Bitcoins are trading nearly 10% higher in India as compared to the international markets after the demonetisation of Rs 500 and Rs 1,000 notes earlier this month.“The price has gone up because more people want to buy bitcoins and people don’t want to sell,” said Sathvik Vishwanath, the co-founder of UnoCoin, a bitcoin exchange which operates in India.There’s been a 20-30% increase in bitcoin transactions on UnoCoin, the company’s founder told FactorDaily.The exchange facilitates transactions worth close to $3 million every month.Globally, there are nearly 15 million bitcoins in circulation and these days over 250,000 bitcoins worth over $175 million are traded every day.The average selling price of one bitcoin on three of India’s top exchanges is Rs 53,191 or $785.7.It costs only $714, or 9.1% less than the Indian price on the international exchange Coinbase.On November 9, the Indian government announced that it will replace Rs 500 and Rs 1,000 notes in an attempt to curb black money and fake notes.

The idea was to flush hoarded black money back into the system.There are only four major bitcoin exchanges in India: UnoCoin, CoinSecure, ZebPay, BTCXIndia.None of them accept cash.However, they’ve seen an increase in the number of queries from people wanting to convert cash into bitcoins.An estimated 50,000 people are bitcoin enthusiasts in India and nearly half of them are active bitcoin users.“There is huge incoming demand of coins and India is short on coins at the moment,” Mahin Gupta, the Cofounder at ZebPay posted on a bitcoin forum.circle bitcoin american expressBitcoin is a form of digital currency invented by an anonymous programmer or a group of programmers under the alias Satoshi Nakamoto.comprar hardware bitcoinIt works on an underlying technology called Blockchain, a public ledger of sorts that helps track transactions across the network.bitcoin donation club

“We’ve seen a huge spike in queries,” said Benson Samuel, who runs CoinSecure.The price went up on the day of the announcement and it is bound to go up, said Samuel.The value of the crypto-currency could also have gone up due to the US election, which concluded on November 9 with the election of Republican candidate Donald Trump as people looked to safeguard their currency from a potential market flux.A similar incident happened during the Brexit vote, according to reports.ethereum trade symbolThere’s no evidence of stashed black money coming into the Bitcoin system.bitcoin mining xbox oneMostly because bitcoin exchanges in India require you to have a bank account and documentation to prove your identity before you can trade.bitcoin technology slideshare

However, the price of bitcoin could be going up because of speculation that in the long run, people might want to look at bitcoins as a way of storing their money so they don’t get affected by moves to demonetise currency.“It’s like how people buy more gold and other assets.There’s nothing unique about bitcoin in that sense,” said Vishwanath.On Facebook, some people have offered to take cash in exchange of bitcoins, but Vishwanath warns it could be a hoax.bitcoin market gets a lift from china“The problem is that they themselves won’t be sure who will accept this currency afterwards,” he said.bitcoin virus source codeDisclosure: FactorDaily is owned by SourceCode Media, which counts Accel Partners, Blume Ventures and Vijay Shekhar Sharma among its investors.litecoin price euro

Accel Partners is an early investor in Flipkart.Vijay Shekhar Sharma is the founder of Paytm.None of FactorDaily’s investors have any influence on its reporting about India’s technology and startup ecosystem.1000 notes 500 notes Bitcoin Coinsure currency demonetization noteban Rs 1000 Rs 500 UnoCoin videoPlease turnoff your ad blocking mode for viewing your site content The best and simplest definition for Bitcoin is this “Bitcoin is Money”.Yes, Bitcoin is the money of our generation and the future generations.Well, in the history of money, several object has been used to carry out transactions.Money in itself is any clearly identifiable object of value that is generally accepted for payment of goods and services and repayment of debts within a market or which is a legal tender.Bitcoin fulfills all of these.In the past, money has taken many forms like cowry shells, beads, precious metal, paper, and in our generation it is becoming digital in form of bitcoin and other cryptocurrencies.

Bitcoin is digital money; this simply means that unlike the previous form of money, Bitcoin is not anything physical.It is not physical yet more real than any form of money earlier used.It exists on a technology called Blockchain which helps to store all the information and transactions about all the Bitcoin that ever exist.The information on Blockchain can never be destroyed or manipulated.Also Blockchain cannot be controlled by one central body or government, making Bitcoin the best form of money to ever evolve.With Bitcoin, you are simply your own bank, as you can spend your money anytime, anywhere, with no restrictions whatsoever.Recently Bitcoin has gained more popularity in the world, and even in Nigeria, people now choose to send money to their families and friends using this unique form of money.Young men and women working online now prefer to receive payment with Because of the advantage it has over ever dropping value of naira.With this new form of money (Bitcoin) gaining popularity and acceptance around the globe, how can you as an individual benefit from it?

I have tried to list a few ways to get you started.Strategies for Making Money With Bitcoin In Nigeria Trading bitcoins Buying and selling bitcoins is probably the fastest and easiest way to try and make some money with bitcoin.Just like the stock market, bitcoin trading involves buying at a low cost and selling when the price has gone up.Bitcoin is a volatile currency which means the rate can rise or fall several times day with margin of $10-100 per bitcoin value.Investments Bitcoin like gold is scarce, this is due to the finite or limited supply of Bitcoin, there are going to be only 21 million Bitcoin ever.(Out of that only about 16 million is in circulation now, as the rest are continually being mined).With bitcoin you can invest for the future.For Nigerians, Bitcoin can serve as a high profit investment, due to the behavior of the Nigerian Naira in the foreign exchange market.Last year 5 Bitcoins was worth $1,000, because each Bitcoin was about $200.The equivalent naira rate for 5 Bitcoins was about #220,00 because each dollar was worth #220 on the black market.

Fast forward a year later, the same number of Bitcoins now worth about $2,915 since the value of each bitcoin has gone up from $200 to about $583, and the equivalent naira rate for 5 Bitcoins would now be #1,078,550.Can you imagine the profit margin.Remittance Nigerians living in diaspora and those doing business across Africa, China and the world can save on money transfer fees and foreign exchange rate by sending money in Bitcoins, this would save time and reduce over 10% fees charged by several Money Transfer Operators.Bitcoin exchanges are available all over the world, allowing users to convert any currency into and out of Bitcoin.How to Buy and Sell Bitcoin In a quick summary, a bitcoin trading process involves 3 simple steps which include: First you’ll need a bitcoin wallet – an app that lets you receive, hold, and spend bitcoin., buy your first set of bitcoins and transfer it to your bitcoin wallet.Bitcoins are divisible, you can buy as little as $10 worth of bitcoin without no extra fees.