Thursday, November 2, 2017

Beginner GUIDE: How to Earn Money with Bitcoin Trading in India?




What is a Bitcoin?

What is a Bitcoin Wallet and Bitcoin Address?

How does Bitcoin Work? What is Bitcoin Mining?

Mining Bitcoins is making the computers solve Complex Mathematical Problems
Bitcoin Mining Reward Amount Falls by Half Every 4 Years

Why the Bitcoin Value Fluctuates?


What to do with Bitcoins?

There are basically two things you can do with buying bitcoins. The first thing I already discussed earlier. That is, to buy and sell bitcoins depending on their value.
Either Sell off your BTC or Trade for Altcoins (Other Cryptocurrencies)

Important Things to Know about Bitcoins before Investing:

How to Buy and Sell Bitcoins in India?

In India, you can buy Bitcoins in two ways:
  1. Either from any bitcoin vendor
  2. Or, from Bitcoin Buy / Sell Trusted Websites
Bitcoin Venders are available throughout social networks. Just search Buy Sell Bitcoins on Facebook and you shall see a lot of Facebook Groups involved in buying and selling Bitcoins.
But there is a big risk in buying from them, they can cheat you. They may take your money, and never give you bitcoins. You can’t seek legal assistance as Bitcoins don’t fall under the jurisdiction of any law.
So, the second option is more preferable. You should buy bitcoins from a trusted place and sell there only.

1. Zebpay:

The most popular Indian hub to buy and sell Bitcoins is Zebpay. From there, you can purchase or sell bitcoins at Indian rates. You will also get Free Bitcoins worth Rs100 if you join Using my Referral Code: .
Note: To ensure safe buy and sell, Zebpay will verify your identity and address. You need to provide any valid Govt Id and Address Proof Scanned Copy. You cannot buy any bitcoins before you get approval. This process takes a few hours only. Don’t worry. We all did it. And it is for the good of us only, so that nobody can cheat the system ðŸ™‚
I am writing down the concept of Zebpay below:
On zebpay, there is a Zebpay Wallet in INR. You can add money to Zebpay Wallet from Bank using IMPS / NEFT / RTGS or Net Banking, anytime. You can withdraw all your Zebpay Wallet money anytime to your Bank too.
The minimum amount to add to the wallet is Rs5000. Well, it is not much high considering the extreme value of Bitcoins. You must invest a big amount to hoping for better returns.
After you add money to Zebpay, you can use that money to purchase Bitcoins from within the app itself. It is easy and one step process.
Similarly, you can sell off your bitcoins whenever you like. The equivalent amount will be added to your Zebpay wallet. This you can use to buy Bitcoins again or withdraw to your bank account anytime.
It is that simple.
Note that Zebpay will create a Bitcoin Address for you where your bitcoins will be stored.
Zebpay allows you to Send Bitcoins to anyone or receive bitcoins from anyone.
Note that this is not a hardware wallet like I said above, this is a online wallet which is stored on their servers, so if you need to store Bitcoins for a longer period, its recommended that you always transfer your Bitcoins to a hardware wallet which you create like Copay or Blockchain.
And when it’s time, you can again transfer it to your Zebpay Bitcoin Address and sell it off.

2. Unocoin:

Unocoin is another option for Indians to buy and sell Bitcoins using Indian currency. Like Zebpay, this also has shows buying and selling rates of Bitcoins. It also has its own Wallet where you can add up balance and buy Bitcoins using that balance. However, here, the minimum balance is Rs1000 (In Zebpay it was Rs5000).
So, Unocoin Platform is preferrable for people who want to play with Bitcoins but with lesser rates. While lesser rates give you less income, it also has lesser risks to involve with.
However, note the differences between Unocoin and Zebpay.
The first thing is about Support. Zebpay has a better and quick support. You can reach out to them and get help quickly. This is one of the main reason why Zebpay has better ratings on Play Store than Unocoins. For the same reason, your KYC Verification at Unocoin will take longer time period. Mine took more than 48 hours (50 hours exactly).
The second thing is about the Lower Buying Limits, which may be helpful for people who wants to invest lesser.
The third thing is about Unocoin’s Bitcoin Rate Updating System. It updates every second, but it doesn’t auto update.
Let me elaborate. So, Unocoin’s Bitcoin Buy / Sell rate is updated every second but its not reflected inside the app automatically. You need to manually visit the Bitcoin Rate Page (which is the first tab right after opening the app) and revisit the page again and again to update the price.
So, suppose you saw the rate is good to buy Bitcoins and proceed with buying it, you may find it has increased by the time the payment is complete.
The fourth thing is that Unocoin is available both as Android / iOS App and Website, while Zebpay is only available on Android and iOS platform. It has no Website view.
So, now you know both advantages and disadvantages of Unocoin Vs Zebpay.
You can download Unocoin App from Play Store. To get Free Bitcoins worth Rs200, Use my Referral Code: U242718 during signing up, and use any of the Coupon Codes: FBA200 / TTA200 / UNO200. (If you are on PC or Mobile Browser, you can apply coupon codes from here too)

How to Trade Bitcoins In India?

Bitcoin trading is the process to exchange one cryptocurrency to buy another cryptocurrency.
We usually trade off bitcoins with altcoins (other currencies) because we can buy more of them with bitcoins, since the value of bitcoins is higher, and then we can get better profit when the value of the corresponding cryptocurrency rises higher.
ETH and XRP are the most profitable ones after BTC
The most profitable cryptocurrency after Bitcoin is Ethereum (ETH).
Though its value is lesser than bitcoin, its daily growth rate currently (25th May 2017) is more than Bitcoin growth. So, it is a good option to consider after Bitcoins.
Also, its risk factor is lesser than Bitcoins. Bitcoin has reached the highest amounts recently. It is unpredictable what will happen in future (though common sense says it will increase). So for them who wants to play with lesser risk factor can trade Bitcoins for Ethereum.
The third most important cryptocurrency currently in talks is Ripple Coin (XRP).
Now comes the question why not buy other cryptocurrencies directly, like we buy bitcoins?
The reason is there are not many options to buy other currencies. Yes, there are websites like EthexIndia to buy Ethereum and BitxIndia to buy Ripple Coins, you can try them out if you wish. But I personally prefer buying Bitcoins first, for a different reason. It is actually about strategy.
As Bitcoin value is more, the more bitcoins you have, the more Eth or Xrp you can buy. So you can buy BTC at first and keep your money in Btc for some days, see the growth of Btc, and only trade once the value of Btc starts falling down.
In that case, you can buy more Eth or Xrp as your Btc would have increased by that time. Isn’t it good? ðŸ™‚

Where to Trade Off Bitcoins?

There are many sites where you can exchange your Bitcoins for your preferred Currency.
The Popular Ones are:

Altcoin Wallets for Trading:

To trade Bitcoins against Altcoins (other cryptocurrencies), you first need a Wallet for that corresponding Altcoin. A Bitcoin Wallet cannot hold Ethereum and vice versa.
Never Send Bitcoins to Ether Wallet and vice versa. Applicable to all wallets.
It is absolutely essential not to mix up wallets. Keep them separate from each other. A bitcoin wallet runs in a completely different way than ethereum wallet. So, if you try to send altcoins to a bitcoin wallet, it will fail. But by chance if it DOES NOT FAIL, you will LOSE THAT AMOUNT. Like I said earlier, these transactions are not reversible. So always be cautious.
Below I am listing both Ethereum (ETH) and Ripple Coin (XRP) Wallets. During trading, put these wallet addresses.
Note that each of them are secure wallets. So take utmost care to keep their address and qr codes in a safe place. Take print out to be safest.

Ethereum Wallets:

Ripple Coin Wallets:

Well, like I said there are more than 700 Cryptocurrencies. I can’t discuss them all here. Also, the listed ones aren’t the only options. There are others too. I just tried to assist the best I could. Do the internet research yourself. ðŸ™‚

Check Bitcoin Rates, Price History Graph, Charts:

To do a better business, it is extremely important that you keep a track of your cryptocurrency growth rates. The more you study them, the easier it will become for you to decide whether to stay or sell or trade it off.
Below I am listing some websites which provide detailed information on Cryptocurrency rates.

Bitcoin Reddit Threads:

Reddit is the first place where Bitcoin updates catch attention. If you are active there you may probably get to know a lot about the new cryptocurrencies and on what to invest on. Even if you are not active, just keep checking them at regular intervals, that’s sufficient. Below I am listing 3 links which you can follow:

Learn More about Bitcoins:

Did you think you already know everything about Bitcoins just by reading a blog post? Nope. There are much to learn. Below I am leaving links to important resources related to Bitcoins which will help you know more about bitcoins.

Further News:

If you are really interested in jumping into the world of bitcoins trading, then it’s very important to stay updated about the market. So far I had only talked about facts. But you need more than that to be able to understand about bitcoins.
You need to keep yourself updated with the latest news about bitcoins. Never miss news articles on bitcoins as they get published.
A good habit is to go to Google News website and set a notification for news related to Bitcoins. This will help ðŸ™‚

Bitcoin Transaction & Fees: Everything You Need to Know:

Update on 23rd July 2017: I have finally published a separate article on Cryptocurrencies focussing on Bitcoin Transaction and the Fees Associated with it. Actually, after writing this article I got a lot of queries on Bitcoin Transaction and Fees. I tried to explain the entire concept and answer the most common queries there. Check out the Article to know about Bitcoin Transaction and Fees. You will know more about Bitcoins.
In future, I have plans to write more articles on Cryptocurrencies.

Join CryptoHub Facebook Group:

To help you discuss Bitcoin and other Cryptocurrencies, Ups and Downs, Market Rates and Important Notifications, we have created a helpful community on Facebook called CryptoHub. We welcome you to Join there and Get any types of Help regarding Cryptocurrencies.
Last Words:
Once you have invested in bitcoins, there is no looking back. You can’t expect your price to become double in an hour. But give it time and patience, it will skyrocket.
Try to understand the market by studying the ups and downs carefully. If you see your cryptocurrency value falling down, trade it off quickly to other forms. That way you will save yourself and may even afford to buy the same cryptocurrency later with a lesser rate due to the price downfall.
For example, say Bitcoins value start falling, you can trade your bitcoins for Ethereum. Now keep it there and watch the Bitcoins Growth rate. Once it falls down to a good amount, it will again start rising up (due to the fact that people will start buying once the rates come down). That moment is a golden moment. Again trade off your Ethereum for Bitcoins and you can buy more Bitcoins at the same rate. That’s how you can make the profit.
Try not to sell bitcoins. Rather Trade them off. You will continue making profits
One last advice is that if you have already invested, try not to sell it off. Exploit it well. Trade it for other cryptocurrencies. Play with it. If you sell it off you won’t get to buy bitcoins at the old rates. Keep it in mind while dealing with bitcoins.
Also, don’t forget to use my Referral Code: REFNIRM1966 while joining Zebpay. It will give you free bitcoins worth Rs100.
Thanks for reading this post with utmost patience. I hope I was able to clear all your doubts regarding Bitcoins, Cryptocurrencies, and all your related queries.
If you have further questions, you are most welcome to comment below. I will be happy to help you out.
Keep your mind cool and start earning, right from today. ðŸ™‚
And I will request you to please share this post with all of your friends who are eager to know about bitcoins. They need to know fully about it before jumping into it. This post may be helpful for them. Use the social share buttons below.
That’s all for today. I will be back soon with another exciting update. Till then, keep counting Bitcoins ðŸ˜‰

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