The value of one Bitcoin is US$ 38,125, as of May 25th, 2021. Just to give some context to the fluctuations in its value – it was valued at over US$60,000 in April 2021. There is a lack of metrics that can help in forecasting the Bitcoin value. But if Bitcoin has piqued your interest, here is your guide to buy some of the Bitcoins.
Before you buy a Bitcoin, you must get yourself a Bitcoin Wallet. This is where you will store the transactions. There is still a need for clarity on the legal status of Bitcoin in India, but you can use one of the following methods to buy them:
- Cryptocurrency Exchange: This is like a stock exchange to buy cryptocurrencies. You must do your research before finalising the exchange. You need to open an account with the exchange and transfer the money you wish to invest. KYC verification requirements may be there. You can then use the platform provided by the exchange to buy and sell Bitcoins. There is usually a fee associated with the buying and selling that must be paid to the exchange.
- P2P Crypto Exchanges: These operate on the back of an escrow account, which removes the conflict element related to payment between the parties involved. These are secure platforms with identity protection and a provision to do transactions worldwide. LocalBitcoins is one such P2P exchange that allows buying and selling Bitcoins without any ID.
- Bitcoin Mining: If you can organise the computing power required to mine blocks then this option may be for you. Your systems should be powerful enough to solve complex hashing problems fast to get a chance to mine.
