Bitcoin is the world’s first cryptocurrency. It is a kind of digital currency. Cryptography is generally used for the rules and regulations and generation of units of currency. Bitcoin is commonly referred to as a decentralised digital currency. Bitcoin was invented by group of unknown persons who launched it as a open-source software in 2009 under the name of Satoshi Nakamoto. Bitcoin is becoming prevalent with the increase in the usage of digital currencies. Most people find it easy to store currency in the form of digital wallet than to store it as a physical entity. It is a kind of peer-to-peer digital currency.
How Bitcoin works?
A new user who has stepped in to the digital currency world can start it as without any prerequisite knowledge. What one need to do is to install a bitcoin wallet on the mobile-phone. Then one will get the bitcoin address generated and one can create more according to the one’s needs. Addresses can be disclosed to friends groups or to a person for paying the money. It is quite similar to how the email works. But the difference is that Bitcoin addresses are used only once.
COUNTRIES WHERE BITCOIN IS LEGAL
- UNITED STATES OF AMERICA: Countries like USA has adopted a bitcoin and has followed the change it has made in the digital currency world. But for security reasons various government agencies are working on preventing any wrongdoing and prevention of illegal tarnsactions on bitcoin.
- CANADA: Canada has also approached bitcoins positively. All the transactions made are under the scanner of anti-money laundering (AML) laws. Various exchanges of bitcoin need to register with Financial Transactions and Reports Analysis Centre (FINTRAC).
- AUSTRALIA: Australia has open trading in bitcoin. Usually entities are allowed to trade,mine and further buy bitcoins.
COUNTRIES THAT SAY NO TO BITCOIN
- ICELAND: After the economic crisis of 2008, Iceland has been maintaining stringent capital control and it’s monetary policies do not allow bitcoins to mine or transact in this island nation.
- VIETNAM: Vietnam government has not adopted the bitcoin currency and it’s state banks are aslo associated with the digital currency. to prevent the country’s economic structure from the elements like money laundering.
- CHINA: All banks and the financial institutions such as payment processors are restricted from dealing or transactions in bitcoin. But Individuals are allowed to deal in bitcoins. So it becomes one of the major market for biytcoin to thrive.
EXCHANGES OF BITCOIN IN INDIA :
Unocoin the leading cryptocurrency exchanges is primarily working in the trading of bitcoins. With the launch of Unodox (Unicoin Digital Asset Exchange).
Zebpay is also one of the leading bitcoin exchanges. It is a bitcoin platform and broker extensively useful in the bitcoin trading and transactions.
Coinmama is another leading agent in the buying of Bitcoins . Available in almost all the countries which are trading in bitcoins. The charging fee for coinmama is 6%.
It is an escrow service which helps to match buyers with the sellers of the bitcoin. It is possible by an In-person meeting.It may be one of the fastest and most secure methods of bitcoin trading.
BITCOIN ATM’S :
There are different types of bitcoin atm’s available with the help of maps. It can be quick and easy way of buying bitcoins and also it is private.
MYCELIUM LOCAL TRADER:
It helps in finding the bitcoin sellers. Once the seller is located , you meet-up in person and negotiate the trade.
It helps to buy bitcoins with Litecoin and many other digital tokens.
BITCOIN – OTC:
Bitcoin -Otc is an over the counter place for peer to peer exchanging of bitcoin.
BITCOIN BUYING MEDIUMS:
It basically serves as a medium for buying of the bitcoins. This exchange works under the payments company Billdesk. It usually allows for instant eKYC using the Aadhaar Number.It is a platform for the connection establishment for the trading of bitcoins.
Remitano is another peer to peer bitcoin exhange. It also has instant transfers and withdrawals and it also provides escrow facility. The main goal of this exchange is to make the transfer of funds between the traders safer and reliable.
Koinex is another method to buy and transaction platform for bitcoins.However, online reputation and critical acclaim of this exchange is mixed. But, it is one of the easy to use option that is there in this exchange. People have applauded it’s ease of use and the availability of the coins which make it’s popular among the traders in India.
Coinsecure has been one of the exchange methods which can have the payment process of just 100 Rs.There can be a two factor authentication to one’s account and it charges 0.4 percent on trades.