Bitcoin and its Trading!!!

Hi Everyone,

Just want to know if anyone has tried the Bitcoin Technology till now and would like to know what is the hype behind it . Can this be traded as a financial instrument and is it legal in India ?

Thanks in advance

Leo
(Learner for Life)

Bitcoing is not a technology its a digital currency. You can trade it but the problem is getting Bitcoins in India is very difficult since most exchanges dont support Indian rupee.

Thanks Aryan for the reply. My question is if there is any regulatory hurdles in India against the Bitcoin Mining and trading, considering the RBI's stupid policies in the past against other financial products.

Thanks Again,

Leo

Treat bitcoin investments more as a commodity such as gold than a currency.

There is a reliable site for buying and selling coins. PM me if you want the URL but there is a minimum buy or sell amount of 5,000 INR.

Price of bitcoin is about 500 USD which is half of it's 1,000+ USD high. One of the Winklevoss twins claim a price target of 40,000 USD but I wouldn't put in money that I need for life expenses.

Yes, true it’s not a technology, Bitcoin is a virtual currency. As of now, India is on its way in adopting the crypto currency trends.

There are no regulatory hurdles as of now but you cant trust the govt, they might introduce new laws to prevent the growth of bitcoins. The good part about BTC is that govt cannot control the actual transfer of BTC from one user to another, what they can is that they pass a law which would ban exchanging BTC to INR and vice-versa.

Bitcoin mining is not profitable for average people now. You need specialized (expensive) machines to mine BTC now.