Tag: bitcoin

A simple Explanation of Cryptocurrencies

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Cryptocurrency is a better way. Cryptocurrencies are not controlled by an any organisation or individual.

We currently rely on banks to keep that ledger up to date. If the bank goes bust with our money on their ledger then we might well say goodbye to the money. Certainly the bank will charge you (or the receiving party) for digitally transferring your money. With a cryptocurrency everyone who uses the currency has a copy of the ledger. No one person or organisation is in control of the ledger. All the currency rules and regulations are clearly defined and the currency system itself is open source. This means that
everyone who is using the currency is controlling the currency, but there is nobody in charge. The cryptocurrency manages itself.

This sounds fantastically complicated – and it is, however just as you don’t need to understand how an iPhone works to gain great benefit from it, the same is true of cryptocurrencies, and they are getting more accessible with each forward step of the technology. Electroneum is one such step.

Why not use a bank?

Being able to transfer money to someone else without having to use a bank dramatically reduces the complexity and increases the speed of international transfers. This makes international trade easier and cheaper. With the amount of fraud that is reported online people are fearful of entering their financial information to make purchases, especially for small, low cost items. Cryptocurrencies can be anonymous, and protect the payor and payee. There are over a billion people in the world that do not have access to a bank, and yet they have access to the internet. There are over 2 billion people in the world without a bank account, and mobile devices and internet access is growing fast.

Why use a cryptocurrency?

  • Store value securely, privately and digitally.
  • Move that money around the world almost instantly with zero cost.
  • There are over 210 million people who use PayPal to make internet transactions 1 – even though they have a working bank card that they could use to make the payment directly. They chose PayPal for additional security and convenience. Cryptocurrencies offer a high level of security and anonymity without requiring a bank to be involved.

If you are planning to explore investment opportunities in cryptocurrency space, then you can check one of the exciting program here-> About BitPetite

If you want to go through my existing investment portfolio then check out this blog post->  About USI-Tech and BitPetite

If you are still exploring the bitcoin and from India and wondering how to buy and sell bitcoins, then check this link-> Beginner’s Guide to Bitcoin

You can like, share or subscribe to this blog for staying up to date. You can reach out to me at rahul.symbi@yahoo.com

 

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How to buy Bitcoins in India?

In continuation to my post, Earn Money I realised that it is important to understand that how bitcoins can be purchased and invested in platforms that accept bitcoins and provide you interest over a period of time.

  • UNOCOIN: UNOCOIN is one of the leading Bitcoin exchange. You can download its mobile application. They need KYC documents in order to verify your account. Once you verify your account, you can either transfer money from your bank account, or you can use Payu Money to transfer the money and purchase the bitcoins. Hence, the process is simple, first, you need to have money in your UNOCOIN account, once the money is there, you can then use the buy Bitcoin feature and purchase the bitcoins.
  • Zebpay: Zebpay is another leading Bitcoin exchange in India. Again the same thing, you need to submit your KYC document before you start transferring the money and purchase the bitcoins. This is a mobile only application. Once mapped to your bank account, you can transfer the money (which generally takes 24 hours to reflect in your zebpay account).
  • Jaxx: This is the mobile wallet I use for storing the bitcoins I withdraw from Control-Finance website. it is safe and secure to use. From this wallet, you can transfer your bitcoins to Unocoin or Zebpay and then convert in rupees and withdraw it to your bank account.

Hence, the process is pretty simple. In case of any confusion let me know, I will be glad to help you 🙂