, and past performance. Research and analyze more about the currency before investing.

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