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Table of contents
- Buying Options
- What are the lessons that India can learn from the Bitcoin story?
- bitcoin investment: Here’s how you can start with Bitcoin investment in India
- Income tax on Bitcoin & its legality in India
But a word of caution: This space of lending is highly unregulated, so diligently choose the borrower to whom you want to lend your Bitcoin and strictly adhere to the platform policies to make sure you get your returns back.
Buying Options
Also see: How to earn interest on Bitcoin. Update: This is not as effective as of now. Do try above 5, which works the best to earn Bitcoin.
- inside bitcoin news.
- bitcoin-qt offline transaction.
- new wallet bitcoin.
- What Is Bitcoin, How to Invest: A Beginner’s Guide to Bitcoin in India | NDTV Gadgets .
Bitfortip is a mobile and desktop platform that pays you for being helpful by giving you Bitcoin tips. Earn Bitcoins for being helpful. On this platform, anyone can ask for anything, and the answer provider gets Bitcoin tips in exchange for their answer. For example, if I want to know where I can buy a pink, Persian cat in India, I can give a Bitcoin tip to whoever provides me with an answer. One thing which I really like about their platform is that they are available in 11 international languages. This provides a low-entry barrier for many people around the world.
That said, if you want to get involved in mining, then you can join a cloud mining service like Genesis mining or Hashflare, or buy an ASIC from Bitmain. How has your experience been? Did I miss any more super easy and effective ways to earn bitcoins? Do let me know your thoughts in the comments section below! Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Great article. Very well elaborated for any Bitcoin enthuiastic. Am looking forward for more knowledge on this topic.
So far what i have discovered is the easiest way to earn bitcoin is by mining it. But it takes much computational power which is only the drawback. Lets try your methods too. Will explore them. I am not clear about faucets that what they are and how they work. I have mined till now but earning it with 8th part of 1 is very tedious process. Bitfortip explained by you seems to be good. I will try it. Coins of bits are shattered to bits in India. I used to love Maths.
I met by co-founder Neeraj Khandelwal at Kota. One of our courses in IIT Bombay was cryptography. Cryptography is important part of cyber security and is used my experts in that field. I got a pre placement offer from Sony and went to Japan in I even learned Japanese before going there.
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During my time in Japan, I used to get emails about job offers in the crypto field. I returned to India in , with the intention of starting a business. I had a lot of friends and acquaintances from IIT who were launching startups such as the founders of Housing. My initial idea was to solve a problem affecting second hand sales platforms like OLX and Quikr where people were unable to trust the identity of the counterparty.
I was exploring perhaps using facebook logins in such a platform to introduce an additional level of trust. It was at this time that I began reading up on blockchain. I used to spend 6 hours a day reading blogs and watching Youtube videos. I also started investing in bitcoin around that time and even initial coin offerings ICOs. I also started trading, for example I would buy on one exchange and sell on another.
At the time, major exchanges were only offering bitcoin. I felt that India needs a user driven exchange. My flatmate was also doing a crypto start up. My co founder and I came up with a model where we used global liquidity on the back end. Global exchanges like Binance have a lot of liquidity.
As mining activity increases, and as more coins are discovered, the difficulty level of mining rises. Going back to our gold analogy, the more gold we mine, the harder we need to work to extract the remaining gold. In the early days of Bitcoins, the puzzles were easy enough for even personal computers. Until recently, Bangalore-based Bitcoin enthusiast Benson Samuel mined the currency using a botnet, or a network of computers that run applications. He is referring to graphics processing units, or computers designed to run graphics-heavy applications such as video games. He also used personal computers.
What are the lessons that India can learn from the Bitcoin story?
I know a lot of gamers, which helped," says Samuel. But the rising value of Bitcoins has prompted miners to use powerful computers. The puzzles have become more difficult, too, to control the number of coins that are generated. So low-powered computers now take longer to win a block, which means higher electricity costs. He has now disbanded most of his botnets, and is awaiting delivery of a computer designed to mine Bitcoins. The computer, made by Butterfly Labs, one of the few manufacturers of specialised hardware for Bitcoin mining, uses applicationspecific integrated circuits that hugely increase its processing power and energy efficiency.
Samuel says he has invested around Rs 1 lakh in the machine, and is unwilling to disclose its processing power.
The machines are selling like hot cakes. Based on current Bitcoin valuation and puzzle complexity, these machines can pay for themselves in a few weeks. Yes, there is a catch: once these machines start participating in mining activity, the complexity of the hash algorithms will go up. The Dark Side Digital cryptographic currencies are new, and there are not enough regulations governing them.
Mining, buying and selling Bitcoins is not illegal in India, but it is not recognised by law either, and their taxability is a question mark. Should that free people from tax liability on income and from laws that regulate financial transactions? Money-laundering is a threat, as is illegal trade.
Silk Road, an online trading website for illegal drugs, uses Bitcoins. Since Bitcoin transactions are irreversible, scammers and fraudsters find them useful. Monetary regulators are waking up to the reality of Bitcoins.
bitcoin investment: Here’s how you can start with Bitcoin investment in India
In March, the US Financial Crimes Enforcement Network said a money transmitter's licence would be required to sell or exchange Bitcoins, although they can still be freely used to pay for goods and services. Traditional financial institutions such as banks are yet to enter the Bitcoin arena. Bitcoin Foundation's Vessenes is optimistic that they will accept Bitcoins this year or the next. All this advocacy is great, and some of it will flower eventually.
Income tax on Bitcoin & its legality in India
If someone could control 51 per cent of the total computing power in the Bitcoin ecosystem, for instance, they could manipulate it to retrieve the money already spent. Thankfully, such a scenario is unlikely, and playing by the rules is rewarding. Another risk is that Bitcoin apps which serve as the backbone of the system could malfunction.