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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 The Meaning Of Bitcoin?
Bitcoin is a type of cryptocurrency that was first introduced in January 2009. It is invented based on the key concepts and notions presented in a whitepaper by Satoshi Nakamoto, a mysterious and pseudonymous figure. The name of the individual or people who invented technology is yet unknown. Bitcoin promises reduced transaction fees than existing online payment methods, and a decentralized authority controls it, unlike government-issued currencies.
How Bitcoin Mining Works?
Bitcoin mining is a crucial element of the blockchain ledger's upkeep and development and the act of bringing new Bitcoins into circulation. It's done with the help of cutting-edge computers that solve exceedingly challenging computational arithmetic problems. Auditor miners are rewarded for their work. They're in charge of ensuring that Bitcoin transactions go through smoothly and legitimately. This standard was established by Satoshi Nakamoto, the founder of Bitcoin, to keep Bitcoin users ethical. By confirming transactions, miners assist in avoiding the "double-spending issue."
How Does Bitcoin Technology Work?
The blockchain is the foundation of Bitcoin. It is a decentralized, distributed ledger that tracks the provenance of digital assets. The data on a blockchain can't be changed by design, making it a real disruptor in industries like payments, cybersecurity, and healthcare.
How Can I Get Bitcoin?
To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process. Following that, you'll be sent to the Funds & Transfers section, where you can begin depositing Bitcoins into your wallet. You may also use INR to fund your WazirX Bitcoin wallet and then use it to purchase Bitcoin.
How Much Is 1 Bitcoin Worth Today?
Check out the current price of Bitcoin on the WazirX exchange. Bitcoin's value is primarily determined by its supply and demand in the market. Other elements have an impact on its worth. Its intrinsic value can also be calculated by calculating the average marginal cost of producing a Bitcoin at any given time, based on the block reward, electricity price, mining hardware energy efficiency, and mining difficulty.
Can Bitcoin Be Converted To Real Money?
Crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, and Peer Peer Transactions are all options for converting Bitcoin to cash. This can be accomplished by using Bitcoin exchanges such as WazirX. A Bitcoin ATM is a real place where you may purchase and sell Bitcoins with cash, unlike standard ATMs that allow you to withdraw money from your bank account. Many websites provide the option of purchasing Bitcoin in return for a prepaid debit card that works similarly to a standard debit card. Through a peer-to-peer marketplace, you may sell Bitcoin for cash faster and more privately.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
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 To Create Bitcoin Account?
Firstly, Go to the WazirX website and sign up. Then, a verification mail will be sent to you. The link sent via verification mail would be available only for a few seconds so make sure you click on the link sent to you as soon as possible, and it will verify your email address successfully. The next step is to set up security, so select the most suitable option for you. After you have set up the security, you will get a choice to either proceed further with or without completing the KYC procedure. After that, you will be directed to the Funds and Transfer page, where you could start depositing Bitcoins to your wallet. You can also deposit INR and then use it to buy Bitcoin for your WazirX Bitcoin wallet.

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.