4 Things You Can do if You Hold Bitcoins in India

Bitcoin – one of the most popular and progressive cryptocurrencies to date has only begun its journey in India. Its new peaks in price last year managed to fuel its recognition even more. Trading with cryptocurrencies in India has become the highlight in recent years, especially after the launch of multiple new platforms offering these digital assets. These exchanges have managed to make Bitcoin payments effortless while allowing users to check bitcoin price in INR

Bitcoin is also the most searched and traded investment in the cryptocurrency space. However, that’s not all! One can benefit much more from just holding bitcoins. Let’s deep dive into the top 4 things you can do if you just simply hold bitcoins in India.

Bitcoin Faucets 

A basic, simple yet effective benefit of getting Bitcoin is to earn them for free! Yes, you read that right, crypto faucets are platforms (usually apps or websites, which even provide bitcoin price in INR ) that toss out small amounts of Satoshi (a hundredth of a millionth BTC) in exchange for completing certain tasks. These tasks range from watching a video to solving puzzles.

If you are a newcomer into the world of trading crypto, this is certainly the best way to start! Also, you can learn how to buy and sell cryptocurrencies once you earn them via such faucet programs.  Currently, numerous platforms in India have such prize offers. However, there are tons of phishing scams that often occur with such offers, so make it your priority to trust verified and authentic websites only. 

Staking / Lending,

Another amazing option of using your stored Bitcoin is to stake them once you convert them into stake coins. Cryptocurrencies like Bitcoin and Ethereum are based on the blockchain ledger. Adding a block to the chain can be done by two methods that give users coins in return: 

  1. Proof of Work (PoW)
  2. Proof of Stake. (PoS)

Proof of Work: This process consists of users mining and solving complex mathematical questions with the help of powerful computers. Upon completion, the user is rewarded with a coin.

Proof of Stake: A proof of stake system is an efficient version of PoW. It primarily rewards users’ that have locked their assets in a wallet. The more crypto you have locked in, the more coins you receive. In a nutshell, instead of solving puzzles to add a new block, you lock assets into a wallet and earn. However, thee amount of rewards you earn depends on how much crypto you’ve locked up. 

By staking coins, crypto traders can earn coins by merely locking their assets in a trustworthy wallet. InVariousch sources provide staking schemes in India, but as mentioned earlier, it’s vital to verify every platform first. 

Trading

Cryptocurrency exchanges are steadily becoming common in India, especially after the Supreme Court of India lifted its ban. Ever since several platforms and websites have been launched that provide impressive trading services.

If you keep learning about the Bitcoin price in India, you can try and predict whether it’s going to fall or rise each day. Of course, this doesn’t work every time, but if you’re able to recognize a pattern or learn about new projects with potential, it becomes easier to trade on a fixed basis i.e. daily, weekly or monthly.

Trading in India is much easier than ever today. If a user simply searches; how to buy Bitcoin in India or bitcoin exchange in India, several websites and portals appear at your service. These sites authentically give users’ a platform to trade cryptocurrencies. Typically, most of these websites are Indian companies and thus, show Bitcoin price in INR. A good example of these trusted and well-known sites is WazirX

HODL

Lastly, the best way to profit from your bitcoins is to honestly hold on to dear life! Bitcoin is one of the most potent cryptocurrencies out there. While earlier, it may not have possessed much value, it’s managed to turn the tables and become successful. 

In the crypto community, it’s seen as a good practice to hold your cryptocurrencies as they progressively propel new advancements. 

Speaking of advances, digital currencies such as Bitcoin and Ethereum are combating our current traditional financial services globally. Therefore, blockchain’s (cryptocurrency is an application of this technology) significance and relevance are predicted to bring better automated monetary services. Hence, you should hold onto them tightly! Who knows how much value they’ll bring in the future. 

Conclusion 

On a final note, holding earnings in your wallet can be very beneficial if you know how to buy bitcoin in India. From solving simple puzzles to even using them in transactions, there’s a lot more you can try with your digital assets. Since cryptocurrency is still new for many people, holding Bitcoins can help them understand the crypto market and space better.

Further Reading:

How to sell bitcoin in India?

How to buy Bitcoin in India?

What is the difference between a token and a Bitcoin?

Are Tether and Bitcoin related? How Tether affects Bitcoin?

6 Things to Consider Before Investing in Bitcoin

What are the Differences Between Bitcoin and Ripple?

6 Bitcoin Myths That You Should Stop Believing

What is Bitcoin Mining?

Bitcoin Wallets: The Definitive Guide

What is Litecoin (LTC)? Hows is it Different from Bitcoin?

Why do Bitcoins Have Value?

What are the Differences Between Peer-to-Peer and Regular Bitcoin Exchanges?

Why are Bitcoins More Popular?

6 Tips to Keep Your Bitcoin Wallet Safe

5 Ways to Keep Bitcoin Transactions Private

What Will Happen when all Bitcoins are Mined?

Bitcoins in India: Challenges and Opportunities Ahead

Does Bitcoin have a volatile nature? Why?

Can Bitcoin Replace Credit Cards?

Is Bitcoin Digital Gold?

Why Start-ups Should Consider Using Bitcoins?

What is Bitcoin halving? Why is it important for cryptocurrency investors?

Can you buy shares in Bitcoin?

Are Tether and Bitcoin related? How Tether affects Bitcoin?

The post 4 Things You Can do if You Hold Bitcoins in India appeared first on WazirX Blog.

Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com