How to buy bitcoin in india? | Is bitcoin banned in India?

Solved Question :-How to buy bitcoin in india? Is it legal to buy bitcoin in india? Is bitcoin safe? Is bitcoin banned in India? A lot of you have been asking me these questions, so here on why I invest into bitcoin and ethereum and how I invest in it in India.

If you invested 1000 rupees, 1 year ago in Nifty or Sensex you would right now be having roughly around 2000 rupees.

Similarly, if you would have been invested 1000 rupees into bitcoin about 1 year ago you would now be sitting at about 12000 rupees isn't that crazy.

I will be talking about how I invest into bitcoin and why do I invest in Bitcoin.

I will also be trying to clear your misconceptions about bitcoin in general what if it gets banned and all that so I will try to clear those now.

So two things to understand here 

1. Bitcoin is quite volatile so you must do your own research  don't do it because I am doing it.

2. I am not a financial advisor.

Now let's talk about why do I believe in bitcoin and why am I investing in it.

To understand one thing I don't think there is 100% transparency in the banking system that we have right now ok there have been so many instances in which we have found inconsistencies there have been some huge scams you know you have the Nirav Modi scam, you have Vijay Mallya scam and there are tons and tons of these you will hear every once in a while.

They happen because the banking system that we have right now is prone to human greed ok so officials can be bribed and then some shady stuff can happen without you even knowing it and now.

The second reason why I invest in bitcoin is because of the fact that the money that you have stored in your bank account or the money that you have in your pocket is not backed by anything really.

So, what happens then is that governments can print an unlimited amounts of money that they want I want you to look at this interview of Jerome Powell and he was asked can the federal reserve print unlimited amounts of money this is what he had to say simply flooded.

So now let’s talk about bitcoin ok.

So bitcoin is limited in quantity there is only 21 million bitcoin in total out of which about 18.6 million bitcoins are mined so far and basically, the thing that is limited has value right.

Why does gold have value because it is limited? every single year we can predict that ok about 1% more gold will be mined or 2% gold will be mined something similar we can do with bitcoin and so there is no central authority that just can print x 

amount of bitcoin out of failure right.

So that’s what you need to understand about bitcoin it is limited in quantity and it is decentralized and basically, if you want to make changes to bitcoin there has to be a general consensus ok so more than 50% population agrees on changing something in bitcoin only then it will be changed ok.

It’s actually the currency that is for the people by the people ok that’s the interesting part about bitcoin that’s why I have interested in it now understand one thing I have researched a lot about bitcoin and that is why I had invested in it you should also research before you do anything like that it is a highly volatile asset because it’s quite early right now and lot people are skeptical about it now.

Let’s talk about the bitcoin ban in India is the ban going to happen I think we don’t know right so basically what happens is that this was the bill that was passed in the parliament and we still don’t know what the end result is going to be there are discussions going on but the news articles have done a really bad job of saying that bitcoin is banned take your money out of the cryptocurrency and all that is not the truth yes, there is a bill but is not been finalized yet ok.

So that’s what you should understand don’t get fooled by these news articles and all that don’t sell just because you heard some rumors now one more question people has that bitcoin is so expensive how can I buy it you can invest for as little as 300 rupees if you don’t have to invest 40 lakh rupees in just one go now understand this one thing even though.

I have researched about it I only invest about 2-5% of what I normally invest so that’s what I do I am a believer in it that is why I invest but I don't go all in saying that ok I will invest 100% into this no that's not what I do now bitcoin is highly volatile so if you don't like so let's say you put in a 1000 rupees today and tomorrow it goes down to 500 rupees and if you go crazy just by reading that you should not invest in bitcoin.

It is highly volatile anything can happen yes we do have a lot of companies that are buying into bitcoin like tesla and other ones but it is still quite volatile so that's one thing to keep in mind do not you know keep checking the market price of bitcoin and be afraid of what is going to happen next in all if you believe in it you should hold it for as long as you can.

Now one thing to understand is why do people say that bitcoin is going to go $500k currently the price is at about I think 60 thousand us dollars and that is about 45 lakh 44 lakh rupees.

People believe that is going to go to 500 thousand dollars now to understand this thing about this like this so you have gold right so gold has a total cap at about 10 trillion dollars or at about 12 trillion dollars now bitcoin on other hand has about the market cap of I think 1.2 trillion dollars the last time I checked and we believe that bitcoin is superior to gold ok.

Bitcoin is digital gold and it is superior to gold so we can say that in the future it can touch 12 trillion dollar market cap, ok you don't know when that happens you don't know if that happens but we have an estimation that it might happen so now what happens is that for bitcoin to become 10x more valuable it has to go from 60,000₹ or 60,000$ per bitcoin all the way up till 600 thousand USD per bitcoin or 500 thousand USD per bitcoin ok.

You can just divide 10 trillion dollars or 12 trillion dollars by 21 million and you will get this number so that's what people believe it can be going down to zero as well you don't really know about it now I will be linking a lot of documentaries a lot of articles a lot of tweets that you can refer to if you want to learn more about bitcoin and ethereum particularly.

Now let's talk about how do I invest in bitcoin so this is really interesting I personally use wazir this is not a sponsored blog this is what I have used I just logged into wazir and I think it works I don't know if other platform works or not but I know that this works really well for me.

DownloadWazirX:- https://wazirx.com/invite/8rsfmvde

So this is what wazir looks like as you can see on your screen if you want to make your own account on wazir or the wazir exchange you can check this link.

If you want to get started with that but yeah basically what you can do is that here you can see the prices of every single cryptocurrency.

One thing to keep in mind is that I invest

in these things to invest for the long term, not for the short term I don't want to do trading or something like that I invest and I just forget about it and also I do a sip into cryptocurrency so basically every single month I just put in about 10,000 rupees into all of them and I have like a 50-50 shared that ok I will invest 50% into bitcoin and 50% into ethereum.

So that's what I do right here now one thing to understand is that I also use something called blockfi.

Blockfi I think is a great platform in which you can open your account and once you have opened your account you can actually put your bitcoin or ethereum or whatever cryptocurrency you have and I will give you an interest rate just like the one you get in your savings account in your bank.

DownloadWazirX:- https://wazirx.com/invite/8rsfmvde

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