Bitcoin, the first and most popular crypto, has garnered significant attention globally as a digital alternative to traditional currencies. As the adoption of cryptos continues to rise, many Indians are looking for ways to buy Bitcoin and participate in this revolutionary financial ecosystem. Its decentralized nature, secured by innovative blockchain technology, has given rise to a new era of financial independence and transparency. In this blog, we will explore what Bitcoin is, and how to buy Bitcoin(BTC) with INR on KoinBX Crypto Exchange App (Android & iOS).
What is Bitcoin?
Satoshi Nakamoto introduced Bitcoin in 2009 as a decentralized digital currency, which is operating on a peer-to-peer network. It revolutionized the financial landscape by enabling direct transactions without intermediaries. Bitcoin (BTC) transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers known as miners. These miners validate and secure transactions using complex mathematical algorithms. With a capped supply of 21 million coins, Bitcoin’s scarcity contributes to its value proposition, leading to comparisons with precious metals like gold.
How Bitcoin Works?
Bitcoin operates on a decentralized network, utilizing blockchain technology to record and validate transactions. When a user initiates a Bitcoin transaction, it is broadcast to the network, where miners collect and bundle multiple transactions into a block. Once the miner solves the complex mathematical puzzle, they add the block to the blockchain. A process known as mining protects a network’s integrity and prevents double-spending.
Bitcoin’s security lies in its consensus algorithm, Proof of Work (PoW). Miners invest computational power to solve puzzles, making it computationally expensive and time-consuming to alter the blockchain’s history. Once added to the blockchain, transactions are immutable and transparent, accessible to anyone for verification.
Understanding KoinBX Crypto Exchange:
KoinBX is a prominent crypto exchange platform that allows users to buy, sell, and trade a wide range of cryptos, including Bitcoin, Ethereum, and Litecoin, as well as promising altcoins. A user-friendly interface and robust security measures make KoinBX a great choice for both novice and experienced traders.
KoinBX offers a wide range of supported cryptos, including popular ones like Bitcoin. This diverse selection enables users to explore various investment options. KoinBX’s referral program offers an impressive 50% commission on the trading fees of referred users, and new users receive a welcome reward of 25,000 SHIB tokens.
How to Buy Bitcoin with INR on KoinBX:
Create an Account: Begin by signing up for a KoinBX account on their website. Complete the necessary verification process to comply with regulatory guidelines.
Deposit INR: Deposit Indian Rupees (INR) into your KoinBX wallet using the available deposit options, such as bank transfers or other supported payment methods.
Navigate to Trading Pair: Once your wallet is funded, head to the BTC/INR or BTC/USDT trading pair on KoinBX to initiate the purchase.
Place Your Order: Determine the amount of Bitcoin you wish to buy and place a buy order at the current market price or set a specific price for your purchase.
Review and Confirm: Double-check the details of your order, ensuring accuracy, and confirm your Bitcoin purchase.
After your order is executed, the purchased Bitcoin will be available in your KoinBX wallet. You can monitor your investment and manage your holdings accordingly.
How to Sell Bitcoin (BTC)?
To sell BTC coins, follow these steps:
1. Signup with KoinBX.
2. Complete your KYC verification process.
3. Link your bank account.
4. Click the Sell option to find a buyer for BTC.
Once a buyer is found for BTC, you can start selling Bitcoin with INR & Tether (USDT).
With KoinBX Android and iOS app, you can trade BTC anywhere, anytime with a great trading experience. Sign up to get 25K SHIB tokens instantly.
