Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.
Buy on an Exchange: Several market places called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange
Can You Trade BITCOIN in India?
Yes you can. There are brokers who allow you to trade BITCOIN and CryptoCurrency in India but it is not recommended to trade.
I will tell you why.
Reason 1 not to trade BITCOIN:
Look at BITCOIN price in Rupees as on 15-Nov-2017 time 12.25 pm India Time:
In other words 1 BITCOIN equals Rs. 4 lakh, 49 thousand, 334.96 as of on 15-Nov-2017 time 12.25 pm India Time. Will you risk that much money to buy just 1 BITCOIN? At least I will NEVER.
BITCOIN price in USD as on 15-Nov-2017 time 12.25 pm India Time:
Reason 2 not to trade BITCOIN:
As of today this is what I see in most BITCOIN trading websites:
₹ 4,86,800.00 BUY
₹ 4,84,000.00 SELL
If you buy and decide to sell straight away you are set to lose ₹ 2800 + brokerage (though brokerage is low and there is no tax as BITCOIN is not controlled by governments).
Reason 3 not to trade BITCOIN:
Most people do not understand BITCOIN, so it is better not to invest in a business that you do not understand. Moreover governments all over the world are against it.
So you don’t know what LAW will KILL BITCOIN & CryptoCurrency Trading. The day governments kills it all your investments become ZERO on BITCOIN or CryptoCurrency.
Reason 4 not to trade BITCOIN:
Another point : Let us say someone invested $7000 in BITCOIN and made $14000 in 3 months.
In percentage terms that is 100% return in 3 months but in real world that’s just $7000 made with too much risk. BITCOIN can go up and down 10% in one day.
You will never invest in anything that can crash as much as 29% in a day at such a high price.
Greed is the biggest killer of money – BITCOIN And CryptoCurrency Trading is one of them.