Why do we need Bitcoin?
The modern economy has sustained through the use of money as a medium for debited and credited transactions. And with the need for money had come the need for banks, the institutions that control the flow of credits. We all know how small bank interests are getting and while it might be feasible for us common men to put all our assets in a Bank Vault and pray for the best, it is neither secure nor profitable. Every bank transaction involves a tiring plethora of steps (and OTPs). For all these reasons and more, Decentralization of Bank was a need of the time.
Because it is tedious for paper assets to be used, especially in an international scope (because Customs Offices are always on the look for new scapegoats) we needed Digital Currencies which are not limited to any specific state, region, country or continent. These are a form of worldwide currencies
And secondly, because storing your assets in the form of digital bits (0s and 1s) is, well, very insecure, we needed some way to uniquely identify your assets from anyone else’s. Cryptography came handy for us in this and thus we made Cryptocurrency.
What is Bitcoin?
Bitcoin is a Cryptocurrency and a Decentralized Digital Currency. In short, it combines the best of both worlds for a safe, decentralized asset exchange network. And while we will discuss what use it is to you, we will not go into the details of what exactly it is.
In August of 2008, a domain named “bitcoin.org” was registered. In October of the same year, a paper was published by author Satoshi Nakamoto showing the outlining features of what we now know as Bitcoin and describing exactly how it might decentralize currency. News spread like wildfire in the cryptography mailing lists and the tech mailing lists at large about this system from the November that followed.
In January 2009, Nakamoto went on to Open Source his Bitcoin Software on his SourceForge repository and mined the first ever blockchain (named Genesis). And thus we have Bitcoin.
How can I use bitcoins?
Bitcoin buying and selling have been very popular in recent years. Considering how fast the value of BTC (short for bitcoin) is rising, it is not unusual for stock market players to acquire as much as they can today and sell at peak value tomorrow. If you are on the look for such an opportunity, you are at the right place.
To use bitcoins, you will need a CryptoWallet, a wallet that can do cryptocurrency transactions for you. You will also need to register to a unique BTC Address (like a bank account) and you will need to link your BTC Address to your Bank Account in order to transfer BTC into money in your bank. Luckily, for you, we have a favorite pick – introducing ZebPay.
ZebPay makes it easier for you to get started with BTC and mine your way to the millions. Follow these steps to get started:
Step-1: Open your App Store (iOS) or Play Store (Android), search for ZebPay and install it. Windows Store is currently not supported. For convenience, here are the respective links:
Step-2: Open ZebPay. Press Ok. Then enter your mobile number and confirm the OTP that you receive. The ZebPay account should be activated and you will see a screen where you have the option to buy or sell bitcoins. Go ahead and click on any. You will see a warning saying “You do not have a verified account”. This is because ZebPay needs you to complete a KYC before you can perform any transactions to ensure that you are a real person and hold only 1 account in ZebPay.
Step-3: To do the KYC, go to the dashboard and click on the menu icon. Then click on Verification and perform all the verifications. It requires you to provide:
Your email. Verified by a link sent to your inbox.
Your PAN Card. Verified within 3 days (mostly just takes an hour).
Your Bank Account. Verified within 3 days (mostly just takes 2 hours).
Your Aadhar Card. Verified instantly.
After completing all these steps, you must be able to buy or sell bitcoins as you see fit. You can mine bitcoins for easy (but slow) money or you can buy them directly from ZebPay.
Whenever you need to perform transactions outside of ZebPay, you will need your BTC Address. You can find this in the dashboard menu under “my address” tab.
And that concludes all you need to know to get started with Bitcoin today.