What is Bitcoin How Does Bitcoin Works

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Bitcoin Background

Though the Bitcoin world looks very complicated, it is easy when the entire process is chunked into stages. It is as easy as installing an app in the play store.  You need not learn any complicated programming to deal with bitcoins. With the skyrocketing prices, Bitcoins have become a hot favourite with us most recently. Indians are not behind in buying bitcoins.  A few years back, buying bitcoins in India was mostly treated as illegal and unethical. People had a lot of suspicion towards bitcoin as it was treated as an illegal act. However, today the scenario has changed substantially, and buying bitcoins has become a common investment activity. This article is to help newbies to cryptocurrency especially to Bitcoins, How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously. So, let us coherently answer each question.

How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously
How to Buy Bitcoin

How to Buy Bitcoins on Cash Apps

India shut the doors for cryptocurrencies for a long time. Yet, today the Government of India’s approach has been altered and they began to view Bitcoins from a holistic perspective. So, let us discuss how to buy Bitcoin, especially in India.

You can start buying Bitcoin from authentic Bitcoin apps available in Playstore. You may get confused as soon as you type the ‘Bitcoin app’ in google store since you would see several such apps come on the list. Just to help you, I am naming some of the popular and authentic Bitcoin apps you can entrust. Please note by naming the apps, we are neither promoting them nor assuming any responsibility of their legal tender. It is just to help you understand the Bitcoin sellers in the Indian environment. They are:

How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously
How to Buy Bitcoin

Choosing the right Bitcoin buying platform is as important as investing your money in the market. As of 1st September 2020, 20:06 hours(IST), the cost of one Bitcoin was INR 8,65,606.65. However, the value differs from time to time. I have seen the moment people hear the price of one Bitcoin, they feel that it is not their cup of coffee considering the price. But, wait! You need not worry too much about the price.

Thankfully, You can buy Bitcoin less than one also. You can start investing in Bitcoin by buying a fraction of one Bitcoin. Yet the minimum amount that is required to invest in Bitcoin is around INR 500. Check out Google for the latest price of one Bitcoin and the minimum amount required to buy Bitcoin.

To buy Bitcoins you would require to install the App and complete your KYC. As part of the KYC process, you would require to submit your PAN card and Bank Account Details. The verification process would take two to three days. Once the KYC process is successful, you can go ahead with the Bitcoin Buying activities.

Once you complete your KYC process, you would require to ensure that you have your Bitcoin Wallet for storing and recording transactions related to Bitcoins. These Wallets require to sell your Bitcoins.

According to the Indian Income Tax Act, 1961, the income earned by investing in Bitcoin is considered as the income from capital gains, and tax is collected based on the income tax slab. For long term investment 30% and the short term, it is 20% tax imposed by Indian Income Tax Authorities.

Procedure to Buy Bitcoins with PayPal

When Bitcoin was invented in 2009, it was virtually not possible to buy during the initial years. This was since there were barely any exchanges that advertised cryptocurrency. Even if you could find a dependable exchange, it was very tough to find one that received real-world payment procedures.

Though, in 2018, it is now certainly simple to buy Bitcoin using various payment methods. Bitcoins can be bought using credit cards, debit cards, wallets including Paypal. In this article, you will understand how to buy Bitcoin with the PayPal payment system. Well! What are you search for? Let us begin to understand how to buy Bitcoins with PayPal.

How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously
How to Buy Bitcoin with PayPal

To make your first Bitcoin purchase by through Paypal, you need a Paypal account. You also should register with a trading platform that sells cryptocurrencies like Bitcoins, Altcoins with Paypal. There is a decent number of services that permit users to pay for their Bitcoins with the payment service provider. Finally, you will also require a cryptocurrency wallet that supports the digital instruments you want to purchase. Bitcoin.com’s wallet is an outstanding noncustodial wallet mix that lets you to store, send, and receive Bitcoins.

Remember most of the cryptocurrencies are not allowing PayPal payment system for Bitcoin transactions. Even those Cryptocurrency exchanges that are allowing deposit money using fiat currency also reluctant about Paypal because of the Paypal Chargeback policy.

How to Buy Bitcoin with Credit Card?

There are several conciliators help you buy Bitcoins using your credits.  Some Of the popular players in this segment are

  • io
  • eToro
  • Coinmama
  • Bitpanda
  • Coinbase
  • Binance
  • LocalBitcoins
  • Bitstamps
  • Coinhouse
  • Indacoin
  • CoinCorner

 

In a personal view, CEX.io enables you to buy Bitcoins with effortless ease. They allow you to buy Bitcoins using a Credit card and Debit Cards. Below are the stages to buy Bitcoins on CEX.io.

How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously
How to Buy Bitcoin with Credit Card

How To Buy Bitcoins With Cash

Occasionally folks want to buy Bitcoins and pay with cash. Buying Bitcoin with cash is not as difficult as it appears. One way you can buy Bitcoin with cash is the peer-to-peer method. You can find somebody nearby to buy from in-person. This involves a little more work than most folks would appreciate. The other more useful and less intrusive way is to buy Bitcoin with cash at a Bitcoin ATM. The steps to buying Bitcoins with the case are shown in the image below:

How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously
How to Buy Bitcoin on the Cash App

 Buy Bitcoin Anonymously

How to Buy Bitcoin, How to Buy Bitcoin with PayPal, How to Buy Bitcoin on the Cash App, How to Buy Bitcoin with Credit Card, How to Buy Bitcoins with Cash, How to Buy Bitcoin Anonymously
How to Buy Bitcoin Anonymously

Remember Buying bitcoin is like buying contraception. It is a basic human right and nobody should stop you from doing it. You should be allowed to do it confidentially and nobody should intervene with what you do with your Bitcoins. Whether you set them aside for your retirement or your medical emergencies, it is you to decide the usage. You need not broadcast your intentions behind buying Bitcoins. Here is a step by step process to buy Bitcoins Anonymously.

There are two important methods to buy Bitcoins anonymously.

  1. Purchase Bitcoin using a BATM system
  2. Finding a Bitcoin seller willing to meet you in person for a pure cash deal

In the method I, An individual can buy Bitcoins with a BATM system in which an automated teller machine allows you to swap fiat money for cryptocurrency. You can find a Bitcoin ATM nearest your place for buying Bitcoins in this method. However, the transaction remains anonymous. If the law of your land is not very stringent about Bitcoin deals, then you need not go to centralized exchanges searching for Bitcoins.

In Method II, You can find a Bitcoin seller who is willing to sell Bitcoins meeting you personally. Generally, many sellers are comfortable to sell their Bitcoins for a cash deal and in-person meeting. However, both parties have the responsibility to establish trust and mutual understanding to deal with Bitcoins. Sometime, you may meet those champions who just want to waste your time and not be interested in the actual deal. There are some cases in which some individuals prefer to use this opportunity for social networking and dating requirements which spoils the very purpose of the deal.

 

I hope enjoyed this article. Please share your thoughts in the comment section.

 

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About Pavan kumar C

Pavankumar Chandrappa is an excellent academic writer, learning designer, research scholar, and blogger in the management domain. He has more than a decade of blended experience in academia and industry with great exposure to writing on various paradigms of business management. He has published a series of research papers on various paradigms of learning. You can access his detailed biography by typing"Pavankumar Chandrappa" on google search.

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