Bitcoin crypto currency in india

Bitcoin digital payment system is an innovative payment network and new kind of money invented by an unknown programmer, or a group of programmers and it is first decentralized digital currency worldwide released as open source software in 2009.

The digital payment system is so secure and the system is peer-to-peer, and transactions take place between users directly, without an bank or intermediary.

All these transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

The usage of bitcoin payment system started in India and people are interested in buying bitcoin and holding as investment, many merchants and vendors started accepting bitcoin as payment in major cities of India

Unlike paper currencies, Bitcoins cannot be minted, they can only be mined. There are only 21 million bitcoins that have been created. At present, only 16.8 million or 80 per cent of all the bitcoins have been mined.

You can look for various digital currency exchanges to buy bitcoin. You can purchase Bitcoins with a credit card. Coinbase.com and Coindesk.com are the most popular exchanges.

you can purchase Bitcoin from Zebpay exchange in india. Zebpay has Android and iPhone apps or payment wallets which lets you link your bank account for quick transfers.

You can buy Bitcoins by making a payment to Zebpay’s bank account. You can also withdraw the money to your bank account, and track data on Bitcoin valuation in the country.

unocoin is another exchange in india where you can buy, sell, store, use and accept or trade bitcoin.

For Account Opening here is a KYC requirement and you need to verify your ID by simply clicking a photo of your PAN card.

India’s central bank, the Reserve bank of India or the RBI, which regulates Indian rupee, had earlier cautioned usage of virtual currency.

“The creation, trading or usage of Virtual Currencies including Bitcoins, as a medium for payment are not authorized by any central bank or monetary authority. No regulatory approvals, registration or authorization is stated to have been obtained by the entities concerned for carrying on such activities,” — the central bank

 

Sources: Internet.

AlgoGeek

AlgoGeek

Algorithmic Trader. R&D in Financial Markets. Professional Coder.

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