Bitcoin is considered as the digital currency in the process of decentralization. In the case of this digital currency, there is no contribution of the central bank. Most importantly, in the case of bitcoin, there is no significance of a single administrator. The concept of bitcoin can be dependent on user to user. In the aspects of transaction regarding bitcoin, there is no importance of intermediate. Bitcoin is one of the most “cryptocurrencies” regarding the purpose of business or trade in India and this statement is based on the report of 2021.
Bitcoin as “cryptocurrency”
“Cryptocurrencies” are considered as a digital asset that is majorly utilized in the case of the value of exchange in the trade of India. The aspects of “cryptocurrency” do not require any physical aspects. This system is an electronic transaction process that is mainly based on blockchain technology. Blockchain technology has been used in case of the exchange of tokens in order to purchase goods or products and also it includes services. As an example of this, it can be said that like the dollar in the United States and the rupee in India, cryptocurrencies have represented the value of themselves, and through this preparation, they are capable of progressing with digital currencies. It is not that there is only one “cryptocurrency” in India but many people in India keep their faith in Bitcoin at the time when the individual is coming to invest their amount. Regarding this perspective, it can be said that Bitcoin is the largest, oldest and one of the most famous cryptocurrencies in the world.
Process of investment in Bitcoin in India
It can be observed that the “cryptocurrency” in the case of trading is in the burgeoning stage in India. There are many businessmen or merchants in India who start to take the help of bitcoin and not only that but also take other coins and they are virtual coins in the case of the payments. In the perspective of the increasing demand for bitcoin, it can be said that bitcoin has an optimistic success in the future. The rate of bitcoin has been lifting day by day as it is related to the currencies the lifting of bitcoin is an integral part of the economy in India. There are various steps in order to invest in the case of Bitcoin, these are
The verification of the legal parameters is an integral part of the investment in Bitcoin. In this case, “KYC” verification is an integral part. In order to process investing in Bitcoin, the individual has to present a PAN card, personal details, proof of address, and cocoon details of a bank. It is important in this investment of Bitcoin that only an individual is applicable for investing in Bitcoin.
Platform of exchange of “cryptocurrency”
There is no accurate outline for the business regarding cryptocurrencies in India. But crypto exchange platforms are available in this country where people are free to trade. There are some names of the exchanges in India, these are “WazirX”, “CoinDCX”. An individual has to set a platform in the case of investment in Bitcoin.
“Creation of account”
After choosing the platform of crypto exchange, it is vital to create an account on that platform. Most importantly, the concern of the policies, rules and regulation is an integral part which is described in this platform for an individual. Not only that but also the individual has to select the plan investment. An individual is able to purchase cryptocurrencies through the transferring of the money from the bank account of that particular individual.
In this stage of investment, the individual has to choose a coin like bitcoin which this individual wants to invest. After the selection of Bitcoin, it is vital to keep the code in the account. The code becomes vital in order to keep safe from any type of hacking. Most importantly, these platforms give assurance to the individual about the wallet of Bitcoin in order to keep or purchase the cryptocurrencies.
Through this discussion, it is clear that Bitcoin is the blessing of digital currency. This study majorly deals with the investment in Bitcoin. It can be said that there are various risks associated with the investment in Bitcoin. The individual or the merchants who are willing to take the risks regarding Bitcoin, invest an amount in them in order to gain the short-term profit. The main reason for the popularity of Bitcoin is it presents short term profit to the individual.