According to Forbes 2017 will be remembered as the year of Bitcoin
Bitcoin has grown almost 400% since January.
Current market trading for Bitcoin is $5bn per day across 1100 currencies. bitcoin is a Digital currency.
Investments in crypto currencies in India have grown rapidly over the last few years, especially with the huge rise in the value of these currencies.
Here’s all you need to know about what Bitcoins are and how the entire process works.
Concept of Cryptocurrency
A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets.
Bitcoin is most used cryptocurrency. Bitcoin accounts for more than 50% of value of all “crypto assets”. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Bitcoin and its derivatives use decentralized control as against centralized electronic money/centralized banking systems.
How do you get a Bitcoin?
To purchase bitcoins, you must first register yourself. Get yourself a bitcoin wallet. Next, you will need a place to store your new bitcoins. In the bitcoin world, they’re called a ‘wallet’ but it might be best to think of them as a kind of bank account. Usually, most exchanges have apps which you can download. On registration you must go through KYC process providing details such as PAN and Aadhaar.
You can start buying and selling bitcoins. Buying bitcoin is like an e-wallet where you can load money. The difference is that you can convert the currency into cryptocurrencies and for doing it you have to load money through fund transfer channels. For the service that the exchange provides, there is a fee, and commissions.
To purchase a Bitcoin, you firstly should know the way you can purchase a BITCOIN.
Options available for purchase of Bitcoin:
- Online Exchanges and Wallets:
Many online exchanges and wallets are available that you can find depending on your requirements. Such money exchange and wallets will store amounts of digital currency, which operates like a regular bank account.
- Local Bitcoin.com:
You can search for individuals selling Bitcoin in your area. It works by simply specifying the amount you wish to acquire, send the trade request and send your payment to the seller.
- Face to Face:
You also have the option of getting bitcoins in person. If you want anonymity or don’t want to deal with banks, simply acquire Bitcoin via a face-to-face transaction with a local seller
- Selling Goods in Exchange for Bitcoin:
Like barter trade, you can exchange goods that you own for Bitcoin. It’s another quick and convenient way of getting more of the digital currency.
- Bitcoin ATM:
You can withdraw or deposit bitcoins using Bitcoin ATM machines near you.
You can also be awarded bitcoins as a miner—once you’ve verified transactions and they’ve been added to the public ledger, also known as the blockchain, you’ll be given bitcoins for your service.
For more details, you can visit cryptocurrencyhelp.com
Ways to earn a Bitcoin
By accepting them as a means of payment
By completing tasks on websites
From interest payments
By getting tipped
How can you sell a Bitcoin?
There are three main ways to sell a Bitcoin.
- Direct Trade: Involves direct trade with a person.
- Exchanges: Use an online exchange to trade into your preferred currency.
- Peer-to-Peer Trading: Allows Bitcoin owners to sell their bitcoins for goods by selling them to individuals who wish to acquire cryptocurrency.
Can you sell Bitcoin for real money?
You can sell your Bitcoin and relies money. As soon as someone places a matching buy order, the exchange will complete the transaction. The currency will then be credited to your account. The usual procedure would be to deposit the bitcoins into a bitcoin exchange, sell them there, and withdraw the cash to your bank account. You will have to identify yourself to the exchange, and the exchange must be able to send money to your bank.
How does BITCOIN work?
Basic understanding of BITCOIN process for a new user.
You can get started for Bitcoin without going into technical details. You can get started by installed a Bitcoin wallet on your computer or mobile phone. It will generate your first Bitcoin address and you can create more whenever you need one.
You can share this address with your friends so that they can pay you in Bitcoins. The working is much like how emails work.
Block Chain Balances:
Block Chain is a shared public ledger on which the entire bitcoin network relies. All confirmed transactions are included in the blockchain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are owned by the spender. The integrity and the chronological order of the blockchain are enforced with cryptography.
A transaction is a transfer of value between Bitcoin wallets that gets included in the blockchain as balance. In Bitcoin wallet, there is a secret piece of data called a privet key or seed, which is used to sign transactions providing proof that they have come from the owner of the wallet.
The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.
Bitcoin mining primarily involves adding previous Bitcoin transaction records to the blockchain. The people involved are called miners; their job is to confirm the transactions to the network by solving mathematical problems using a software. The main purpose of mining is to ensure security within the Bitcoin network.
Now as you have understood what BITCOIN is you can plan purchasing Bitcoins as there are further signs of Bitcoin emerging.
Bitcoin has soared to over $8,000 and it is yet to reach a point of maturity meaning that Bitcoin will keep appreciating.
Its is estimated that Bitcoin could reach $10,000 by the end of the year.
Here are the best website to buy and sell Bitcoins.
You can Buy Sell Bitcoins in India Via zebpay by downloading zebpay application on your Android or IOS.
Disclaimer: This article is for information purpose. Use your due diligence before making any investment or financial decision.