INTRODUCTION:Cryptocurrencies like ether, bitcoin, zcash are taking the internet by storm. One of the flabbergasting event is rise in the value of bitcoin making the investors super rich and others, a sense of abandonment.
Bitcoin is a peer-to-peer pseudonymous digital currency. “Peer-to-peer” (P2P) means that there is no central authority creating new money or clearing transactions. Instead, those tasks are managed collectively by the nodes in the network making it censorship resistant.Present day, the value of 1 bitcoin is 744606.16. And it is never too late to invest in bitcoin.
IS BITCOIN LEGAL?Bitcoin is of interest to law enforcement agencies, tax authorities, and legal regulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.So, if you’re interested in getting yourself some Bitcoin, how do you proceed? Well, the easiest way to get some is to use an online exchange, and buy some just like you would get anything else at an e-commerce site. There are some security concerns, and it’s best to stick to reputed sites, to get your Bitcoin or to store them.
A list of such exchanges to help you get started with Bitcoin are as follows.They are:· Unocoin.· Zebpay.· Coinsecure.Steps to be followed to buy bitcoin:1. The first thing you need to do is make an account on Cryptocurrency micro wallet which is a cryptocurrency micro wallet. Your earning from all sites will be stored here. You can transfer from this to your Indian Wallets like Zebpay and Unicoin.
2. There are also websites from which you can earn free bitcoins they are · Free bitcoin.· Faucetpig.· Bonus bitcoin.· Bitfun.· Moonbitcoin.Here are few fun facts about bitcoin:1. Energy consumptionCurrently, Bitcoin is taking up as much energy as the ENTIRE country of Denmark.
2. Pizza (Coin?)Seven years ago, a man bought 2 pizzas for 10,000 Bitcoins. Today, 10,000 Bitcoins is worth $136 million3. SizeIf cryptocurrencies were a company in the S&P 500, it would be the third largest company, only behind Apple and Google!CONCLUSION:Bitcoin in India – India’s central bank is said to be “watching” bitcoin. In a series of dramatic moves, the Reserve Bank of India (RBI) issued a warning about bitcoin in late December 2013, which was followed almost immediately by exchanges choosing to suspend operations. One exchange had its premises raided and another was paid a “friendly” visit by tax officials to investigate how digital currencies could be managed and taxed.
Some exchanges have since re-opened for business.