Bitcoin could be considered as one of the best investment of 21st century, a decade ago the price of per BitCoin was around Rs 5.70 and at the present scenario it is Rs. 27,12,383 (As per today) of per BitCoin, imagine if you have spent Rs. 100 to buy Bitcoin you would have around Rs. 4.7 Crore today !
What is Bitcoin?
It is a digital and completely virtual currency to use peer-peer technology to facilitate instant payments. Bitcoin is the first and most widely recognized crypto currency. Bitcoin is free from banks and government and price of Bitcoin mostly depends upon demand and supply. It is operated by a decentralized authority, unlike government-issued currencies.There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to that .
Benefits of BitCoin
- Very Low fees
- There are either very low fees on no fees on every bitcoin transactions.
- Conversion of Bitcoin into Fiat currency has very low fees in comparison with credit cards and other wallet transfer.
- Transparent Information – Balance Information are kept in Public ledger and everyone has access to fetch that information.
- Anyone from anywhere can verify transactions.
- Security and Control – Bitcoin is cryptographically very secure as Bitcoin protocol cannot be manipulated by anyone.
- Bitcoin protect against identity theft.
- Bitcoin can be backed up and encrypted.
- Merchant cannot charge extra fees without giving notice to the consumers.
- Bitcoin payment and transfer can be made without tying up any personal information.
- Freedom One can send and receive money anytime from anywhere in the world.
- There are no central authority (banks or institution) in bitcoin so you are the master of your own money.
- There is no limitations to do transactions like bank holiday, appointments, approvals etc you can do it anytime from anywhere.
Disadvantages of Bitcoin
Volatile The exchange rate of bitcoin is always rippling up and down so it cannot be predicted
Risky As there is not controlling authority so you can get scammed easily if you not being thought right and careful.
Lack of awareness Only few percent of population in the world are aware of bitcoin and other crypto currency and hence usage is limited to few places when it comes to pay at local places.
Where to Invest in Bitcoin in India
One of the oldest and most trusted Bitcoin exchange in India. Their founders are part of organization DABFI which are working with government to help them regulate Crypto currencies in India. As from trusted sources they are pretty reliable but their bit coin exchange rate does not match with the international rates.
One of the best crypto currency exchange and with my personal experience this is the most reliable platform to buy/sell Bit coin and other crypto currencies in India . It charges the lowest transaction fee in the spot market of of 0.3%. They will not charge you for the deposits and withdrawals as well.I personally trade on PCEX Member and I must say that my experience is good so far.
One of the fastest growing crypto currency exchange in India and also listed among top startup in India. They offer trading in more than hundreds of crypto currencies including bitcoin. It has very interactive interface for both web and mobile platform with nominal fees on trading .
One of the tactful crypto currency exchange that operates in India and at international level. The mobile and web interface is very user friendly and most helpful for beginners to dip their toes in cryptosphere.It has smooth process with multiple option for withdrawal and deposits.