Bitcoin Cryptocurrency To Become Officially Legal In India Soon

Bitcoin Cryptocurrency To Become Officially Legal In India Soon

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalizing virtual currencies in India.

1.Trading Bitcoins
Bitcoins are easily available for trade , you can buy or sell any amount of bitcoins from India. There are several Exchanges / Exchange cum Wallets which allow such transactions after proper verification of identity.
There are several International exchanges which can be trusted and you can trade with them.
In the above websites you can easily buy bitcoins using Credit Cards or Debit Cards and sell them whenever you want it. You can withdraw the amount to your registered Credit Card or Indian Bank Account.
Recently two Indian companies jumped into Bitcoins business,they came up with Wallet-Exchange concept and they accept Indian Rupee.
I would personally recommend the international exchanges for transaction because they offer highest levels security.
"Bitcoin actually has the balance and incentives right, and that is why it is starting to take off" - Julian Assange, Founder of Wikileaks
2. Mining Bitcoins
Isn't it amazing if tell you that you can print your own money ? Yes, you can create your own bitcoins and as much as you want and this can be done using you hardware or cloud services .
  • Hardware Based Mining
In the initials days of Bitcoin mining , it was easily mined using the CPU . As the miners increased , to use more hash rates people started using GPU and now ASIC. I am not going into the details on how this works in the background , you can refer to this Bitcoin mining if you want to know the science behind it.
CPU/GPU Mining
You can use the hashrate of your own computer to mine bitcoins. But due to huge number of miners , difficulty of blockchain and high hash rates of ASIC its nearly impossible to mine Bitcoin for profitability. How can you compete with your 100H/s against 1TH/s ? If you have free electricity then you can get some sort of profit. Where as you can mine Altcoins or Alternative Cryptocurrencies such as Monero , Bytecoins , DASH , Ethereum etc. You can wait for them to turn into Gold or you can convert them to Bitcoin using Cryptonator.
All you need to do is Register,Download Minergate GUI Miner for Windows/Linux and start mining. They also offer “Smart Miner” which automatically mines altcoins based on current exchange rates.
ASIC Mining
If you have a high budget you can get yourself BITMAIN‘s Antminers which will cost 1000$ + which is around 80,000 INR. You can calculate the profitability usingCryptocurrency Mining vs. Bitcoin Mining Profitability.
  • Cloud Based Mining Services
This concept is going rounds for last few years, there are certain mining companies who are offering cloud services. All you need to do is sign up at their websites and buy hashrates. They take onetime fee + daily maintenance fee and offer lifetime contracts / one/two year contracts. You can mine Bitcoins , Monero , Ethereum , Dash etc and you can calculate your profitability using Cryptocurrency Mining vs. Bitcoin Mining Profitability . But in this cloud mining sector , maximum companies are running scam like TeraBox - Cheapest Bitcoin Mining , so you have to choose very carefully . You can trust the below websites completely.
Any Monero / Ethereum contract will give you 80% + Return on Investment and this is one of the reasons why huge number people are joining the mining business.
“I do think Bitcoin is the first that has the potential to do something like change the world." - Peter Thiel, Cofounder of Paypal
3. Storing Bitcoins
Now the most important thing is storing the bitcoins. There are really security concerns about storing the bitcoins. Major exchanges have been hacked , bitcoins worth millions were stolen. Tokyo based Mt Gox was hacked and 350 million$ was stolen , 78 million $ was stolen from Hong Kong based Bitfinex and there are thousands of stories of personal bitcoin thefts due insecure handling of private key. There are hundreds of hackers who are working day and night to break into systems , hack the servers or hack your account. All they need is your private key, either by hacking your account or by hacking the server.
  • So , the first and foremost rule never keep all your bitcoins in your one pocket , DISTRIBUTE THEM among different wallets.
  • Avoid keeping bitcoins in exchanges as they are more prone to cyber attack , put them in wallets.
  • If your amount is small and you are interested in Trading keep it in Hot Wallets (Online Wallets) like Coinbase , Blockchain , Xapo etc.
  • For the hot wallets, Always use the highest form of security available by the wallets , like SMS based authentication or Google 2 Factor Authentication or Finger Print Authentication.
  • You can also keep your bitcoins on Windows / Android based software such as Copay , Mycelium Wallet etc.
  • If you have more bitcoins and want to keep it ultrasafe then go for Hardware wallets like KeepKey , TREZOR . or the cheapest Ledger Wallet which is available at only 58$. Ledger Wallet is definitely the best choice.
You can also earn Bitcoins in small amounts (Satoshis) from faucet websites likeMoon Bitcoin,Freebitco.in etc.
"Bitcoin will do to banks what email did to the postal industry" - Rick Falkvinge,Founder of the Swedish Pirate Party
Investment Suggestion:- Invest 70% of your investment budget in buying Bitcoins and invest 30% on mining Ethereum/Monero/DASH.If you have Rs.1 lakh , buy bitcoins worth Rs.70,000 and distribute them in different wallets.Watch it grow.Sell it whenever you feel you have earned the desired profit.Dedicate Rs.30,000 towards mining as it will break even within 6 months and give you a good profit within an year.
Legal:- About Legality of Bitcoin in India , its neutral. A particular thing becomes illegal only when the thing is prohibited under a particular law. Currently there is no law which states that investing / mining / earning Bitcoins is criminal offence. All the developed nations are pushing towards legalizing Bitcoins , so will India.
Disclaimer :- Nobody can predict the future with 100% confidence. All predictions are based on past performance and future assumptions. It just takes a second to change.Anything can change at any point of time. All investments are subject to market risk. So, understand Cryptocurrencies , if you believe in its potential , then invest. Its your call. Best of Luck.

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