Bitcoin is a path breaking initiative in more than one way. The first digital currency ever introduced in the world is Bitcoin. It could be the future of e-commerce as it is proving to be a viable alternative to the conventional currencies – dollars, yen and Euros. It can be traded, exchanged and holds a value in the market. Without any intermediary like bank or paypal, Bitcoins can be transferred online at a faster rate, with no requirement of personal details that are otherwise required. It works through a decentralized, peer-to-peer network for convenient, prompt, secured and transparent operations.
Due to the absence of central issuing body, production and transfer of crypto-currency is handled by the process called mining which involves complex mathematical calculations on specific software programs to produce Bitcoins. For performing cryptological functions, advanced computer systems are required that can perform billions of calculations precisely. Additionally, software is an open source making Bitcoin network completely transparent.
Owning a bitcoin is easy. You have to first open (simply free-download) an account with one of the many exchanges. Most bitcoin exchanges ask for KYC documents like PAN card and bank account details. Once the account is opened, the new user is asked to deposit money into one of the several bank accounts of the exchange (using NEFT/RTGS). The money deposited (in the exchange’s bank) would be used to buy bitcoins on the bourse. We can help you to open an account with the exchange and be a partner in this fast moving technology of future.
How does Bitcoin work as an investment?
By its rapid capitalisation over a short period of time it has become a viable investment alternative and one of the best investments giving Return on Investment of more than 30% per annum and if we go by statistics, Price of 1 Bitcoin in Jan 2016 was @ Rs 28000/- and today after one year its price is @ Rs + 70000/-. Bitcoin mining is one of the options available. For example, if you put Rs 1,00,000 into bitcoin mining, which at present rate of bitcoins is about 1.4 bitcoins, at the rate of 10% return per month, you will get .14 bitcoins per month that is equal to Rs 9800/- per month at todays rate for next 18 months and this is guaranteed income. at the end of contract after 18 months your original Rs. 1 lac will be Rs 1,76,400/-.