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Bitcoin – one of the most popular and progressive cryptocurrencies to date has only begun its journey in India. Its new peaks in price last year managed to fuel its recognition even more. Trading with cryptocurrencies in India has become the highlight in recent years, especially after the launch of multiple new platforms offering these digital assets. These exchanges have managed to make Bitcoin payments effortless while allowing users to check bitcoin price in INR.
Bitcoin is also the most searched and traded investment in the cryptocurrency space. However, that’s not all! One can benefit much more from just holding bitcoins. Let’s deep dive into the top 4 things you can do if you just simply hold bitcoins in India.
Bitcoin Faucets
A basic, simple yet effective benefit of getting Bitcoin is to earn them for free! Yes, you read that right, crypto faucets are platforms (usually apps or websites, which even provide bitcoin price in INR ) that toss out small amounts of Satoshi (a hundredth of a millionth BTC) in exchange for completing certain tasks. These tasks range from watching a video to solving puzzles.
If you are a newcomer into the world of trading crypto, this is certainly the best way to start! Also, you can learn how to buy and sell cryptocurrencies once you earn them via such faucet programs. Currently, numerous platforms in India have such prize offers. However, there are tons of phishing scams that often occur with such offers, so make it your priority to trust verified and authentic websites only.
Staking / Lending,
Another amazing option of using your stored Bitcoin is to stake them once you convert them into stake coins. Cryptocurrencies like Bitcoin and Ethereum are based on the blockchain ledger. Adding a block to the chain can be done by two methods that give users coins in return:
- Proof of Work (PoW)
- Proof of Stake. (PoS)
Proof of Work: This process consists of users mining and solving complex mathematical questions with the help of powerful computers. Upon completion, the user is rewarded with a coin.
Proof of Stake: A proof of stake system is an efficient version of PoW. It primarily rewards users’ that have locked their assets in a wallet. The more crypto you have locked in, the more coins you receive. In a nutshell, instead of solving puzzles to add a new block, you lock assets into a wallet and earn. However, thee amount of rewards you earn depends on how much crypto you’ve locked up.
By staking coins, crypto traders can earn coins by merely locking their assets in a trustworthy wallet. InVariousch sources provide staking schemes in India, but as mentioned earlier, it’s vital to verify every platform first.
Trading
Cryptocurrency exchanges are steadily becoming common in India, especially after the Supreme Court of India lifted its ban. Ever since several platforms and websites have been launched that provide impressive trading services.
If you keep learning about the Bitcoin price in India, you can try and predict whether it’s going to fall or rise each day. Of course, this doesn’t work every time, but if you’re able to recognize a pattern or learn about new projects with potential, it becomes easier to trade on a fixed basis i.e. daily, weekly or monthly.
Trading in India is much easier than ever today. If a user simply searches; how to buy Bitcoin in India or bitcoin exchange in India, several websites and portals appear at your service. These sites authentically give users’ a platform to trade cryptocurrencies. Typically, most of these websites are Indian companies and thus, show Bitcoin price in INR. A good example of these trusted and well-known sites is WazirX.
HODL
Lastly, the best way to profit from your bitcoins is to honestly hold on to dear life! Bitcoin is one of the most potent cryptocurrencies out there. While earlier, it may not have possessed much value, it’s managed to turn the tables and become successful.
In the crypto community, it’s seen as a good practice to hold your cryptocurrencies as they progressively propel new advancements.
Speaking of advances, digital currencies such as Bitcoin and Ethereum are combating our current traditional financial services globally. Therefore, blockchain’s (cryptocurrency is an application of this technology) significance and relevance are predicted to bring better automated monetary services. Hence, you should hold onto them tightly! Who knows how much value they’ll bring in the future.
Conclusion
On a final note, holding earnings in your wallet can be very beneficial if you know how to buy bitcoin in India. From solving simple puzzles to even using them in transactions, there’s a lot more you can try with your digital assets. Since cryptocurrency is still new for many people, holding Bitcoins can help them understand the crypto market and space better.
Further Reading:
What is the difference between a token and a Bitcoin?
Are Tether and Bitcoin related? How Tether affects Bitcoin?
6 Things to Consider Before Investing in Bitcoin
What are the Differences Between Bitcoin and Ripple?
6 Bitcoin Myths That You Should Stop Believing
Bitcoin Wallets: The Definitive Guide
What is Litecoin (LTC)? Hows is it Different from Bitcoin?
What are the Differences Between Peer-to-Peer and Regular Bitcoin Exchanges?
Why are Bitcoins More Popular?
6 Tips to Keep Your Bitcoin Wallet Safe
5 Ways to Keep Bitcoin Transactions Private
What Will Happen when all Bitcoins are Mined?
Bitcoins in India: Challenges and Opportunities Ahead
Does Bitcoin have a volatile nature? Why?
Can Bitcoin Replace Credit Cards?
Why Start-ups Should Consider Using Bitcoins?
What is Bitcoin halving? Why is it important for cryptocurrency investors?
Can you buy shares in Bitcoin?
Are Tether and Bitcoin related? How Tether affects Bitcoin?
Frequently Asked Questions
What Is Meant By Bitcoin?
Bitcoin is a digital currency that was initially released in January 2009. It is based on ideas offered by Satoshi Nakamoto, a mysterious and pseudonymous figure, in a whitepaper. The name of the person or individuals who invented technology has not been revealed. Bitcoin promises lower transaction fees than other online payment systems, and unlike government-issued currencies, it is decentralized.
Is Bitcoin Safe And Legal In India?
In 2020, the Supreme Court of India lifted the RBI’s restrictions on cryptocurrencies. According to the Supreme Court, the existence of Bitcoin or another cryptocurrency is unregulated but not unlawful. The verdict has greatly aided the world of digital money in the country. To put it another way, investing in Bitcoin is perfectly legal, and you may do so through various apps and traders.
Is Bitcoin Trading Is Legal In India?
In 2020, the Supreme Court of India lifted the RBI’s restrictions on cryptocurrencies. According to the Supreme Court, the existence of Bitcoin or another cryptocurrency is unregulated but not unlawful. The verdict has greatly aided the world of digital money in the country. To put it another way, investing in Bitcoin is perfectly legal, and you may do so through various apps and traders.
What Is Bitcoin Used For?
Bitcoin was created as a means of sending money over the internet. The digital currency was designed to be a non-centralized alternative payment system that could be used in the same way as traditional currencies. Bitcoin is being used by an increasing number of businesses and individuals. This includes establishments such as restaurants, apartments, and law firms.
Who Created Bitcoin?
Bitcoin is the first application of the concept of "cryptocurrency," first articulated in 1998 on the cypherpunks mailing list by Wei Dai, who proposed a new form of money that relies on cryptography rather than a central authority to manage its creation and transactions. Satoshi Nakamoto published the initial Bitcoin specification and proof of concept on the cryptography mailing list in 2009. Satoshi exited the project in late 2010, with little information about himself available. Since then, the community has evolved, with numerous people working on Bitcoin. Satoshi's anonymity has sparked unfounded fears, many of which may be traced back to a misunderstanding of Bitcoin's open-source nature.
What Type Of Currency Is Bitcoin?
Bitcoin is a type of digital currency or cryptocurrency. In January 2009, Bitcoin was established. It's based on Satoshi Nakamoto's ideas, which he laid out in a whitepaper. The name of the individual or people who invented the technology remains unknown.
How Does Bitcoin Work?
The blockchain, a distributed digital ledger, is what Bitcoin is based on. As the name suggests, blockchain is a linked database made up of blocks that store information about each transaction, such as the date and time, total amount, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological order to form a digital blockchain. Entries are linked in chronological order to form a digital blockchain. Blockchain is decentralized, which means any central authority does not control it.
How Bitcoin Works?
Bitcoin is based on the blockchain, a distributed digital ledger. As the name implies, blockchain is a connected database made up of blocks that hold information about each transaction, such as the date and time, total value, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological sequence, forming a digital chain of blocks. Blockchain is decentralized, meaning a centralized institution does not own it
Is Bitcoin Cash A Good Investment?
Bitcoin Cash is a hard fork of Bitcoin formed in 2017 to address Bitcoin's scalability and challenges. Bitcoin Cash seeks to make global transactions faster, cheaper, and more secure. Bitcoin Cash is now accepted by thousands of online and offline businesses all over the world. Studied correctly, Bitcoin Cash may be an investment worthy of consideration.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
