How to transact on Bitcoin in India

Bitcoin rocketed to a lifetime high well above $16,000 on Thursday, after climbing some 67 percent over one week. Although it is a lot more risky in trading on Bitcoins as multiple thefts, hacks and scams are reported, the sharp increase in its value has attracted many investors.

Bitcoin rocketed to a lifetime high well above $16,000 on Thursday, after climbing some 67 percent over one week. Image source: Pixabay

Key highlights

Bitcoin rocketed to a lifetime high well above $16,000.

Bitcoins supply is limited to 21 million.

There are 5,638,155 bitcoins in the 1,000 biggest wallets.

The number of investors in India has outrun the supply of Bitcoins for which there is a mark-up of around 15-20 percent to the international price.

Bitcoin has become the most talk of the town all over the world. Presently, it is the most popular cryptocurrency around the globe and it's applicants are growing at a fast pace witnessing its growth of around $2000 dollar with each passing day.

Bitcoin rocketed to a lifetime high well above $16,000 on Thursday, after climbing some 67 percent over one week. Although it is a lot more risky in trading on Bitcoins as multiple thefts, hacks and scams are reported, the sharp increase in its value has attracted many investors.

The number of users are doubling in every two-three months in India itself.

Bitcoins supply is limited to 21 million - a number that is expected to be reached around the year 2140. The number of investors in India has outrun the supply of Bitcoins for which there is a mark-up of around 15-20 percent to the international price.

Because of forgotten passwords, accidental losses, owners forgetting about the coins or even dying, there are fewer number of bitcoins in circulation and accessible than the number of bitcoins mined.

There are 5,638,155 bitcoins in the 1,000 biggest wallets, more than a third of all bitcoins which are in circulation. At the current rate this makes the 1,000 biggest wallet-holders worth a collective $87 billion.

Here are a few ways how you can buy and sell Bitcoins if you are from India:
This cryptocurrency can only be purchased online and there are several online stores where you can do the transaction through digital wallets. The various Bitcoin exchanges that are available in India are Zebpay, Unicorn, Bitxoxo and Coinbase.

All you have to do is to login to the website and select wallet based on features, coinbase etc. On the chosen platform through which you want to trade on this cryptocurrency, just select the wallet that the platform provides based on features and security.

After selecting the wallet, register yourself on the chosen portal and create your own account. The account helps you in getting a secure place to store your purchased bitcoin, an easy and reliable payment method to convert the local currency into bitcoin.

The portal will take you to the bitcoin exchange once you induct to purchase the cryptocurrency and will also give you the present rate at which you want to trade.