What is Bitcoin?
Bitcoin is digital currency. You can
use bitcoin to transfer/ receive funds anywhere across the world in a few
minutes. You can also use Bitcoin as speculative investment just like other
speculative investments like shares and gold. It is a P2P (peer to peer)
currency, which means that it is de-centralised and no single authority can
control it, which makes it a currency that would not be prone to
hyperinflation.
Some of the main features of bitcoin
are:
1. Instant transfer of funds
2. Peer to peer, which means
that there would be no processing fees
3. Payments can be made
worldwide
4. Can be used to purchase
physical commodities as well
Bitcoin is a digital/ crypto
currency which is decentralised and is based on open source and is generated
through a process called mining. It is a peer to peer electronic cash system.
It was developed by an anonymous developer who has named himself ‘Satoshi
Nakamoto’.
Bitcoin processing is secured by
servers called Bitcoin miners, where servers communicate over a network on an
internet based application and confirm transactions and add them to a ledger.
The mining process involves running software that performs complex mathematical
equations for which you're rewarded a very small portion of a Bitcoin.
Statistics state that by 2140, the numbers of bitcoins in circulation would be
zero as bitcoin would have reached the maximum threshold of 21 million by then.
Each bitcoin is subdivided to 8 decimal places and the smaller units are called
satoshis.
Bitcoin can be stored on your
computer or phone wallets or on an online wallet. To have a wallet on your
system, all you need is some disk space. In cases of online wallets, they would
take care of disk space and keep your bitcoins safe.
Wallets can be defined as a free
bank where you have your money deposited and kept safe.
In cases of online wallets you may
be charged a small fee as they would be responsible for keeping your bitcoins
safe.
To create a wallet on your system,
please refer to the below link:
http://bitcoin.org
To create online wallets, please
refer the below link:
http://blockchain.info
What can I do with Bitcoin? What is the use of Bitcoin?
As you've noted, Bitcoin is a
digital currency used to pay for a variety of goods and services. In many ways,
it works the same as paper money with some key differences.
Although physical forms of Bitcoin exist, the currency's primary form is
data so you trade it online, peer to peer, using wallet software or
an online service. When you actually have some of the currency, you can
then use it to purchase anything that accepts it. In some cases, Bitcoin is
the only accepted form of payment and you'll have to acquire it in
order to complete a transaction. You can pretty much purchase anything
with bitcoin. There are people who sell their houses for bitcoin! Popular
online services like Namecheap, WordPress, Reddit and Flattr that accept
bitcoin.
Bitcoin possess the quality of your
current currency (INR, dollar, GBP etc.) and can be used to practically
purchase anything. Businesses are now accepting bitcoin as a mainstream
currency in their normal day to day trade.
Bitcoin can also be used as a
speculative investment just like gold, shares, stocks and currency exchanges as
the rates of bitcoin do fluctuate and profits can be made in exchanges.**
Note: ** Please note that while
using bitcoin as speculative investment, you will need to do so at your own
risk.
What is Bitcoin address ? How do I get one ?
What is Bitcoin
address ?
A Bitcoin
address, or simply address, is an identifier of 27-34
alphanumeric characters, beginning with the number 1 or 3, that represents a
possible destination for a Bitcoin payment.
In simple terms, if
you want to receive bitcoins from some one you must provide them your bitcoin
address where they will send you bitcoins. Like e-mail ( where you send
email message to person's email address) , you can send bitcoins to a
person by sending bitcoins to one of their addresses. A person can have many
different Bitcoin addresses.
Bitcoin address looks like below :
1KQJNJQyiUkYXXFSjJ53HbYqWX5Du7QUdm
How do I get one ?
Addresses can be
generated at no cost by any user of Bitcoin. One can install official
Bitcoin-Qt software, click
"New Address" and be assigned an address. You can download bitcoin
software from below location :
You should always
treat bitcoin as cash and must apply utmost care securing your computer and
bitcoins. The computer where you install bitcoin software must not be shared
computer, it must not be used for casual browsing, should not have any pirated
software installed.
It is also possible to
get a Bitcoin address using an account at an exchange or online wallet service.
Below are few online wallet providers :
Online wallet
providers must be used with small amount of balance only. Always protect your
account with Two factor authentication.
Disclaimer : We are not associated with above
services and use them at your own risk.
What is Bitcoin mining?
In lay man’s terms, mining is a
process of extracting minerals and ore from the ground. Bitcoin mining is so
called because it resembles the mining of other commodities: it requires
exertion and it slowly makes new currency available at a rate that resembles
the rate at which commodities like gold are mined from the ground.
On a more technical ground,
however, mining, or generating, is the process of adding transaction records to
Bitcoin's public ledger of past transactions. This ledger of past transactions
is called the block chain as it is a chain of blocks. The block
chain serves to confirm transactions to the rest of the network as
having taken place. Bitcoin nodes use the block chain to distinguish legitimate
Bitcoin transactions from attempts to re-spend coins that have already been
spent elsewhere.
Mining is intentionally designed to
be resource-intensive and difficult so that the number of blocks found each day
by miners remains steady. Individual blocks must contain a proof
of work to be considered valid. This proof of work is verified by other
Bitcoin nodes each time they receive a block.
Bitcoin's public ledger (the 'block
chain') was started in 2009 presumably by Satoshi Nakamoto. The first
block is known as the genesis block. The first transaction recorded in the
first block was a single transaction paying the reward of 50 new bitcoins to
its creator.
To know more about the mining
process, please refer to the below link:
http://academicearth.org/electives/internet-knows-bitcoin/
How can I earn money with Bitcoin?
You can run any business with
bitcoin. You can trade bitcoin and make profits through speculative
investments. You can also mine Bitcoin and use the same.
PS: Bitcoin would be similar
to shares and stocks in terms of its prices and volatile nature. Please invest
at your own risk!
How do I send payment ?
BuySellBitco.in allows you to buy bitcoins in India using
online banking options such as NEFT. We are accepting transfers from all
banks.
You can send funds via any Indian bank that supports NEFT. You can send funds from SBI Bank, HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, City Bank, HSBC Bank and all other banks which supports NEFT.
You can send funds via any Indian bank that supports NEFT. You can send funds from SBI Bank, HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, City Bank, HSBC Bank and all other banks which supports NEFT.
At
the moment we have our bank accounts in ICICI Bank and Axis Bank. So if you are
sending funds from these banks, ie you have account with these banks, fund
sending should be instant and we will receive funds immediately.
How do I send payment using NEFT ?
If you want to read more about NEFT,
you can read it on RBI website here :
Normally sending payments via NEFT
requires you to have online banking or net banking enabled in your bank
account. Once you have net banking enabled in your bank account you can add
payee/beneficiary in your bank account. If you are buying bitcoins from us you
should add our banking details as payee/beneficiary.
For security purpose all banks have
cooling period applied after addition of payee. It means that you can not
transfer funds to that payee account instantly and you will have to wait for
some time. This is normal security practice.
SBI bank has cooling period of 4
hours.
HDFC bank has cooling period of 12
hours.
Axis Bank has cooling period of 24
hours.
ICICI Bank support immediate fund
transfer to payee.
Once you have payee registration
enabled you can send funds that account via NEFT.
NEFT payment may take 2 to 6
hours to get cleared.
How do I send payment using Cheque?
You can also buy bitcoin using
cheque from any bank to our bank account. If you have bank account in ICICI,
Axis or SBI Bank fund transfer will be instant. For all other banks it may take
3-4 business days to get funds cleared.
Please use below process to buy
bitcoin using Cheque :
·
Book order with us
using https://buysellbitco.in/buy function. Make sure you select most
efficient bank for cheque clearance, means if you have bank account with ICICI
select ICICI, Axis select Axis, SBI select SBI. For all other banks select the
bank which is nearest to you from SBI, AXIS and ICICI.
·
Visit selected bank branch and
deposit cheque with our bank account details. Teller will give you deposit
slip, scan it and send it to support@buysellbitco.in
·
For Axis to Axis, ICICI to ICICI,
SBI to SBI funds gets cleared almost immediately and we will process your order
same day. For all other banks n 3 to 4 business days funds will get credited in
our account and we will process the order as soon as funds hit our bank
account. For such orders we will generate a new order with deposited
cheque amount with new rates on that day.
How do I Buy Bitcoin/s from You?
Buy Bitcoin/s:
Just follow the below
simple steps to buy bitcoin/s from us!!
2. The below page will be displayed:
3.
Input the details
as requested and book your order
The system would now
generate a unique order ID and send across deposit instructions to the e-mail
registered with us.
The e-mail below is a
snapshot of the deposit instruction for your reference.
Please note that you
will need to complete the payment within 4 hours. Once the funds are received,
we will send across the bitcoin/s to you on the address mentioned in your
order. (Usually takes about 1 business day and in cases of cheques can take up
to 3 business days, depending on when the cheque has cleared.)
When we have processed
your transaction, you will receive the following e-mail from us.
How do I Sell Bitcoin/s to you?
Sell Bitcoin/s:
You can follow the below steps if you have bitcoin/s that you want to sell us!!
You can follow the below steps if you have bitcoin/s that you want to sell us!!
2.
The below page would be
displayed.
3. Enter the details as
requested and book your order.
The system would give you a deposit
instruction with an order ID.
Sample of the e-mail id displayed
for your reference:
The e-mail would contain instructions and our bitcoin address where you need to send across the bitcoin/s to.
Please note that you will need to
send across the bitcoin/s you wish to sell in about 15 minutes. Once the
bitcoins are received, we will send across the funds the same business day via
NEFT.
You will receive the payment into
your account number and we will send you an e-mail confirmation of the same
with a unique order number that you can use for any further reference.
Sample of the confirmation e-mail is
below for your reference:
Verification Process
Our Verification Process:
We are in a legitimate business and
to ensure that we safeguard the interests of our customers, we do require some
details that need to be verified.
All first time users need to
complete the verification process, which would be valid for a period of one
year, (unless there is a change to the credentials used by the user) post which
a re-verification process would be initiated.
The verification process currently
verifies 2 aspects:
1.
Your e-mail address: Where all communication regarding
purchases and sales will be sent across.
2.
PAN Card: Your permanent account number photo ID, which will
be verified by the income tax department of India.
N Note: In case of any
additional verification required, we would send those requests to as deemed
necessary.
The below steps give you a detailed
step by step process to help you complete the verification process with us.
E-mail ID Verification:
2.
At the middle of the page, you will
see an option: ‘Get Verified’. Please click on the same
3.
You will see the below image
displayed:
4.
You will get the the below pop up:
Note: Check your e-mail if you have
received the verification code and please enter the code received in the space
given – ‘Verification Code’ (If you haven’t received the verification code
latest in 30 minutes, please ask for the verification code to e re-sent. Please
check your inbox, spam and junk folders, before you request for a different
verification code)
Your e-mail verification is now
complete.
PAN Card Verification:
Once you have completed the e-mail
ID verification, the PAN Card upload will be enabled. You will see the below
section.
You will now receive an e-mail from
us stating that we would get back to you in 1-3 business days with the
verification result.
The below snapshot is an example of
the e-mail you will receive from us:
Once your verification process is
complete from our end, we will write to you stating that your account has been
verified and you can now start using our services.
Below is the snapshot of a sample
e-mail that you would receive from us:
Note: The above e-mail would also
include details around the validity period (usually one year) and a set of
instructions to proceed with your transactions.
It would also include our bank
account details, so that you could add us as a payee to process payments.
Note: We may reject your
verification request and ask for further proof of documents if we face any
issues while processing your verification request.
Note: ** While uploading your PAN
card details, please follow the below instructions:
a. Your
name on the PAN card and the bank account should be the same.
b. PAN
card copy scanned should be clearly visible. It can be uploaded as jpeg, jpg,
png, or pdf file. Maximum size of the file should not exceed 5MB.
c. If
you are dealing on behalf of an organization, then the PAN card should be
registered in the name of the organization. Please note that we do not deal
with proprietorships and partnership firms. We only deal with registered
company that can be LLP or Pvt Ltd.
In case you are unable to upload the
scanned copy of your PAN card, please send it across toid@buysellbitco.in
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