As we all have seen how digital currency is taking the lead in the field of investment. Though there are several types of digital currency available, most people prefer Bitcoin. Bitcoin has become on end the most buzzword in the market and has also gained traction ever since the virtual currency that has touched all the heights. If we talk about the recent growth of Bitcoin then it was quite high in April. This biggest digital currency hogged the space after Tesla’s CEO Elon Musk claimed that he owns cryptocurrency that ranges from Bitcoin, Ethereum, Dogecoins. After this statement, it led to a sharp rally in the cryptocurrency, and that Bitcoin touched an all-time high range of around the $65000 mark.
Now, this investment avenue is the cupcake of every country and it is discussed to access the entire world. You are at the right place if you are struggling to understand the intricacies of cryptocurrency such as how to buy a cryptocurrency and how transactions work.
What is Bitcoin?
Before going further, let’s explore more about Bitcoin. The concept of Bitcoin can be easily traced back to the white paper which was published in the year 2018 by Satoshi Nakamoto. Bitcoin is the digital currency that is taking the lead in its field of value. Many people are willing to invest their money in cryptocurrencies like Bitcoin. Bitcoin is considered the most effective digital currency to put your money in for better outcome results. According to the sources it was found that many investors have waned great margin of profit by investing their money in Bitcoin.
If you are considering to invest then make sure to find the right crypto exchange. Your right selection will ensure to offer great profits. Bitcoin is the virtual currency and it is online cash that changes hands over the internet. There is no hidden fact that it consists of a plethora of services that one can avail of with the help of these virtual currencies.
How Does One Buy It?
Many great platforms offer cryptocurrency trading to the investor. You need to select one of the best trading applications like WazirX to start your investment. After that, you will have to create an account and make sure to give your genuine information. The process of creating an account is very simple and you just need to give your details to open an account. After making your account you can easily buy and sell cryptocurrency. You can also transfer from your bank account to ZebPay.
It is important to undergo basic KYC. You will have to do KYC before you start your trading process in Bitcoin. You can easily get your KYC done after submitting your Pan card, Adhaar card, or any other valid documents. When you place your order, then you can get Bitcoin with the help of a digital payment method. Money from your bank account can easily transfer with the help of NEFT, RTGS, debit card, and credit card as well. You can invest small to start the trading. There is no need to buy Bitcoin if worth millions in the beginning. You can start with a small amount like Rs 500 as well.
How Does it work?
As we all have seen how to invest money in digital currency or Bitcoin. Though the process is very simple it also requires tons of strategy and ideas to earn a huge margin of profit. You will have to select the best crypto exchange to get the profit. As we said that it is online cash then changes hand over the internet. This also means that the transfer of Bitcoin from their wallets to the wallet of another person who is a party to that specific transaction. Every kind of transaction is recorded in a public list which is also called Blockchain. You can easily access transparent information related to the transaction. But you will not be able to see the name of the buyer as the public list is shown with no names of the buyer and seller. You will get access to see their wallet IDs. If we talk about the Blockchain then it is made of data units which are also called blocks. Blocks mainly hold the information which is arranged in chronological order to make a chain called a blockchain.
Investors who are willing to access great profit need to rely on the concept of digital currency to invest their money in it. People who are wondering whether to buy Bitcoin need to go with Bitcoin exchange. There are several platforms available in India where an individual can easily buy and sell cryptocurrency from the exchange such as Coinbase. If we talk about India then an individual can easily buy and sell Bitcoin from ZebPay.