Home Information Bitcoin legal or illegal in India? Things you must know about Bitcoin

Bitcoin legal or illegal in India? Things you must know about Bitcoin

The most trending topic today is bitcoin. Everyone today is willing to invest in this and there is a different kind of craze for this cryptocurrency called bitcoin. Lots of people are investing their money here and because of that it’s price today is in millions. But this is a fact that many people are investing in it without knowing that what actually it is. There are some questions which strike in the mind of many people like What is bitcoin? Is it legal? From where it comes? How does it work? Here we will clear out all the confusions and will give you the basic ideas on bitcoin.

What is bitcoin?

It is a kind of digital money which can be used in making payments worldwide. It was invented by Satoshi Nakamoto and was released in 2009. It is an open source which means there is no owner of bitcoin it is free like the internet. Everybody can use this payment system for free like the internet. Here the system is peer-to-peer which means no intermediates like banks or credit card companies are required for the transaction.

How bitcoin works?

If you are willing to know in depth of working and processing of bitcoin then you can visit our article on this topic. And for basic knowledge, it is a digital currency it uses network nodes for verification of transaction. We can get bitcoin by two methods one by mining and the other one which is also used by most of the people is buying it from a website. Likewise, we buy this cryptocurrency we can also spend it similarly through transferring to the other person or company for our personal use. But there are also some issues related to transferring of bitcoin which are written ahead.

Bitcoin- Legal or Illegal?

Since bitcoin is digital currency it is free from government controls and laws but in few countries it is illegal. Separately if we see Indian law then it is neither illegal nor legal that is if you are using bitcoin then you can use it but the government will be not responsible for any fraud if it happens.

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Is investment right?

Investing is all upon you. It’s all your decision, all we can help you is by giving you the information that you should know before investing on it.

Benefits of investing

  • Anyone can invest here easily without any hassle by just one click.
  • There is no trace of any transaction done here. No government can trace the source of the transaction.
  • It is very portable that is anyone can take it an can travel anywhere in the world. Because of being an e-currency there is no need like cash exchanging and all.
  • Investing in bitcoin is like investing in share market. If the value is less then invest here and when the value hikes then divest your amount.
  • Hence there is no owner, therefore, no taxes are applied here.

Risk factors and demerits

  • Hence it an online mode of the transaction there are chances that your bitcoin can get hacked.
  • Once the transaction is done it can’t be reversed to so anyone can do fraud easily.(This is a good as well as bad factor)
  • As the value of bitcoin fluctuates very often and at very rapid speed, it might take you to loss side if the value decreases.
  • Since there is no interference of government in this system, in many countries like India if a fraud happens with you then the government will not take any serious action.

So, at the last, the conclusion is that the investment depends all upon you but always keep these basic things in your mind before Investing.

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