Bitcoin price drops to a mysterious $6,000, loosing 60% of Value in just a month's time, lowest in 12 weeks. In spite of gaining hiking trends ‘Bitcoin’ still remains a mystery for many of us. Many people are unaware of what is bitcoin and few who know what bitcoin is remain ignorant about how to buy bitcoin in India and how to use bitcoin in India. A number of people still have queries relating to bitcoin price in India and how to buy bitcoin with cash. Here we will give you a basic sneak peek about what is bitcoin and how bitcoin works. Created by a mysterious person or a group of persons, Bitcoin was founded in the year 2009 in the form of codes. Initially bitcoin had no value, but within a short span of seven years bitcoin has come a long way. It is commendable that bitcoin even survived the economic crunch in the year 2014, when the world economy was shaking somewhere in the corner bitcoin was flourishing. So here we have drawn the list of answers to all your questions related to bitcoin.
Let Us Begin with What is Bitcoin?
Bitcoin is a cryptocurrency also known as digital currency. It is a form of digital public money created by mathematical computations and monitored by innumerous computer users called ‘miners’ The word ‘Crypto’ has been derived from ‘Cryptography’, which is a security process that is used to protect transactions which are sent in form of lines of codes out for purchase. Bitcoin is known to be the first ever invented cryptocoin currency. Since 2009 many other Altcoins (Alternative Coins) have come into existence.
A Sneak Peak into How Bitcoin Works?
Bitcoins are virtual coins that have self contained values. These coins need no banks to store or move the money. Bitcoins behave as physical gold coins, which posses’ values and can be traded as nuggets of gold. If you are still worrying about how to use bitcoin in India, let us tell you that bitcoins can be used to purchase goods and services online or you can simply tuck them in the hope of increment to their values over the years. Bitcoins can very easily be traded from one personal wallet to another. ‘Wallet’ is a database that is stored on your computer or smartphone.
How to buy Bitcoin in India and What Can you buy with Bitcoin in India
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How to Buy Bitcoin in India?
Since bitcoin is a cryptocurrency it can be purchased online only. These are stored in online wallet in digital form. There are several bitcoin exchanges for you to choose from like Unicorn, Bitxoxo, Zebpay and others. Here is a step by step guide as to how to buy bitcoin in India:Step 1.
Choose a Suitable Bitcoin Wallet
The first and foremost step is to choose the appropriate bitcoin wallet. Select the wallet based upon its features, security and the platforms on which they can be used.Step 2.
Create a Bitcoin Account
After choosing the appropriate bitcoin wallet it’s now time to create an account by registering on the site of selected bitcoin service provider. These service providers give you a safe and secure place to store your bitcoins. They also feature easy payment methods where you can easily convert your local currency in and out of bitcoin.Step 3.
Adding a Bank Account
Link your bank account with your bitcoin wallet. After a thorough verification process, the users are free to start using their account to purchase bitcoin in India. Some of the wellets also allow you to purchase bitcoins using your credit/debit cards too.Step 4.
Start Your Buy/Sell Order
Once you have begun to buy bitcoin, it will lead you to the exchange and the rate at which you can buy/sell bitcoins in India. Currently the values of bitcoins have been pushed to never before high levels.
How to Use Bitcoin in India for Food, Fashion, Home Decor, Vacation Booking:
Although the Government of India might have asked the citizens of the country to beware of the Bitcoin, it doesn’t seem to have any impact on the people. There is no stopping to the people from buying and investing in Bitcoin. Not only the nerds are interested but it seems to have become the favorite investment option for investors across the country. More than 500 merchants have started accepting bitcoin as a trading currency in India. So take a look at all the stuff you can do and how to use bitcoin in India for Food, Fashion, Home Decor, Vacation Booking and other hot stuffs. '
What can you buy with Bitcoin in India
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How to Use Bitcoin in India for Food
Small restaurants in some parts country like Bengaluru, seems to have adopted bitcoin as their value of trade. Bengaluru is emerging rapidly as a centre of Bitcoin related activities. A restaurant called Suryawansi came to light when a twitter user alerted the twitteraties that, people can pay for their food here using bitcoin.
How to Use Bitcoin in India for Fashion and Home Decor
Apart from the UnoCoin’s tie-ups, there are some more pretty cool goodies upon which you can snag from sites like CyanKart.com and others. These sites feature modern clothing and accessories for men and women, along with some unique home decor items.
How to Use Bitcoin in India for Vacation Booking
With the emerging importance of bitcoin, you can now easily book bus tickets or plan international vacation using eTravelSmart or FlightShop, which allows you to use bitcoin to book bus tickets and international vacations.
Though, many governments across the world are still trying to catch up with the new unregulated digital economy except for Japan the country which gave birth to cryptocurrency. Bitcoin has flourished. It is now a legitimate thing that is happening in the world, which may seem to be unbelievable to many. There are a number of rags to riches stories coming to light these days. All thanks to Bitcoins.