There is no doubt that bitcoin is now considered the most valuable currency globally, and there is a tremendous demand for BTC exchange in India. Some experts have stated that bitcoin is more valuable than gold. With time, the cost of cryptocurrency is growing rapidly,which can attract you to buy bitcoin in India. As some governments have acknowledged bitcoin trading and bitcoin, people use it as an investment ad for buying products and services. But some questions are being asked by people, and you should know about it.
- Why bitcoin’s value is rising?
Some of the primary reasons behind the rising demand for Bitcoin is the devaluation of currencies and the global economy grim. It is designed to mimic some valuable metals, and the supply of bitcoin remains limited. You only find 21 million types of bitcoins. On the other hand, some of the freelances in India have not started accepting bitcoin payment mode. So, the value is rising.
- What is the cost of one bitcoin? Can one buyin parts?
As per the data, bitcoin’s cost in 2017 was Rs. 87,000 and the selling rate was around Rs. 85,000. The cost of bitcoin changes every hour. However, if you don’t have enough budget, you can buy a fraction of bitcoin. The current value of one bitcoin is 21,36,661.78 Indian Rupee. If you are interested, then create your account now and enjoy BTC exchange in India.
- What is bitcoin mining?
This is generally performed by bitcoin miners. The process is carried out using specialized computers that can effectively solve algorithm equations. For bitcoin mining, miners have to solve computational tasks that create a chain of transactions. When they solve the task, they get bitcoin as rewards along with transaction fees.
- Can private blockchain platforms be used for bitcoin trading?
The blockchain without any cryptocurrencies attached to it called permission blockchain or private blockchain. However, it doesn’t have a future. So, it is advisable to carefully use private blockchain platforms.
- What is RBI’s opinion for bitcoin and blockchain?
RBI considers it as an interesting technology, but the proliferation of bitcoin is yet to happen. RBI also has released a whitepaper, and two press releases about this which mentioned bitcoin and blockchain has both technical and legal risk. So, the technology is not ready for now.
- Is it legal to trade bitcoin in India?
Well, it is not illegal to trade bitcoin in India. Besides, there is no such law in India that proves it illegal. In fact, RBI know about its existence, and people are doing trading.
- What is a bitcoin wallet?
It is one type of digital wallet where your bitcoins will be stored. For every bitcoin address, the wallet will keep a private key.
- What can be purchased using bitcoins?
In India, only a few traders accept this cryptocurrency. However, in western countries, companies like WordPress, Expedia, Dell and more have started accepting bitcoins. So, Dell laptop can be brought using this.
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