What is a Bitcoin and how does it work? बिटकॉइन क्या है और यह कैसे काम करता है? - CYDIAPLUS.com


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Friday, 6 October 2017

What is a Bitcoin and how does it work? बिटकॉइन क्या है और यह कैसे काम करता है?

Bitcoin is a digital currency and is created electronically. It is stored in the virtual world and it operates a lot like the traditional currency. However, it’s more specific to describe bitcoin as cryptocurrency. Cryptocurrency is a currency that uses cryptography, which makes it very difficult to counterfeit. The terms digital currency, virtual currency, and cryptocurrency are closely related.

Bitcoin India's Digital Mobile Wallet.The attackers demanded money to be paid in bitcoins and threatened to delete all the information in the computers they were controlling.

This incident itself paints the name of bitcoins red since bitcoin transactions cannot be practically traced. However, according to the trends Indians have been taking keen interest in bitcoins since December, last year.

What is a Bitcoin and how does it work?  बिटकॉइन क्या है और यह कैसे काम करता है?

Top 10 Bitcoin platform


Unocoin is India's leading Bitcoin platform. Their customers can buy bitcoin with any Indian bank account via online banking or NEFT and RTGS.


Zebpay is a Bitcoin platform and broker based in India. It has Android and iPhone apps that make it easy to buy bitcoins with a connected Indian bank account.


Coinsecure is an Indian Bitcoin exchange and trading platform. It offers very low fees at just 0.3% per buy and a number of deposit options; including NEFT, RTGS, IMPS and cash deposit.


Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge an ~6% fee on each purchase. 


LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer. 

Bitcoin ATMs

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.


Technically, VirWoX isn't even a Bitcoin exchange. It mainly serves as a way for people to buy Second Life Lindens, a currency used in the virtual world Second Life. You can't buy Bitcoin with PayPal directly at VirWoX, but it's possible to first buy Second Life Lindens (SLL) and then trade your SLL for Bitcoin. This process works perfectly, but in the end will cost you about 10% in fees. 

Mycelium Local Trader

Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.


ShapeShift lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. ShapeShift works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because ShapeShift never actually controls your tokens but just exchanges them.


Bitcoin-OTC is an over-the-counter marketplace for the peer to peer exchanging of bitcoin. It is almost like a Craigslist for Bitcoin. Users must create ads or locate other ads to find sellers of bitcoin. Bitcoin-OTC is somewhat complicated and hard to use, but may be the only option for users in some countries without an exchange.

How can I buy bitcoins in India?

  • Choose a reputed bitcoin exchange to buy and store your bitcoins like Unocoin, BuyUCoin, Zebpay, and Coinsecure.
  • Select the wallet based on the features they offer and the security.
  • Most of these exchanges have apps, so download them on your android or iOS device and create your account.
  • Link your bank account to the wallet to purchase bitcoins. Some of the wallets also let you use your credit and debit cards for the purpose.
  • Once this step is done, you can buy a whole bitcoin or fractions of it from the exchange and sell them the same way.

How do you buy and sell Bitcoins?

So, now we already know how to buy bitcoins; but selling them is not as easy as buying them. Don’t worry, because we’re here to help you Know about Bitcoin Price, Buy | Sell Bitcoin.

Bitcoins can be sold either online or in person. Both these methods have its own advantages and disadvantages. However, you can choose whatever is more convenient and secure for you.

1. Selling Bitcoin online

Selling bitcoin online is the most common way of selling bitcoin. It can be done in three ways:

  • Direct trade with another person who wants to buy your bitcoin. These transactions will be done in the presence of an intermediary for facilitating the connection.
  • Trade with an exchange. This is done online where you can sell your bitcoins to an exchange rather than a person.
  • Buying things in exchange of bitcoins from peer to peer trading market places.

2. Selling Bitcoin in person

Selling bitcoins in person can be done in different ways as well. If you’re selling them to a family member or a friend, you can simply ask them to create an account in any of the bitcoin wallet apps and then transfer your bitcoin to them in exchange for money.

If you’re selling them to someone you don’t know, the transaction can be done by scanning a QR code on the buyer’s phone and accepting cash directly. Even though bitcoin meet ups aren’t really uncommon, it’s important that you take a friend with you since you will be handling a lot of cash. You need to be alert because you’re dealing with a stranger from the internet.

You can contact the buyers through definitive sites like LocalBitcoins. Sites like these lets users interact with each other related to selling and buying bitcoins. The users can rate each other on this site, providing you a chance to build your credibility among other buyers.

Once you’re a well-rated seller, you can add premium costs to cover additional charges and the cost of your meet ups. You can fix the bitcoin rate by referring to a prominent bitcoin exchange. Also, there are mobile apps like Zeroblock and BTCreport that will help you calculate the bitcoin prices.

What is the current bitcoin price?

1 Bitcoin equals
287208.30 Indian Rupee

What is Zebpay Bitcoin?

Zebpay | India's Leading Bitcoin Exchange

Zebpay bitcoin exchange is the fastest way to buy and sell bitcoins in India. We guarantee fast transaction processing and best bitcoin rates.

How do we buy Bitcoin from Zebpay?

You can buy bitcoins from Zebpay in really simple steps.

  • You need to download the Zebpay app and create an account.
  • Go to buy\ sell and verify your account by clicking and uploading a picture of your PAN card.
  • Once your account is verified, transfer money from your account to Zebpay’s account. This amount will be added to your Zebpay Rupees in your account.
  • Now you can use this money to buy\ sell bitcoin order.

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