The term “Bitcoin” has been all over the news of late for many forward-looking reasons. Bitcoin
has been instrumental in redefining the entire cryptocurrency space over the past couple of years. Packed with benefits such as decentralization and anonymity, Bitcoin is a sought-after global investment asset.
What is Bitcoin?
Bitcoin is a type of cryptocurrency
based on a network distributed among a network of computers. It is a type of virtual currency that is not issued or regulated by any government, making its performance completely independent of external factors. You can use Bitcoin as a medium of transaction as they completely electronic in existence.
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But why is Bitcoin, of all the other cryptocurrencies, the talk of the town?
Bitcoin offers users the benefit of instant payments, low transaction costs compared to other instruments, increased security, and protection of loss of purchasing power from inflation. Moreover, from an investment perspective
, the value of one Bitcoin has increased four-fold from October 2020. This strong rally has made Bitcoin an alluring prospect for the masses.
Bitcoin Price in India-
As of January 2021, one Bitcoin price in India is well over $35,000 (Rs. 25,62,171.50).
Is Bitcoin legal in India?
Cryptocurrencies are not legal tender in any jurisdiction. Cryptocurrencies are not controlled or regulated by any government, unlike their conventional counterparts issued by a monetary authority. The demand and supply of the market decides the price of the Bitcoin.
How to buy Bitcoin in India?
You can purchase Bitcoin as a mode of digital transactions or as an investment vehicle through various Bitcoin apps such as Unocoin, CoinSecure, North Loop
, CoinDCX, etc. Certain factors you need to consider while going ahead with a platform are-
1. Ease of use
2. Multiple modes to deposit money
3. Options to invest in different cryptocurrencies
5. Fees and Charges.
What is the minimum amount needed to get started?
Although one Bitcoin costs upwards of Rs. 25 Lakhs, you can purchase a portion of a Bitcoin from as little as Rs. 500. However, the minimum amount can vary depending on the platform, so ensure you compare platforms before finalizing your decision.
With North Loop, you can start investing by depositing just $1. North Loop has no limit on the maximum deposits.
Eligibility and Documentation required to purchase Bitcoin in India-
Through platforms like North Loop, users can start investing in cryptocurrencies such as Bitcoin within a span of just a few minutes. All applicable Indian residents and NRIs in the US & UAE can invest in cryptocurrencies with North Loop.
In the case of Indian Residents, you have to complete a KYC procedure before proceeding with the same. Once you submit the below-mentioned documents, your KYC will be approved within 30 minutes if it satisfies the eligibility criteria. The list of documents required for this KYC procedure are-
1. Your basic information, such as Name, Email ID, and Phone Number
2. An address proof (Aadhar, Driving License, Passport, Voter ID)
3. Your PAN Card
4. A selfie
How to Invest in Cryptocurrency offered by North Loop?
1. Download the North Loop app.
2. Sign up
3. Once your account is active, enter the required details.
4. After successful completion, add funds to your INR crypto wallet.
5. Start investing
What payment methods can I use to deposit and withdraw money in INR?
You can use debit/credit cards, UPI, net banking, IMPS, RTGS and NEFT. For cards, UPI, and net banking, deposits are processed instantly. For IMPS, RTGS and NEFT, it will take one business day. Withdrawals take one business day to process.
Which set of currencies can I invest in through North Loop?
You can invest in the below-mentioned set of currencies-
7. USD Coin
8. Binance USD
9. Paxos Standard
Is Bitcoin taxable?
In India, the government considers Bitcoin as an investment asset. Hence, the returns are taxable as per applicable rates. The Government of India levies taxes at 30% for Short term investments and 20% for long-term investments.