Do you heard about the Bitcoins recently or peer to peer lending through Bitcoin and looking to find out what is bitcoin and how people are making money by selling bitcoins online? In last few years Bitcoin trading in India has been increased despite the legality of the bitcoin trading is not clear in India. Although this is one of most popular currency which can be exchanged across many countries in world. But making money from Bitcoins has become very popular and one can easily exchange or trade bitcoins online to earn good money. Here you can find out a statement of RBI taken from Wiki website.
On 28 December 2013, the Deputy Governor of the Reserve Bank of India, K. C. Chakrabarty, made a statement that the Reserve Bank of India had no plans to regulate bitcoin.
- 1 What is Bitcoin? How Does Bitcoin Works?
- 2 What are the ways to earn Bitcoin free online
- 3 How to purchase Bitcoin online in India
- 4 Step by Step Guide to Make money From Bitcoin Trading India
- 5 Do you think you can make money by selling Bitcoins Online?
What is Bitcoin? How Does Bitcoin Works?
Bitcoin is like a digital currency which is accepted across the world, but not specified or controlled by any country. Its a digital currency, means there is no physical presence or no coin to display Bitcoin. One can buy & sell bitcoin online complete digital mode only and store bitcoin in wallet.
Bitcoin is a digital currency and payment network which uses open-source and peer-to-peer technology to operate with no central authority or banks. Management of the transactions and the issuing of bitcoin is carried out collectively by the network. The design is public and open-source, meaning everyone can take part. Due to its many unique properties, Bitcoin allows exciting uses that could not be achieved by any previous payment system.
How Bitcoin Network Works Globally
The bitcoin transaction is happening through wallet accounts which is like a bank account only. But these are not a bank account. First of all one have to open a wallet account from various Bitcoin operators and then start receiving or sending bitcoins. Your email id will be registered and linked with your Bitcoin wallet. You can easily send bitcoin to your friend or anyone in the world and buy them or sell them online and get paid for the same.
What are the ways to earn Bitcoin free online
Want to know how to earn bitcoins in India for free? Well, this is also possible. I found an website where you can register with your bitcoin address @ www.bitcoinget.com and the perform various activities like games, jobs, surveys online. You can easily earn bitcoins for free of cost and trade them. Although I have not authenticated the genuineness of their services.
Besides that I have also found that there are various ways one can earn free bitcoin online through many ways. Here is a list of 8 ways I found people are able to earn free bitcoin online.
- Earn Bitcoins by accepting them as a means of payment
- Earn free Bitcoins by completing tasks on websites
- Earn Bitcoins from interest payments
- Earn Bitcoins from mining
- Earn Bitcoins by getting tipped
- Earn Bitcoins through trading
- Earn Bitcoins as a regular income
- Earn Bitcoins from gambling – not suitable for everyone
How to purchase Bitcoin online in India
There are various bitcoin currency exchange networks operate globally. In India you can also buy & sell bitcoins by registering with few of such networks. You can operate as per your preferred currency like INR, USD, EUR etc. You can easily transfer your money from bitcoin to Indian bank account or withdraw bitcoin to bank account in cash easily.
List of bitcoin exchanges in India 2017
You can easily find out the answers of popular questions like How do I transfer bitcoins to my bank account? How do I turn my Bitcoins into cash? How do you sell Bitcoins for cash? Exchange Bitcoins to Paypal etc.
Step by Step Guide to Make money From Bitcoin Trading India
Do you know what is current bitcoin price in India today? Well, when I checked today its 1 Bitcoin = 67124.62 Indian Rupee. So you should understand that how much costly this currency is. But the price is also fluctuating where people actually makes money, similar to stock market investments.
- First of all you can easily visit to any of the bitcoin exchange networks and register with them.
- Your email id will be your identity and they will also generate a BTC or Bitcoin address. After successful verification of your account, you can start trading on bitcoin online.
- Like stock trading, you can go for daily trading by observing the volatility of bitcoin prices. You have to analyse and understand how this market works in real time and what are the factors effecting the ups & down of the prices of bitcoin.
- Buy bitcoin on lower value and sell them on higher value and make huge profit. It is as simple as this.
Do you think you can make money by selling Bitcoins Online?
So, did you ever tried making money online through bitcoin trading? Personally I have not tried this yet as the cost of a single bitcoin is too high. But if you have cash and want to make some quick bucks online then you can surely try this way of money making online.
The best part about the open-source currency is that it is accepted widely worldwide without any country barrier or currency barrier. But in India trading bitcoin is not yet legal. Do you think t he usage of bitcoin trading will grow high in India in coming days? Do you think Peer-to-peer bitcoin lending is the best way to do P2P trading? Share your thoughts or any experience here by writing a simple comment below.