Bitcoin, the world’s largest cryptocurrency, surpassed 000 31,000 on Saturday for the first time in three years. The value of this virtual currency is estimated to reach one crore by 2030. Significantly, in December alone, it registered a 50 percent increase. A large number of Indian investors have turned to cryptocurrency following the RBI’s order banning the issuance of cryptocurrencies altogether. As people grow in this direction, it has become urgent to make people aware of bitcoin related investments.
Read more: 1 Bitcoin price exceeds Rs 23 lakh, find out how to trade it
This is how it is bought and sold
You can buy Bitcoin (peer-to-peer) online from a crypto exchange or directly from someone. The second medium is quite risky and fraudsters can use it. It is noteworthy that its exchanges are not governed by any kind of control, but in India they are set up under civil and criminal laws, such as the Treaty Act, 1872 and the Indian Penal Code, 1860. Before investing in them, check where the registered address of the exchange is and whether it is covered under Indian law. Some exchanges also follow KYC and anti-money laundering methods.
Read more: Learn how and where to sell
Bitcoin’s journey into the world of crypto
Bitcoin has become the largest cryptocurrency in the world with a market capitalization of about বিল 350 billion. It was launched in 2009 when the world was in economic crisis. Based on the solution of mathematical calculations, computers created units in addition to bitcoin. This calculation becomes more complicated with each unit added. The most interesting thing about this virtual currency is that its accounts are kept in public books on thousands of computers together. This is in stark contrast to the process where traditional currencies are counted on the bank’s servers.
How to share profits in Bitcoin
Bitcoin was initially used by technology professionals or freelancers, where they were paid very little in the early years. By 2013, it had become an investment product when its price increased 20-fold and in December 2017 it reached অর্জন 20,000 (Rs. 12.6 million). It dropped sharply in 2018 to Rs 2.3 lakh per unit. It got back on track in March 2020 after knocking out Covid. Now it has reached the previous level of Rs 13.97 lakh per unit.
Cryptocurrency transactions are taking place in India
Investing in cryptocurrency in India is not entirely legal or there are no restrictions on it. In 2018, the Supreme Court rejected the RBI ban. According to media reports, a bill to ban all cryptocurrencies will be introduced in Parliament in 2019, but it has never been introduced in Parliament. Lawyers say the bill would be very difficult to pass.
What are the risks associated with this?
The price of a share in the stock market is determined by the profit position of that company or the profitability of a bond, but not in Bitcoin. There is no basis to decide its price. Proponents of her case have been working to make the actual transcript of this statement available online. Unexpected fluctuations in the price of Bitcoin can be quite stressful.