History of Bitcoin in india
As chaos gripped India, the Prime Minister announced 1 November 2016, to demonetize 500 and 1000 rupee notes. The 8 November was the last date to deposit old Rs. 500 and Rs. 1000 notes in banks. This move by the Indian Government came as a surprise to the people, who were hoodwinked that they can easily deposit their money. Some of them deposited their black money, but many decided not to take any risk and went back to their old habits.
The history of Bitcoin in India. Bitcoin is becoming increasingly popular among investors and businesses in India, attracting high-profile investors like hedge fund billionaire Mike Novogratz. Economic Times reported that the first Indian exchange to trade bitcoin was launched on September 17, 2017.
In the beginning of the year 2000, the digital currency Bitcoin was created. It was an open source, decentralized and digital currency which became popular quickly around the world. In India, where cash transactions account for 87% of all transactions and where demonetization has caused chaos in the country, Bitcoins can be a convenient alternative to using physical money.
How to Buy and Sell Bitcoin in India
The two main ways by which many Indians trade with cryptos is through exchanges and peer to peer methods. Both of these steps are guided by KYC norms, which require proof of identity like PAN card, Aadhar card or passport.
As of now, there are multiple ways to buy and sell Bitcoins in India. These include: 1) Exchanges (a site where you can buy cryptocurrencies with a bank account or wire transfer) 2) P2P methods (peer-to-peer exchanges using mobile apps).
The first step to buying and selling bitcoins in India is to open an account with a cryptocurrency exchange. These exchanges allow the user to buy or sell Bitcoin, Ether (ETH), or Litecoin (LTC). Another option is to do so through peer-to-peer platforms. This involves meeting directly with someone who has coins, creating an offline deal and paying via cash deposit or wire transfer. Buying cryptocurrency through cash deposit cannot be done at all exchanges in India as KYC/AML is required for this method only.
Where to Spend Bitcoin in India
Unocoin has been the most prominent in this sector. In 2017, it linked up with Book My Show, an online cinema ticketing platform. This venture allowed customers to top up their accounts for movie tickets with Bitcoin. Unocoin also launched a ‘merchant gateway’ which enables business entities to accept Bitcoins. Sellers like Sapna Book House, bus ticket booking portal eTravelSmart and Dharwad International School take payments from customers through the Unocoin gateway
The most popular use of Bitcoin around the world is buying goods and services. But there are other things you can do with your digital currency as well. At More In The World, you can buy gift cards for a wide range of merchants including Amazon, Netflix and more! Follow these steps to earn Bitcoin instantly:
Is Bitcoin Legal in India?
The finance minister, Arun Jaitley, has indicated that the government will do everything within its power to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.
