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How to buy Cryptocurrency in India: Bitcoin, Ethereum and other cryptocurrencies have been a trending topic in India. Recently, the Standing Committee on Finance has heard views of industry experts and associations on issues concerning ‘cryptofinance’ and there was an understanding that it must be regulated, sources said, according to a report by ANI. Meanwhile, as per a report by PTI, the Centre is also likely to introduce a bill on cryptocurrencies during the winter session of Parliament beginning November 19. PM Narendra Modi has in fact warned about cryptocurrencies spoiling the youth. Amid all these developments people who are still interested in investing or buying cryptocurrencies are continuing to learn about the same.
For the uninitiated, cryptocurrency is a digital currency secured by cryptography and can be used as a form of payment. It can be bought and sold. Bitcoin is one of the most popular forms of cryptocurrencies and can be used as an investment option or as a method of payment. You can know that units of a cryptocurrency are made through a process called crypto mining. It involves the computation of complex mathematical algorithms to create a virtual coin, as per a report by businessinsider.in. Also, each cryptocurrency has its unique model of mining, distribution, and economic principles.
If you also want to buy bitcoin or any other cryptocurrency then you can check the following steps to do so. However, before buying a cryptocurrency it is advised to know about its pros and cons and other details including the risk factors. Investment in cryptocurrency can also involve a loss of money as the value of the cryptocurrencies keeps on changing based on the supply and demand factor.
1. Storage: As per the information provided by wikihow.com, creating a storage for crypto is the first step of purchasing it. You can either create an online wallet or can store cryptocurrency like Bitcoins via a third party.
2. Select an exchange service: Obtaining cryptocurrency through an exchange can be the easiest way of obtaining it. You need to remember that while signing up for an exchange service you need to provide personal information to the service in order to create an account.
3. Buy Crypto via your exchange account: Once your exchange account is set up via an exchange service, you will have to link it to an existing bank account.
The process is simple, but you must remember that the Reserve Bank of India (RBI) has reiterated many times the danger it poses as well as the misleading promises made on profit generation potential of cryptocurrencies like Bitcoin, Ethereum and others.
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