Buy bitcoins online in India Seller Payment method Show more… Sell bitcoins online in India Buyer Payment method Show more… Buy and Sell Bitcoins in these popular cities in India City Trading AmountBitcoin, which was introduced in 2009 as an alternative to real world centralized currency, can be exchanged f... Read More HYDERABAD: The bitcoin bug seems to have bitten the city's tech-savvy youths, who are now taking to it as an investment tool.This despite the risks involved and the Reserve Bank of India cautioning users against the digital currency that has taken the online world by storm.Bitcoin, which was introduced in 2009 as an alternative to real world centralized currency, can be exchanged for any real currency between individuals and organizations by way of transactions.It is generated through complex computer software on high end computer systems.Experts say that while the concept allows anybody to generate or 'mine' bitcoins, given the hardware requirements and the software skills required, it becomes a difficult job for a layman.

Hence, an easier way is to acquire it via transactions.Since it has gained legal validity in many countries, users can pay for internet services or online purchases through bitcoins, with the incentive being smaller transaction fees as compared to other modes of payment.In India, its use is largely restricted, but that is beginning to change."Barring a few techies, nobody was interested in bitcoins until the end of last year.However, after the RBI warned against the use of bitcoins last December and later changed its stance saying it would not regulate it, the interest levels began to climb," said M Kamlesh, who is all set to start a bitcoin exchange in the city on the lines of similar setups around the world.An indication of the growing interest is in the sheer number of people who are gathering to discuss bitcoins and other virtual currencies.Observers in the city said that while a discussion would have attracted only a select few a year ago, there are dozens who line up nowadays.The chatter about it in online forums is also extensive.

Local groups on social networking sites like Meetup, at the time of admitting members, ask users if their interest is restricted to buying and selling bitcoins or if they are also interested in the technical aspects.Most of these groups have seen their membership soar in the last two months.Meanwhile, the risks involved in bitcoins like hacking and frauds have not deterred the users.For instance, nearly 200,000 bitcoins valued at $400 million disappeared earlier this year.Even such alarming reminders of the risks are being negated by the fact that the value of bitcoins is only likely to gallop north than dwindle.In the last three years, the value of one bitcoin has gone up from 50 cents to about $550, which is around Rs.35,000 at present.Cashing in on this are people like Abhinav Das, a 19-year-old computer science student in the city.Das' chance encounter with the digital currency happened three years ago and he has been trading in it ever since."I was sceptical initially when I earned in bitcoins for some online work I had done.

But after the value appreciated, I realized its potential.bitcoin banca d'italiaToday, I have at least five or six customers for my bitcoins.bitcoin laptop dumpThere is a growing interest for them in the city as well," he said.best bitcoin lite walletSubscribe and get the top tech news of the day Delivered to your mailbox[Change Setting]Connect with usIn the storeOnePlus 3T (Gunmetal, 6GB RAM + 64GB memory)₹ 29999BUYCoolpad Note 5 Lite (Space Grey, 3GB RAM + 16 GB)₹ 7499BUYSamsung On5 Pro (Gold)₹ 7990BUYOnePlus 5 (Midnight Black, 8GB RAM + 128GB memory)₹ 37999BUYOnePlus 5 (Slate Gray, 6GB RAM + 64GB memory)₹ 32999BUYLenovo Z2 Plus (Black, 64GB)₹ 13999BUYSamsung Galaxy C7 Pro (Navy Blue, 64GB)₹ 25990BUYHonor 6X (Grey, 32GB)₹ 11999BUYMoto G Play, 4th Gen (Black)₹ 7999BUYApple iPhone 7 (Black, 32GB)17000 off!BUY More from gadgetsnow 4 Android apps to manage your businessSnapdeal partners BookMyShow for online ticket bookingWith darknet, drug dealers head for the cloud From around the webMore from gadgetsnow Profitable option in Bangalore property marketProperty ShareThe Most Daring Dresses on the Cannes Red CarpetLivinglyPremium & Wellness Combined Together, That's what Godrej A..Bling MarketingA Solution That Puts Snoring to BedMy Snoring SolutionThis Device Is Better Than Paying Cable TVTV FrogNokia 6 set to launch in South Africa, alleged price leakedStartups speak your lingo as mobiles learn your languageOnePlus 5 vs OnePlus 3T: 4 old features in OnePlus 5London based Blockchain raises $40 million Moto Z2 Play review: Modular awesomeness, version 2.0litecoin worth usd

Welcome to BTCXIndia, India's first crypto token marketplace.bitcoin preise 2011Sign up now to buy/sell crypto tokens for INR.bitcoin armory go onlineXRP/INR  20.7 Create an account Loginbitcoin foundation redditIndia now has a full and compliant bitcoin exchange called BTCXIndia – also featuring a live trading platform and wallet service – which launched officially on 5th May in the southern city of Hyderabad.bitcoin lazadaIt's a significant step for the country's bitcoin economy as its previous exchanges, some of which operated as fixed-price buy-sell platforms, lived with a degree of regulatory uncertainty since a series of government warnings and raids on bitcoin businesses in December and January.ethereum price usd live

BTCXIndia CEO Mupparaju Siva Kameswara Rao is Managing Director of S Capital Solutions Pvt Ltd – the company behind the new exchange.The main objective, said Rao, is first to educate Indian customers about digital currencies and then to provide them with a secure, transparent and compliant trading platform.Rao is also happy with the response he's received so far and expects trade to pick up quickly if new sign-ups continue at the current rate, he added.BTCXIndia currently has 10 staff members, working in development, customer services and compliance.Investment comes via a UK company that has funded the exchange for at least one year, and is also working as a strategic advisor to the management team.Rao said the management team itself consists of a Tech Lead from India's Institute of Electronics and Telecommunication Engineers, and a Compliance Officer from the financial services industry.BTCXIndia keeps the absolute majority of the coins it holds in cold offline storage, and is also working on a proof-of-reserves implementation and "other interesting features" to reassure customers their funds are always 100% safe.

Rao added that the security measures are necessary to counter the "poor track record of the exchange industry in the past," referring not to India but bitcoin exchanges worldwide.In India, too, there is a particular need for a cautious approach thanks to government uncertainty, he said, explaining: "It is clear that using bitcoins and trading bitcoins is not illegal in India, but it is still unclear who regulates it and what requirements the government will have on exchanges.With that in mind, we have taken the approach of self-regulation, and are following know-your-customer procedures and anti-money laundering guidelines at par with similar requirements imposed on regulated financial institutions.In this way we make sure that we know whom we are dealing in all cases, in order to prevent illicit usage."Bangalore-based exchange Unocoin launched in December 2013 during that city's first bitcoin conference, saying it intended to be fully compliant with customer verification procedures and other regulations.

On 24th December, however, the Reserve Bank of India (RBI) issued a warning that Unocoin and others like it were operating without approval, causing the exchanges to cease all services as a precaution.Ahmedabad's Buysellbitco.in was raided and information service CoinMonk received a visit from tax officials seeking more information.Unocoin, owned by the same group as CoinMonk, came back online in the first week of January, however, and is still in business.In January, bitcoin enthusiast Venugopal Badaravada made a representation for clarification on bitcoin policy to the RBI through a lawyer.His 'deadline' of 7th January passed without a response and, as of May, the central bank has still not issued any further policy statements.However, Indian Finance Minister P. Chidambaram said in February: "The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations."

BTCXIndia's Rao added that the Prime Minister's office had recently approved 100 million Indian rupees ($1.7m) in funding for a top Hyderabad based crypto-research institute for the study of cryptographic technology and currencies.In December, the bitcoin community turned to India as its next great hope after Chinese government statements caused the price to drop from its record high of $1,200.India is an emerging economy with a population of over a billion people, nearly half of whom are unbanked or under-served by banks.It also receives around $70bn in overseas remittances per year, making up 4% of its GDP.Together with its roughly 250m Internet users and a proclivity for high-tech industry, India would seem perfect for the introduction of a breakthrough financial technology like bitcoin.With some regulatory clarity and reliable services, India may yet fulfil that promise.Hyderabad image via SNEHIT / Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.