Known as the first and most popular cryptocurrency, Bitcoin was created in 2008 under the pseudonym Satoshi Nakamoto by an unidentified person or group and was released as open-source software in 2009. Since then, it has garnered significant attention. Bitcoin challenges conventional ideas of money and finance, sparking widespread interest and discussion. Despite its resilience and longevity since its inception, its future remains unpredictable due to factors such as market sentiment, regulatory changes, and technological advancements.

Reasons to invest in Bitcoin

Digital money: Transactions between users happen directly without the involvement of middlemen like banks since Bitcoin is a decentralized digital currency that runs on a peer-to-peer network.

Blockchain Technology: The blockchain is a public ledger that records all of the transactions made with Bitcoin. Transparency and security are ensured via a network of computers called nodes that maintain this blockchain by validating and recording transactions.

Restricted Supply: Bitcoin is a deflationary asset since its supply is limited to 21 million coins. Its protocol accounts for this limited supply, rewarding miners with fresh bitcoins in exchange for confirming transactions.

Volatility: The price of bitcoin is notoriously unstable, with large swings happening quickly. Although traders may benefit from this volatility, investors may run the risk of losing money.

Adoption and Acceptance: Businesses and merchants all around the world have begun to accept Bitcoin as payment over time. Furthermore, institutional interest in Bitcoin has increased, and as a hedge against inflation, some businesses and investment firms have added it to their balance sheets.

Regulatory Environment: Different countries have different regulations regarding Bitcoin; some accept it as a valid financial instrument, while others place limitations or outright bans on it. Regulation changes may affect the price and use of bitcoin.

How to buy bitcoin in India?

Choose a Cryptocurrency Exchange: Pick a trustworthy exchange that deals with cryptocurrencies, accepts Bitcoin trades, and is based in India. Among the well-liked choices are Plena Finance, CoinDCX, etc.

Register and Confirm Your Account: Establish an account and fulfill the KYC (Know Your Customer) criteria on the exchange platform of your choice. Providing identity credentials, like a passport or Aadhar card may be necessary for this.

Funds deposits: Funds should be deposited into your exchange account when your account has been validated. You can deposit Indian rupees (INR) or any other supported currency.

Purchase Bitcoin (BTC): Once your money has been deposited, go to the exchange's trading area and look up Bitcoin.

Safeguard Your Bitcoin: The bitcoin will be credited to your exchange wallet as soon as your buy order is fulfilled.

Stay Updated: Stay up-to-date on the most recent Bitcoin-related news and developments.

Take into Account Tax Repercussions: Keep in mind that Bitcoin transactions might have tax repercussions in India.

Is Bitcoin a good investment?

Yes, Bitcoin is a good investment because it frequently has little correlation with conventional asset classes like stocks and bonds, adding it to an investment portfolio can help with diversification. However, investors need to be aware of the possible hazards that come with having a large amount of cryptocurrency exposure in the volatile market.