If you invested 1000 rupees in Nifty or Sensex a year ago, you now have around 2000 rupees. Similarly, if you had invested 1000 rupees in Bitcoin a year ago, you would now have approximately 12000 rupees. Bitcoin has increasingly become a valuable digital currency on the planet; it is now more valuable than gold. Virtual currencies have attracted the attention of millions of Indian citizens. This Bitcoin trader has had several investors rush to liquidate their crypto holdings overnight, causing the price of Bitcoin to drop.
Yet the Question Arises, Why Is the Value and Demand for Bitcoin Growing?
First, depreciation of currencies, particularly the US dollar, and a bleak global economy are two factors driving demand for Bitcoin.
In India’s banking sector, there is a lack of transparency. There have been several inconsistencies and scams that have harmed the country’s cash flow. The demand for Bitcoin is growing year after year for two reasons: early adopters are experimenting with and using the currency. In India, for example, freelancers accept Bitcoin payments. The second reason is that this currency or technology is 100 times more revolutionary than any previous currency or payment network.
So, What’s the Price of One Bitcoin? Can One Buy a Part of One Bitcoin?
Yes, you certainly can. Consider it as purchasing a pastry rather than the entire cake. As of late March 2017, the buying rate for one Bitcoin was around Rs 87,000, and the selling rate was around Rs 85,000. Every second, the price changes and is influenced highly by recent trends. Bitcoin, for instance, can be bought digitally for Rs 100 or Rs 1,000.
Bitcoin, like other currencies, has been divided into several denominations to make it easier to use in minor transactions. Satoshi is the smallest unit of the Bitcoin (BTC), named after its mystery creator Satoshi Nakamoto. One Satoshi is worth one hundred millionths of a bitcoin, or 0.00000001 part of a bitcoin. In other words, one BTC has 100,000,000 Satoshis.
Satoshi (also known as sats) is approximately Rs 0.033245 or $0.0004 at the current bitcoin pricing. Satoshi has made it easy for small investors to invest in cryptocurrencies, especially for Crypto newbies who are hesitant to restrict their exposure due to the high pricing or find it hard to invest even in a single bitcoin.
Another reason the bitcoin network needs the unit is the block reward for mining new blocks in the blockchain has halved every four years. The Satoshi rewards for miners can then be easily counted.
The recent Bitcoin rise has shaken the digital trading market. Thanks to its high returns, retail investors are participating highly in greater numbers than ever before. Many new crypto startups are doping up, like CoinSwitch Kuber, WazirX, Unocoin, Zebpay, and Kucoin, and venture capitalists are looking to fund them to form Bitcoin investing easier than ever.
ZebPay India, often known as the “Bitcoin Ki Dukaan,” has been offering cryptocurrency investment services since 2015. Zebpay has over 4 million users on their app, where users shop, sell, store, and spend Bitcoin as of May 2021. Monthly, around 100,000 new members are recruited, and also the company wants to succeed in a revenue of Rs 1,000 crore by the top of the fiscal year.
The CoinSwitch app features a hassle-free signup process, and you may create an account simply by entering your phone number. To start trading cryptocurrency, you must first complete your KYC. Venture capital firms like SEQUOIA, Ribbit Capital, and Paradigm, some of the most well-known cryptocurrency firms, have all backed the app.
On the other hand, WazirX is India’s most popular bitcoin trading app, and it accepts practically all deposit methods.
The Unocoin India app has a simple user interface and supports a variety of crypto assets. In the profile tab of the Unocoin app, there is an auto-sell feature that allows users to plan the selling of any digital asset. Create an account and then complete your KYC to begin investing through the app.
The current Bitcoin price in India is INR 30,88,199 as of March 2022. Depending on the app’s investing policies, it may vary slightly. Bitcoin, for example, is worth $30,91,585 on CoinSwitchKuber, compared to $30,72,329 on WazirX and $30,70,000 on Unocoin. On the other hand, ZebPay Bitcoin is valued at $30,79,138.
If you’re going to use an online trading platform, make sure it’s simple for you to use. Check the staff behind the platform’s credentials. Most importantly, move away from applications/platforms that don’t have a KYC in place since they might not be very secure—at the same time, selecting a secure and transparent platform is critical to ensure the protection of your investment. Therefore, you must also conduct research before investing in crypto.