what is bitcoin and how and steps to buy Bitcoins in india

Currently, Bitcoin is the most trending topic and the reason is its value reaching skies. It was founded by Satoshi Nakamoto. The question arises is what is a bitcoin and how it is contributing to the profit of so many peers.

What is bitcoin?

bitcoin meaning

Bitcoin is the first digital currency which is not run by any administrator (any person) or any central bank. Its major benefit is that the payment is accepted on a worldwide level and it works on an immediate transfer system as it does not include any hassle, unlike other payment methods. In short words, it is peer to peer electronic cash system payment. Many merchants have accepted and working on bitcoin payment method. Websites like eBay use bitcoin as a method of payment. As it does not involve middleman and solely depends on the users buying and selling bitcoins, the payment is much easier.

How to buy bitcoin?

bitcoins buying process

It is the most frequent searched question and everyone wants to take the risk as well to buy bitcoin by investing their hard earned money. But Before investing your money, you should keep this thing in your mind that its value fluctuates at a rapid scale. Thus it is suggested to invest and start from low budget.

Steps for buying bitcoin

Buying bitcoin is just a step or two steps far away when you have a smartphone in your hand. The first step is to install an app called as Coinbase. This app supports digital currency transfer either in cash or bitcoin and has been currently working in almost 190 countries. After installing this app you will be asked to make a coin base account which will demand some of your personal information like name, age, state etc. The app is the most trusted ones among the users and because of its advantages, it managed to strike 1 million users back in the 2016 year.

After agreeing to its term and conditions, it will show you the amount which will get you to buy one bitcoin. One of the most important things about pricing is that it changes wildly; it is the most calculated risk a person will ever take.

After seeing its running price, if you wish to buy a bitcoin, you will have to add buy button at the bottom of the screen to make the payment possible. There are two kinds of methods which also changes the course of duration.

The first method regarding payment is to use debit or credit card which will hardly take minutes of-course but at the same time, it restricts the amount you can invest. It permits the purchase of $150 in bitcoin per week.

Then there is another method viz. linking ban account for the payment. Although it takes 4-5 days for payment process there is a higher limit for exchanging bitcoins unlike the former method.

also, read what is Information Technology act