Have you ever wondered how doubling your income would look? Spectacular, wouldn’t it? Most times, we look towards investments for those kinds of solutions. Solutions such as having your money grow instead of you slogging away 24/7. No matter how hard you try to do that, it always still comes short. You only get a percentage of raise, or you either have to stay there for decades together. If it’s a house, you’ll watch it grow after years and years, reaping benefits after decades.
There is another stream that grows your money with tremendous speed. Wondering what that is? It is definitely Bitcoin. Yes, Bitcoin has returns like no other investment. So, I don’t think it’s a bad idea if you give it a thought.
Table of Contents
What is Bitcoin?
Bitcoin is a virtual currency. It might sound a little forward or in the future – but honestly, it’s right now. Moreover, if we have moved ahead digitally, virtual currency isn’t that far! Bitcoin works on the basis of Blockchain technology, and it doesn’t exist physically. It works on the internet, just like everything else we buy and use today.
Bitcoin is created by the process of mining. Mining is a procedure where advanced hardware and software are used to solve complex equations on a distributed ledger (blockchain). After the equation is solved, as a reward for it – a Bitcoin is presented.
Who is Bitcoin for?
Now, I know what you are thinking, “if it has such high returns, it mostly is risky.” Everything comes with risks. Risks of loss are in every investment but a little higher in Bitcoin. Here is the answer to, “Are Bitcoins Safe Investment in India?”
The answer is – if you mean risks, it is risky. Everything comes with a bit of risk, and it all ends with how much risk you can take. For instance, if you invest in a liquid fund, your risk is miniature, but if you invest in growth funds, you know you will lose big if the fund does not perform well. The same applies to Crypto as it is highly volatile, which means your risks are high, but so are your rewards. If losing money would hurt you badly, it’s best you give it some more time and invest what you can spare. For this very reason, you can also buy fractional Bitcoins, just like fractional shares, and start off small. But, let’s find out how you can start.
How to Buy Bitcoin?
This is not as hard as you think, it’s a simple process, and we can walk you through it. Let’s start to get familiar with how to buy bitcoin in India.
1. Find your Platform (Preferably a Cryptocurrency Exchange)
There are thousands of Cryptocurrency exchanges in India. Now a Cryptocurrency Exchange is a platform where you can buy and sell Cryptocurrencies such as Bitcoin. It is more like any other share market exchange you find today. Since Bitcoin can only be purchased through the internet and not physical, you will have to do this online. You can find the most popular Cryptocurrency exchanges and the ones that are known to give you more support as a beginner in the new market.
2. Sign up on the Exchange
Signing up on the Exchange means creating your account. You can create your account by providing your KYC and basic details. It’s just like opening a Demat account so you can start trading. Also, make sure you complete your KYC, the KYC process ensures there maximum security on your account and the transactions that you make. You will be kept away from fraudulent activities once you do this.
3. Deposit Money into Your Account
If you are buying stocks on a brokerage application, will you not deposit money into your account, the same stands for your account on the Cryptocurrency exchanges. In order to start buying Cryptocurrencies, or Bitcoin to be more specific, you need to deposit money into your account. The exchange will give you many options to start depositing money. You can choose the way that is most convenient for you. You can either choose bank transfer or debit and credit card. Also, you need to note another when you use your credit to pay for Cryptocurrency. It will use it as cash. Which means your interest will be higher.
4. Buy your Bitcoin
Once your account has money in it, you can use that money to buy your BItcoin. You can purchase Bitcoin in no time, with just a few clicks. Make sure you buy with complete research on the exchange though you need to know if they have the proper customer support if they support your investments, and give you enough data. Once you have done all that, with a few clicks, buy your coin.
5. Store your Bitcoin
Storing your Bitcoin is as important as buying it, don’t you think? Actually, it’s way more important than you think it is. You can always store your Bitcoins in the exchange’s wallet. But, it’s always safer to be safer. The first priority to an exchange’s wallet is not to safeguard but to give you the crypto you need. So, you can store your Bitcoins in a hot or cold wallet.
A hot wallet is a wallet that is connected to the internet and can be accessed and held online. Just like any other wallet.
A cold wallet is a wallet that allows you to store your Bitcoins without the internet.
Also, make sure you will have a key to access your wallets, and if you lose or forget it, you will be locked out of your own wallet. There are instances where people have lost all their Cryptocurrency to locked out wallets.
That’s a wrap!
You can now easily buy Bitcoins, it’s quite hassle-free, but there is one thing you need to know.
A Pro Tip: always analyze how much you are ready to lose. Though the profits are big, so are the losses.
Conclusion
It’s quite simple to buy or invest in Bitcoins and also a safe investment if you are willing to play it safe. You can get started with these five simple steps once you know how ready you are to start off.
