A new cryptocurrency named DubaiCoin had been in the market limelight after Dogecoin and Shiba Inu Coins. The digital coin saw a surge of more than 1,000 % in the time span of 24 hours. Let’s look at the further information about this new digital coin.
The new digital coin named DubaiCoin had seen a surge of over 1,000 % in a time span of 24 hours. This was because numerous media had reported the digital coin to be the official digital coin of Dubai. The value had shot up after a press release claiming it to be the official cryptocurrency of the country.
The digital coin was made by the cryptocurrency startup Arabianchain technology and had claimed that it was the official cryptocurrency of the West Asian city. This led to the major rally in the increase of the price of the coin.
Dubai Government’s response to DubaiCoin
The Dubai Government had responded conveying that it was not an official digital coin or cryptocurrency of the country and warned the investors claiming it to be a phishing scam. The government had denied it to be the official cryptocurrency and also added that the cryptocurrency was not approved by any official authority.
The government also warned that the website that was promoting the campaign was a phishing site which is designed to steal the information of the users accessing the website. The surge of the coin had brought it to the notice of the Dubai Electronic Security Centre after which it issued the statement.
The cryptocurrency which was trading at USD 0.17 had seen a surge to USD 1.13 as of 27 May 2021.
The Arabianchain Technology that founded the DubaiCoin claims that it provides the first public, decentralized and blockchain driven on an agreement in the MENA region. The company has denied making any claims such as the digital coin being the official cryptocurrency of Dubai and also added that the website was fake.
The company has conveyed that they haven’t made any claims and mentioned the website URL and said that it was fake and a scam. They also added that the press release was published on the Dub-pay site.
How to Invest in DubaiCoin from India
Since there was a surge of 1000 % in the value of DubaiCoin it is obvious that everyone would want to invest into it. However it should be noted that the cryptocurrency hasn’t officially been made the digital coin of Dubai and the Dubai government has also rejected the claim.
However, the digital coin is not available on any cryptocurrency exchange platforms but DubaiCoin is available for exchange at HitBTC and Cryptopia. If you are interested in the digital coin then you will be able to get it by exchanging your Bitcoin or Binance coin at exchanges where there is availability of DubaiCoin.
The press release mentioned that DubaiCoin will soon be used for the purchase of goods and services both online and offline and the cryptocurrency is expected to replace the traditional fiat currency of the country.
FAQ
Can you invest in DubaiCoin in India?
As of now DubaiCoin is unavailable on any major exchange but traders can exchange bitcoin or Binance coin with DubaiCoin at exchanges where DubaiCoin is available.
Is Bitcoin allowed in Dubai?
Yes trading in bitcoin is allowed in Dubai.
Is Dubai coin fake?
According to Dubai Media Office, DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.
Iran which is also widely known as Persia is a country in the Western Asia. It is the second largest country in the Middle East. The country has updated its rules on the officially mined cryptocurrencies in the country. Let’s look at what the country is planning to do with the mined cryptocurrencies in the country.
The Iran authorities have announced a new policy where they officially mined cryptocurrencies of the country for the payment of imports. They had updated its rules on the officially mined cryptocurrencies of the country in order to widely use it for the payments of imports.
According to a report from Financial Tribune, the Central Bank of Iran has announced that the licensed banks and the financial payment companies can use the cryptocurrencies that are mined by the licensed miners to use it for the payment of imports.
Iran had been hit hard by the sanctions internationally to see the use of cryptocurrency to operate outside the financial controls that follow a traditional way. In the year 2020, the Central Bank of Iran had amended its regulations on the cryptocurrencies so that the miners could mine bitcoins and other digital coins under the control of the government officially.
The miners who could mine under the government will get access to subsidized energy and they will have to provide their mined cryptocurrency to the government for the import payments. Now, the government has taken the further step to extend the legal use of cryptocurrency to the additional groups within the country.
The Central Bank of Iran has not given any further details about the new framework that was announced, they have conveyed that lenders and moneychangers have been notified about it regarding the crypto payment.
In the year 2019, Iran had legalized cryptocurrency in the country by implementing a lot of strict rules and regulations in order to control it. Accepting the cryptocurrency mining in a way to sanction the resistant fund, some thought that Iran was moving towards becoming a bitcoin nation.
The miners in the country were doubtful about the idea that Iran would directly deal or create a large group to deal with bitcoins, But the latest update indicated that it would like individual businesses to leverage the digital coins within the country.
Bitcoin Miners in Iran
A bitcoin miner who is based in Tehran has conveyed that she doesn’t believe that the Central Bank of Iran would touch bitcoin in any way and added that the system would provide just rates and the other details and the digital coin will have to transfer the coins from the sender to receiver directly.
They also noted that the regulations the central bank has laid on cryptocurrencies on how to use them will only motivate or promote the miners to conduct the cryptocurrency mining illegally.
FAQ
Is Iran using Bitcoin?
Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies
Is there a Bitcoin ATM in Iran?
No, there is no Bitcoin ATM in Iran.
Is crypto currency legal in Iran?
In 2018, Iran legalized cryptocurrency mining in order to monitor and regulate the mining farms.
Conclusion
It is considered that no miner in the country is interested to provide their bitcoins to the government as there is a really high charge for the use of electricity and gas in the country and the law would just result in reducing the cryptocurrency mining in Iran.
Robert T Kiyosaki is the author of the well-known personal finance book Rich Dad Poor Dad. The book was published in 1977 and has become the New York bestseller having a sale of around 40 million copies worldwide. He had previously praised the properties of bitcoin. Let’s look at what Robert T Kiyosaki has to say about cryptocurrency.
Estimation of Robert Kiyosaki about Cryptocurrency
Robert Kiyosaki has estimated that the cryptocurrency would climb to over USD 1 million in the period of next 5 years. He conveyed that he had bought bitcoin when it was USD 9,000 and thought that he had been cheated but he said that the reason he had bought crypto at such a price was due to the shut down of the economy because of Covid.
He added that now he looks like a genius as the digital coin had even crossed the mark of USD 50,000 and he estimates it to cross a million mark. He conveyed that bitcoin is still untested and even if the value crashes he said that he has other sources which would allow him to sustain and hence he could bear the risk.
Viewpoint of Robert Kiyosaki on Cryptocurrency
Kiyosaki has conveyed that he feels that for the older generation it is very important to understand the cryptocurrency market as the real estate and the gold guys are being phased out and the world is moving towards crypto.
Robert T Kiyosaki pointing towards Warren Buffet said that there is this battle against the old guys and the younger generation against the cryptocurrency where people like Warren Buffet are Anti-Crypto. He added that the cryptocurrencies are now challenging the dominancy of the US Dollar and other fiat currencies.
Price of Bitcoin
What Robert Kiyosaki said about Bitcoin?
When Robert T Kiyosaki was asked in an interview if it is too late to buy a bitcoin, he answered that there is always an entry point and that he had bought the coins when it was at USD 9000. He said that he thought that he had been cheated in the beginning but later the coin has increased to around USD 50,000.
He added that he wished that he had bought the coins at 10 cents like most of the people. He pointed out that cryptocurrencies and Gold stand out due to the devaluation of the US Dollars, money printing by the government and the external stimulus.
Future of Bitcoin According to Robert Kiyosaki
Robert Kiyosaki was further asked about whether would interfere in one form or the other or if they would lay in some restrictions on the digital coin such as even making it illegal which is believed by some of the well-known investors and hedge fund managers.
He replied saying that he feels that the government would try but he feels that the problem is too big and said that the pension amounts have been depleted and the baby boomers have no money in hand.
He added that they had shut the economy and are planning to print another USD 19 trillion and added that it has never worked and said that bad money would drive out the good money. He said that so people like him would never spend the bitcoin and would never keep his hand on it.
Robert T Kiyosaki said that he would buy bitcoin again today or the day after as he is bullish on it. He added that he is not bullish over bitcoin but he is bearish about the Biden government and has claimed that they are a group of communist people. He added that they would just print money and that they are Central Bankers.
FAQ
What is the Net worth of Robert Kiyosaki?
As of 2021, Robert Kiyosaki’s net worth is roughly $100 million.
Who is Robert Kiyosaki?
Who is Robert Kiyosaki is a Writer, Author, Businessperson, Investor, Entrepreneur, Motivational speaker.
What does Kiyosaki say about Bitcoin?
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted that the price of bitcoin will increase to $1.2 million within five years.
Conclusion
However, Kiyosaki has mentioned that he still prefers Gold and Silver. He added that he favors gold and silver as it is considered to be God’s money and added that God put it there.
The cryptocurrency Polygon which is also known as Matic has gained more than 30 % on 12 May 2021 in a 24-hour cycle. The Matic crypto had gained from a low of USD 0.85 to a high of USD 1.2. The cryptocurrency has seen a major growth in the year 2021. Let’s look at what exactly is this Polygon crypto and Is polygon crypto a good investment or not?
Polygon is a framework or more of a protocol for building and connecting the blockchain networks which are compatible with Ethereum connections. It is an open-source technology that will help the developers with certain tools that will help them to ready the network and deploy them or a secure sidechain that will help to leverage the security of the Ethereum network through smart contracts.
Matic Network is a cryptocurrency that is used to power the transactions and to pay the fees on the Matic network. Matic had recently merged with Polygon where the Matic Network got rebranded as Polygon.
The Polygon crypto was launched during the year October 2017 under the name Matic Network. It was formed by a team that had contributed to a number of projects that were associated with the Ethereum ecosystem.
In February 2021 the Polygon (Matic) had rebranded from the name Matic Network. During the time of rebranding, the token had seen a surge in its price from USD 0.0175 to USD 0.446 as of 12 March 2021. The crypto saw an increase of around 2,548 %.
Reason for the Rise in price and Further use of Polygon
The rise in the price of Polygon or Matic Network is due to the rise in the price of Ethereum. Matic Network or Polygon is a highly scalable network that will help the users who are looking to transfer the cryptocurrencies at a very low transaction fee.
The crypto and their network have a lot of advantages which include scalability, user experience and security. You can check the website of Polygon as they are working with a lot of companies and also undertaken a lot of interesting projects.
Polygon Projects
Matic Network is mainly used by the people in order to transfer their crypto funds through the Ethereum network at a very high speed and little expense. Since the Ethereum network is usually at its peak transferring crypto directly through the Ethereum takes a lot of time and is really expensive.
This is the major reason why people use Polygon instead of Ethereum which will help them transfer their crypto assets to the Ethereum chain without worrying about the expensive fee or the long duration. As the price of Ethereum increases the network of Ethereum becomes more congested and hence people shift to Polygon.
These are the major factors for the rise in the price of Polygon and the experts believe that Polygon has a huge potential to grow in the near future.
Investing in Polygon again depends on your risk appetite. Like any other cryptocurrency, you should be investing the money you are ready to lose so that your emotions don’t play a role.
However, the experts believe that as the decentralized finance industry, cryptocurrency is gaining traction in the recent years, it is believed that tokens such as Polygon will have an increased demand in the future. This is because a lot of users would opt for a faster and much cheaper option to transfer the cryptocurrency funds.
FAQ
What is Polygon Coin?
Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a multichain scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum.
What is Matic network?
Matic Network is a blockchain scalability platform which provides secure, scalable and instant transactions.
Where can I buy a crypto polygon?
Polygon Crypto is available on major exchanges including Binance and Coinbase.
Conclusion
Polygon is more like an alternative for the Ethereum network and the investors have started preferring it because of its advantages and scalability options. The Polygon token would be a crypto to be watched out for in the coming years.
One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.
The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.
Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.
Earlier Restrictions by China on Cryptocurrency
The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.
In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.
Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.
The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.
Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.
Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.
The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).
The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.
Impact of the Regulation by China on the Businesses of Cryptocurrency
The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.
Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.
After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.
The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.
FAQ
What did China say about Cryptocurrency?
The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.
Why is Cryptocurrency banned in China?
China banned Cryptocurrency to curb money laundering.
Is it legal to buy Bitcoin in China?
No, It is not legal to buy Bitcoin in China.
Conclusion
Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.
Elon Musk is an American entrepreneur and a Business Magnate. He is the founder, Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage investor of Tesla, founder of the Boring company and also the co-founder of Nueralink and OpenAI.
He is one of the richest men in the world. Elon Musk has been posting a series of tweets on the major cryptocurrencies such as Bitcoin and Dogecoin from the past few months. Let’s look at why Elon Musk is not launching his own cryptocurrency.
Elon Musk is regarded as the father of Dogecoin. He was the major reason for this volatile meme currency to increase its market capitalization and for a lot of users to invest their money into it. He has also promoted bitcoin and Dogecoin through a several number of tweets on his twitter platform.
He has also had a lot of optimistic views about the cryptocurrencies especially bitcoins and dogecoins. He had posted a tweet where he conveyed that there are a lot of chances that cryptocurrencies will be the future currency on the planet.
Elon Musk’s View on Cryptocurrencies
While a lot of financial managers and investors have always been pessimistic about these digital coins and always regarded them as a bubble, Elon Musk on the other hand always stayed optimistic. Even Tesla has bought bitcoins worth billions of dollars.
The company had also started accepting bitcoin as a payment method for purchasing their products. But recently they had stopped accepting this cryptocurrency.
Reason Why Elon Musk is not launching his own Cryptocurrency
The main reason which was quoted by the company for the stoppage of accepting bitcoins as a payment gateway was due to the environmental harm caused by the digital coin. This was a major controversy against the billionaire as he was the one who promoted it and later claimed that bitcoins were causing a lot of pollution.
Elon Musk had posted a tweet which conveyed that the company will no longer accept bitcoins as a payment method as mining bitcoins require a lot of electricity and the major source of electricity is from coal and this leads to a lot of pollution and due to the reasons regarding sustainability.
He had also conveyed that the company Tesla will not sell any of their bitcoins and the company would start accepting cryptocurrency as a payment method as soon as the bitcoin miners would move to a sustainable source of energy.
Environmental Sustainability can be one of the major reasons for Elon Musk to not launch his own cryptocurrency. But Elon Musk had conveyed that they were looking for other cryptocurrencies that use less than 1% of bitcoins energy for transactions.
A twitter user had recently asked Elon Musk, why he was not creating his own cryptocurrency from the scratch which would do everything he requires technically and have a lot of dev support and wouldn’t have a high concentration of ownership initially.
Elon Musk had replied to the tweet saying that, if only Dogecoins won’t be able to do it, he said he would look in for creating another one.
Only if Doge can’t do it. Big pain in the neck to create another one.
Elon Musk Clarified that Tesla has not sold its Bitcoin, but Tesla has stopped taking Bitcoin as a mode of payment for its cars.
Does Elon Musk invest in Cryptocurrency?
Elon Musk has actively supported dogecoin, a cryptocurrency that started as a joke which portrays a shiba inu dog.
Conclusion
Elon Musk had recently promoted Dogecoin while hosting a live show on the TV. Dogecoin is the fourth largest cryptocurrency in the market and has increased more than 659 % during the year. However, Elon Musk considers that the digital coin has a long way to go.
Elon Musk has been in the limelight since he had gained the title of the world’s richest man. He has been called as the crypto king after his tweet went viral and the shares of the meme-based currency Dogecoin had soared in its value.
Elon Musk is the CEO of Tesla and SpaceX but recently there was a company named Elonspace being registered in the United Kingdom. Let’s look at the further details of the company.
There has been a recent filing on the Companies House which is the official business registrar of the United Kingdom. The newly registered company was a sole proprietorship which was registered under the sole director named Elon Musk PhD and the name of the company was Elonspace Ltd.
When they looked at the entry made in the Companies House, the birth month and nationality of the director is the same as that of Elon Musk, Tesla and SpaceX CEO.
Even though the company and the name of the director sound similar to the real Elon Musk who is the CEO of Tesla and SpaceX both are different individuals. Elon Musk had not completed his PhD and had dropped out of it after two days of his enrollment.
When looked at the other details such as the UK based location and the country of residence it is different from the original Elon Musk. Hence the company does not seem to be a fake one as the details provided are different.
The contact address provided by the Elonspace Ltd is located in West London which is a tower building that is used for student accommodation. The registered work entered by the company indicated that it involves in IT, data processing and computer facility management.
The student accommodation tower used as a correspondence address for Elonspace Ltd. in West London
The real identity of Elonspace Ltd remains unknown as of now. But an interesting fact to be noted is that a new crypto with the same name as the registered company had been promoted on the social media posts.
It was founded that the cryptocurrency which got promoted on the social media post was during the same week the company had registered with the register. However, the representative of the crypto company had conveyed that they wouldn’t be able to provide any classified information about the company and the owner as it is and would be a violation of their NDA.
About Companies House
Companies House is the United Kingdom’s registrar of companies. They also act as an executive agency and the trading fund of Her Majesty’s Government. They are located in Crown Way, Cardiff. It is an executive agency that is sponsored by the Department of Business, Energy and Industrial Strategy.
All the forms of companies that are permitted by the United Kingdom Companies Act are registered under the Companies House.
FAQ
Does Elon musk owns Elonspace Ltd?
No, Elon musk does not owns Elonspace Ltd.
Who owns Elonspace Ltd?
The sole director named under Elonspace Ltd is Elon Musk PhD.
Where is Elonspace Ltd located?
Elonspace Ltd is located in West London which is a tower building that is used for student accommodation.
Conclusion
There has been no much information available about the newly registered company the crypto token which is spread on the social media. We will have to wait for more information to be provided about the company.
Dogecoin was created in 2013 by Jackson Palmer (Adobe Employer) $ Billy Palmer (Software Engineer). What began as a joke, is now making investors rich. It’s thrilling to see that there are people out there willing to buy Dogecoin for a higher price. That’s what keeps on driving more and more traffic.
This joke cryptocurrency has risen above 26,000% in the past 6 months. Of course, it has competitors but they are nowhere close to Dogecoin.
Elon Musk, with his charming little tweets and launched this cryptocurrency to new heights just like he did with SpaceX. Young people idolize him for being rich and cool. His tweets spiff up the currency which leads to rising value.
Everybody wants a slice of this cake. You must want it too. Therefore, we bring you answers to the most asked question i.e., How to buy Dogecoin in India?
Coinbase, which the top cryptocurrency trading place, does not allow Dogecoin. At this point, you should understand what exactly is cryptocurrency.
What is cryptocurrency?
Cryptocurrency is a digital asset that is designed to be used over the internet. It is decentralized which means the government has no control over it.
Here is the step-by-step procedure to buy Dogecoin in India:
Install trustworthy and reputed crypto trading platforms such as WazirX, CoinDCS, Bitbns, Zebpay, or Coinswtich.
Set up your account through registration and verification of KYC. (Remember to enable 2-factor authentications to make it super secure.)
Add your bank and UPI details.
After you deposit money into the exchange, you can use the same to buy Dogecoin or any other cryptocurrency for that matter.
You can buy Dogecoin through a Credit card, Debit card, or other e wallets like Mobiwik, Bhim transfer.
Satoshi Nakamoto, the cryptocurrency’s pseudonymous investor owns most bitcoin.
Did Warren Buffet invest in Bitcoin?
Warren Buffet told CNBC that “I don’t have any Bitcoin. I don’t own any cryptocurrency, I never will,”.
Why is Dogecoin a joke?
Dogecoin started in 2013 as a joke to the “doge” meme that was all over the internet at the time. But It is now the fifth-largest cryptocurrency in the world.
Conclusion
Now you can start trading Dogecoins too. A quick tip: Keep an eye on Elon Musk’s tweets to track the path of your investments. Also, remember to be safe while doing such transactions and beware of frauds.
When it comes to Bitcoin, folks become a little conscious of extreme volatility. Bitcoin is an incredible way of investing. The smoothest way to understand Bitcoin is to buy them and try them out. Bitcoin has brought a commotion in the market, with great returns in hand. Due to this, retail investors are moving towards Bitcoin as a new asset for investing.
Previously, Bitcoins were considered a tedious investment and waste of time. But, today, this has completely shifted towards positive aspects. Bitcoin is given leverage and many rising startups are moving towards funding in this cryptocurrency and making Bitcoin investment convenient and easy.
Well, before shifting your attention towards purchasing and investing in Bitcoin, there are few things that you need to know as a bitcoin investor. These are if you are using the KYC (Know your customer) platform, method of payment, and internet connection; cryptocurrency exchanges accounts and personal designation documents.
It’s suggested to use a personal wallet of your own aside from the exchange of accounts. Bitcoin can also be specialised as ATMs (requiring government-issued IDs) and via P2P exchanges.
Through this article, we present you the complete instructions and guidance on how to purchase Bitcoin. Cryptocurrency investment is quite interesting and safe. You can start by investing $1 only and see the return results. Let’s get started!
Expansion of Bitcoin
A single Bitcoin is worth $54,721 Us dollars as per the last April record. Bitcoin is developing more each day and is taken under consideration by several startups and businesses. It’s quite popular for its value that counts in US dollars.
Bitcoins saw a major crash in their values on September 9, 2021, as a result of the sharp sell-off of the cryptocurrencies on September 7, Tuesday. El Salvador officially accepted bitcoins as legal tenders and this event, according to the experts, is directly related to the fall of around 17% of the values of bitcoin. The surge in volume and market activity resulted in a flood of trade orders. This caused service outages at several crypto-exchange platforms like Coinbase. Though the traders are now busy scanning the key technical levels in bitcoin to further assess the direction of the trend, the recent plunge can lead to more disappointments if the key support levels are not held.
Today, more businesses are shifting towards accepting Bitcoin as their legitimate payment across the globe. Some of these are Dell, pizza delivery, Microsoft and some airlines. In some countries such as Australia, Bitcoin has equal worth as its conventional currency.
Therefore, Bitcoin can be used by anyone to make payments around these countries. Bitcoin is developing into a future investment. People are moving towards investing and purchasing more and more.
Now as we know what value does it have, we can move towards the purchasing methods and instructions. Now lets look at How to buy Bitcoin in India.
Before stepping into the purchasing of Bitcoin, you need to get a Bitcoin wallet that would help you in storing and holding your credit cards and cash. Some wallet options are:
Online- web-based assistance
Software wallet (stored in computer’s hard drive)
Vault service (protecting Bitcoin in offline mode) or multi-sig wallet for account protection through several keys.
For regular users, offline services act best for long-term safe-keeping. However, when it comes to complete anonymity and long procedure setups, it doesn’t work right.
For investors, all these services would work right as there isn’t any regular spending from the wallet. A Bitcoin wallet is very essential for the protection of your investing money.
Now, a question arises, how to choose the right wallet? Well, to answer this you need to know some absolutely secured wallet for everyone. These include, Coinbase, the most secure and widely preferred Bitcoin wallet which comes absolutely free of cost and very handy. It offers several services such as exchange, selling, purchasing and trading Bitcoin. This makes it more demanding and convenient.
The next, Cold storage, provides you with the facility to store your Bitcoin easily in an offline mood. When people do not trust wallets, they prefer cold storage.
The third is Electrum, a very prominent free storage facility within the Bitcoin community. It’s considered the best storage options, especially for investors as it is software-based.
Similar to the bank account opening, Bitcoin investment also requires certain data to keep up your account sign in. Cryptocurrency also requires your identity and documents to verify you as a Bitcoin user from your country.
Just as in other apps, signing up requires your email address, OTP and other things, Bitcoin also asks your email address for verification. After this, there would be a green button that you need to click to get started with your account.
However, Coinbase requires your identity similar to a bank. Sometimes this could take a long time for the verification process. Therefore, signing up for your account is the best possible way to purchase.
You need to buy some cryptocurrency to move forward with it. You’ll have to add a payment method to your Bitcoin account. This is similar to other apps that require your payment method and source such as Uber. Then, you have to enter your credit card or debit card, based on your preferences.
Sometimes the bank such as Scotiabank blocks your transaction through Bitcoin. They intend to block people from spending their money earned by Bitcoin, even when it is legal. However, when your bank cancels your transaction through Bitcoin for purchasing something, you will understand why the usage of Bitcoin is important for everyone.
Step 4: Purchase the Crypto
After the establishment of your account, open it through the app. There you will be introduced to a bunch of different cryptocurrencies. These are specially offered by Coinbase whenever you exchange. Besides, you can sign up for different currencies as well.
Before purchasing cryptocurrency in India you need to keep this in mind, that whatever you shall invest can be lost also. Sometimes your investment becomes half overnight and you wonder where did it go?
Well, this often happens here. Some might be lucky to safely keep their money however, others lose it. So, as being a fresher in a volatile market, you need to understand how it works. And at the beginning, investing more than 1-2 dollars is not your preference.
You can buy Bitcoin in India from several online exchanges like BuyUCoin, Coinshare, Unocoin etc.
Through this time, you have become a legitimate cryptocurrency holder and became a part of some brilliant minds across the world, who are willing to transform and evolve the financial system and also, change some old traditional social systems. Welcome to the world of Bitcoin.
FAQ
Who is the richest Bitcoin owner?
Satoshi Nakamoto, the founder of Bitcoin, rumored to own around 1 million Bitcoins.
Is Bitcoin a good investment?
Bitcoin is an extremely risky investment that may or may not pay off.
Is it Legal to buy and sell Bitcoin in India?
It is Legal to buy and sell Bitcoin in India.
Conclusion
Bitcoin is the future of the financial sector. Some society norms need to change, regardless of what they have brought. The world is evolving into every field and sector then why not the financial? Bitcoin offers a safe place for investing your money.
However, it does have some drawbacks but that is pretty usual in normal cryptocurrency. Take a step and invest in Bitcoin, you will understand why it is so important and good. Get started with your Bitcoin.
Recently Tesla had announced that it would accept the cryptocurrency bitcoin as a payment method for the purchase of their electric vehicles. But now the company has announced that it has suspended the use of bitcoins for the sale of its electric vehicles. Let’s look at the reason why Tesla stopped accepting bitcoins as a payment for their electric vehicles.
On 12 May 2021, Tesla had announced that it would stop accepting bitcoins for the purchase of its electric vehicles. This update was conveyed by the CEO of Tesla, Elon Musk just after a month when the company had announced that it would start accepting bitcoin as a payment method.
Elon Musk had shared a statement on Twitter that conveyed the message saying that the move from the company is suspending bitcoin as a payment method is due to environmental reasons. He added that as a result, the company will no longer accept bitcoins as a payment method for their cars.
The statement shared by Elon Musk reads the message which says Cryptocurrency is a good idea based on many levels and we believe that it has a great potential and future. He added that but it cannot come at a great cost for the environment.
The environmental harm mentioned by the company refers to the emissions that are generated because of the use of fossil fuels for the mining of bitcoins. Tesla has conveyed that they are concerned about the increased continuous use of fossil fuels especially coal for the transaction and mining of bitcoins. Coal is considered to have the worst emission compared to any other fuel.
The underlying reason is that bitcoin mining requires a huge amount of computing prowess which is usually met by computers that are really powerful with the latest features. The increase in the popularity of bitcoins and cryptocurrencies has led to an increase in the mining of these digital coins which makes it harder for the miners and they would opt for more powerful computers.
This in turn increases the operations as well as the consumption of the energy through fossil fuels. These machines will require a lot of electricity for their running. It is noted that bitcoin mining operations around the world collectively use around 120 terawatt-hours of energy in one year. This is equal to the energy that is consumed by an entire country.
Some of the environmentalists have been informing about the environmental harm caused due to the increase in cryptocurrencies for a very long time. The situation for the environment is expected to get worse as days passed and Tesla has apparently realized this fact.
The point which should be noted is that cryptocurrencies are considered to be bad for the environment only if it uses the electricity that is generated through fossil fuels. If the energy that is used to mine the cryptocurrencies are generated through coal it is expected to have a huge impact on the environment.
It is to be noted that if the same amount of energy can be provided or generated through solar energy, the impact on the environment will be neutralized and cryptocurrencies will no longer be a harm to the environment.
Tesla had already provided a hint about this solution in its statement. They had mentioned that the company is planning to use its USD 1.5 billion worth of bitcoins in the future only when the energy is generated through a sustainable source.
This means that if the environmental conditions are met, the company is more likely to start accepting bitcoins as a payment source in the near future.
Tesla CEO Elon Musk said the car company will no longer accept Bitcoin as a payment for car purchases.
How many Bitcoins does Tesla have?
Tesla holds around 38,300 Bitcoin that cost around $1.329 billion.
Why is Tesla not accepting Bitcoin?
Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.
Conclusion
Tesla is said to be looking for another cryptocurrency that uses only 1 % of the energy used by bitcoins for transactions and operations. The new Tesla payment option for the buyers shall be the cryptocurrency if it is to double down on one.
Alan Joseph
