How to invest in bitcoin in 2024?
The demand for the virtual currency Bitcoin is increasing rapidly worldwide, including in India. People are competing to buy bitcoin. The biggest reason for this is the increase in its value. How to invest in bitcoin?
Do you know that the price of bitcoin is more than 45 lakh Indian rupees?
That’s why many people buy bitcoin at a low price and sell it at a higher price. People are also becoming successful in this business. Its value and demand are going to increase further in the future. That’s why you must also invest in bitcoin.
So that’s why today I thought, why not provide you with some vital information about how to invest in bitcoin so that it can be easy for you to invest in it?
What is bitcoin?
Bitcoin is a virtual currency. It was invented by Satoshi Nakamoto in 2008 and released as bitcoin open source software in May 2009. It can be used online only.
Initially, its price was $0.003, but today’s price of one bitcoin is more than 20 lakhs. By looking at these figures, you can estimate how much the value of bitcoin has increased over time.
How to buy and sell bitcoin?
No one is the owner of this currency like any country or government. It has no physical nature, i.e., it cannot be touched but can be spent. That’s why it can be quickly delivered anywhere, and no fees are charged.
What documents are needed to buy bitcoin?
To buy and sell bitcoin, you must have some necessary documents to verify your account, and your digital currency remains with you. Those necessary documents are:-
How to invest in bitcoin in India?
You must have a bitcoin wallet because, without a wallet, you can neither keep nor sell bitcoin.
Many such websites and apps are prevalent in India from where we can buy and sell bitcoin. Wazirx, Zebpay, and CoinSwitch are very favorite apps from where we can invest in Bitcoin.
I have never had a problem with anything on this platform. But if I am asked, I will always choose “Wazirx.” Because I have been using it for many years.
Sign up in the Wazirx app
First, you must sign up to buy bitcoin by visiting the Wazirx app or website. For signing, you have to verify your mobile number through OTP. After that, you will need to set a 4-digit PIN for security.
Complete KYC
After signing up, you will have to complete KYC. For that, you have to upload a photo of your required documents to the app or website. Your KYC will be verified within 24 hours, and you can buy and sell bitcoin.
In most of the apps, KYC is completed within 1 hour.
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Enter bank account information and deposit money
Here you have to enter your bank account information so that money can be deposited in the account number you enter while selling bitcoin. After this, you must add money to the app’s wallet from which you will buy bitcoin.
You can deposit money through UPI and Credit cards if you want.
Buy Bitcoin
After the completion of all the processes, you can buy bitcoin. Search Bitcoin in the app or website you have signed up for and click on Buy to buy it.
Bitcoin, there are many other digital currencies that you can buy.
How to sell bitcoin?
You do not need to go to any other website or app, but there is also a system of selling bitcoin in the one in which you have opened an account. You can sell Bitcoin by clicking Sell on your Wazirx account.
On selling, within 24 hours, money equal to Bitcoin is deposited in the bank account filled by you.
Benefits of investing in bitcoin
Now let us know what the benefits of investing in Bitcoin are.
Many online shopping websites accept payment by bitcoin. You can do online shopping with bitcoin.
- You can use Bitcoin to send and receive money anywhere.
- You can buy bitcoin and sell it when its price increases and earn money.
- Banks charge a fee of up to 2% of the payment from you, but there is no fee for payment by Bitcoin.
- Authority to monitor the transaction of Bitcoin so that no one will monitor your payment.
- Disadvantages of investing in bitcoin
- Now let us know what the disadvantages of investing in Bitcoin are.
- No government, bank, or authority controls bitcoins, so no one can help you if your bitcoin is stolen or hacked.
- The value of bitcoin keeps fluctuating, so investing in bitcoin can be risky for you.
Many hackers are trying to steal bitcoins, so if your bitcoins are stolen, you will be responsible for them.
1 bitcoin worth?
The cost of 1 bitcoin is more than 43 lakh rupees. If you want to know how much 1 Bitcoin is currently worth, you can search Google for ‘1 Bitcoin to INR’ or check the app or website where you have created your account and see the real-time price.
What did you learn today?
In today’s article, you have learned how to invest in bitcoin; we hope you have a lot of helpful information related to investing in bitcoin in this post.
If there is any question regarding this article, then tell in the comment as well as satisfied with the information, then do not forget to share the article! Do revisit our blog for such excellent and knowledgeable information.
