Bitcoin is the earliest form of digital currency which is popularly called Cryptocurrency and it is successfully forming a part across the world as peer-to-peer payment system. Unlike Paper Currency, Bitcoin is the digital currency that can’t be minted, but it can be mined only. Over the years about 21 million Bitcoins have been created digitally, of which the first was created back in 2009. Since then there has been a huge increment in the number of Cryptocurrencies across the world. Bitcoins in India have gradually started gaining popularity due to the efforts and focus of governments towards a cashless and digital economy.
But it is important to understand that Bitcoins are still not administered or regulated in India by any specific body including RBI which administers the physical currency in India. However, peer-to-peer payment and transactions with Bitcoin are still accepted using some popular Blockchain Technologies that serve as the public ledger for managing all transactions.
How is Bitcoin Generated in India?
As mentioned, there are different ways to generate Bitcoin in India. Below are some popular methods from where you can get Bitcoins or generate them in India.
- Mining – Mining is basically the activity where the miner or the individual uses their computer skills and abilities to crack computationally challenging puzzles. This cracking process of the puzzles is the crucial part of the Blockchain Technology that helps in maintaining them. Miners are rewarded for their successful attempts and they receive new Bitcoins which is nothing but a simple process of creating bitcoin via mining.
- Purchasing from Bitcoin Exchange Against Physical Currency – Well, to become a Bitcoin miner you need to have immense skills and ability and it is not the cup of tea for everyone. So, for such people buying Bitcoins from the Bitcoin Exchange using the physical currency is the only option. They can purchase and store the Bitcoins in their Bitcoin Wallet digitally. Coinbase, Zebpay, Bitxoxo, Unicorn, etc are some of the Bitcoin exchanges that are being used by people in India today. As per the Bitcoin India Review, people can purchase the required numbers of Bitcoins from these exchanges in consideration for physical currency. Today, the value of one Bitcoin is about INR 3 Lac.
- Getting Bitcoins from Selling Services and Goods – The 3rd option to get Bitcoin in India is by selling services and goods. However, this is not very common in India yet, but there are some savvy businessmen that accept Bitcoins as payment instead of physical currency on sale of services and goods they deal in.
These were some of the methods and tips on How to Get Bitcoins in India. These were the common ways to get Bitcoins, but you will also find other options that can help you get this digital money.
Is It Legal to Deal in Bitcoin in India?
As mentioned earlier, Bitcoin is the easiest medium of payment which is used today for making transactions digitally. But in India, Bitcoin is neither been authorized nor been regulated by an authorized body like RBI. So, there are no set rules, guidelines or regulations available to resolve the disputes which may arise while dealing Bitcoins across India. So, in India Bitcoins have their own set of risk and you need to resolve it if any complication arises when dealing with Bitcoin in India. Given this fact, you can’t consider Bitcoin as an illegal currency as there are no bans or outlaws for Bitcoin across India.
Last year in 2019, the highest court of India pronounced a ruling and asked the government to come up with Cryptocurrency Regulations and Policies so that Bitcoin can be used increasingly in India as well for all digital payments and transactions. The matter has been adjourned and still, it is pending for hearing.
Returns to Earn from Bitcoin Investments!
This decentralized digital currency which took the world by storm has registered about 300% hike in its value in just one year and the value hit an all-time high when some Asian countries have passed a law to regulate and accept Bitcoin as legal payment method. But in India, RBI is reluctant to accept Bitcoin and hence the interest in this Cryptocurrency in India has not waned yet.
After demonetization, some of the Bitcoin exchanges in India has registered a 25% surge in revenue. Since then the value of Bitcoin is not yet reduced, it is increasing day by day and more and more people are now showing interest in investing in Bitcoins.
