Game is not over yet - Yes ! All are playing the "Game of Crypto-currencies" which is similar to poker or a lottery where you can indulge your money not connected with your heart (i.e., ready to lose without any fear).
In the last part - The only dicussion was about what, why, who uses crypto-currency & bitcoins platform where trading can be done easily - Have a look on - Part 1
But this part is wild to cover - Merchants accepting payments in bitcoin, why prices are rising, methods in investing, how to buy & danger signs for bitcoins with Future view. Lets move ahead & discuss only in summary :)
Recently Income Tax department of India started investigation into Bitcoin exchanges operating in India. Simultaneously, working with tax officials to examine the nature whether these crypto-currencies are currency, goods or services. They don't want to miss the craze of taxation on these nuts.
The growth in prices in Bitcoins is due to major countries are accepting Bitcoins as currency or allowing payments through bitcoin mode. In May, 2017 - the price was in thousands & now its in lacs.
Given below the merchants that are accepting bitcoins as payments in India :-
In the last part - The only dicussion was about what, why, who uses crypto-currency & bitcoins platform where trading can be done easily - Have a look on - Part 1
But this part is wild to cover - Merchants accepting payments in bitcoin, why prices are rising, methods in investing, how to buy & danger signs for bitcoins with Future view. Lets move ahead & discuss only in summary :)
Recently Income Tax department of India started investigation into Bitcoin exchanges operating in India. Simultaneously, working with tax officials to examine the nature whether these crypto-currencies are currency, goods or services. They don't want to miss the craze of taxation on these nuts.
The growth in prices in Bitcoins is due to major countries are accepting Bitcoins as currency or allowing payments through bitcoin mode. In May, 2017 - the price was in thousands & now its in lacs.
- Japan recently accepted Bitcoin as legal payment method, although it continues to be treated as an asset, not a currency.
- Other countries like US, Canada, Australia, Finland have started accepting it as legal but at the same time, they are also reducing the usage because of its risky nature.
Given below the merchants that are accepting bitcoins as payments in India :-
- Suryawanshi restaurants - Bangalore
- Castle Blue Spa & salon - Mumbai
- Indsoft & Cyberls (web hosting) service providers
- Reload (online mobile recharge)
- Flight shop & many more
Wikipedia, Subway, Microsoft, Reddit, Zynga, etc are the international businesses who already started transacting in Bitcoins.
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| mBTC is millibitcoins |
⧪Why these currencies became wildly insane now a days ?
- People want large profits in short-term without considering the nature of risk sitting in the investment.
- Transaction through smart phones qualifies individual to digify all the actions such as verification, payments & much more by using a single application.
- Electronically, it doesn't take much time to book the profit & exit from the market.
⧪What are the methods to invest in crypto-currencies?
- Many apps have arrived through which investing becomes easy - Here is the whole list - Check here.
- If you are in america, you can directly invest in ICO (Initial Coin Offering) just like IPO (Initial Public Offering) where a new entity/ company enters into the securities market for the first time in a history for insisting investors to invest money into their instruments. Here, the instrument is crypto currencies.
Minimum amount to invest in Bitcoins specially is Rs.21 & depends applications to applications.
⧪Steps to buy Bitcoin :-
- Common way to buy the currency is to download a broker app such as Zebpay & by Blockchain, you can check real-time status (price, transactions, charts, etc) of Bitcoin.
- e-KYC will take approx 2-3 days to complete, then you will be eligible to trade.
- These allow users to use a credit/ debit card to exchange money for Bitcoin.
- Once the request has been made, online 'miners'(read below) will decide whether to approve the transaction or not.
- If approved, the money from your bank will be debited & bitcoins will be credited to your wallet.
- Buyers can also cut interference of broker & can directly buy/sell from websites (exchanges).
- As 1 Bitcoin may cost Rs. 12-14 lacs, hence you will get bitcoins in millibitcoin (mBTC) if you invest at least a thousand.
Hey !! where are you going ?? - read the danger signs below !!
⧪Is it safe to buy Bitcoin ?
- The value are very volatile i.e, value can significantly shoots up & easily comes down in just a part of second.
- Anyone thinking of investing should be very careful as the money will be credited to those tech persons (also known as' miners') who involves in fraudulent, anti-money laundering & hacking activities.
- Also, Bitcoin has nil underlying value means you will get nothing if Bitcoins will stated as illegal.
- Bitcoins are not issued, endorsed or regulated by any central bank. Instead, they are created through a computer generated process called 'mining'.
⧪Future View
- It may be possible for fund managers to open/offer hedge funds (just like mutual funds) based on Bitcoins.
- "Game of Bitcoins" can be easily become indoor gambling for people.
- Government of India may become successful in non-regulating it from the roots before it strengthen the ground base.
The Last Lines :~
Investors should exercise caution, ask good questions, demand clear answers & apply good common sense while investing in these instruments.
DISCLAIMER :~
This is an integrated information blog to help readers to know about it collectively😉
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