What is Bitcoin? How can I invest in Bitcoin in India?
Bitcoin was created by a pseudonym, Satoshi Nakamoto and was launched in January 2009 as an alternative to the centralised monetary system or the fiat currencies.
It is a digital currency, a peer-to-peer electronic cash system that helps you to transfer value to someone securely over the internet and at a fraction of cost compared to banks.
In simple words, Bitcoin is an electronic file having a value that is stored in the digital wallet. You can send Bitcoin (in full or part) to other digital wallets belonging to other people.
It functions independent of any centralised monetary authority and is based on blockchain technology. Blockchain technology is the system of recording digital information that eliminates chances of fraud, data manipulation or deletion.
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The data recorded are duplicated and distributed across the network of computers that are connected through peer-to-peer nodes.
Bitcoin serves as an efficient medium of exchange as well as a store of value. With only 21 million units to be ever mined, Bitcoin is the most scarce digital asset the world has ever seen, that helps it to gain in value due to the enormous supply-demand gap.
How to Invest in Bitcoin in India
There are many ways through which you can invest in Bitcoin in India, such as, through a cryptocurrency exchange, P2P exchange or mining.
Among the three options, investing thorough cryptocurrency exchange is the safest and easiest way to invest in Bitcoin.
Post the favourable verdict on cryptocurrency by Supreme Court of India, cryptocurrency exchanges in India have witnessed a huge surge in user registration and investing in the new asset class.
Benefits of investing through a cryptocurrency exchange:
Easy and secure transactions
Greater access to the crypto market
Offer best exchange rates
CoinSwitch Kuber supports transactions in Indian Rupee and allows you to start investing in Bitcoin worth as low as ₹100.