When you use a bitcoin app, it first ensures that you have a bitcoin wallet that can help you in storing as well as selling bitcoins. These wallets usually set up at the time when you sign in and make your account. After you start storing bitcoins you can know the value of your btc to inr by converting them on our site.
Are the returns from bitcoins taxable?
According to our Indian government, any kind of returns that are obtained from investments are easily taxable. So, it’s obvious that you get taxed for your bitcoins investments. You will be taxed up to 30% for the short term investments and about 20% for your long term (3 years) investments for the monetary gains.
If we talk about India, bitcoins in India have gradually begun gaining popularity as the efforts of the government to move forward to a cashless economy. But, one should be aware of the fact that the bitcoins are not administered centrally or are regulated by any individual or specific body such as the Reserve bank of India which administers all the physical types of currency in India. Also, the peer to peer transactions of the bitcoins is made utilizing something which is called blockchain technology that serves as a public ledger for all kinds of transactions.
Where does bitcoin come from and how these are generated?
Anyone can obtain the bitcoins from either of the following ways-
- Mining- this is an activity in which a person utilizes a computer prowess in order to crack computationally complicated puzzles.
- Purchasing them from a bitcoin exchange against a real currency- you can think of purchasing bitcoins from bitcoin exchanges and then can store them in an online bitcoin wallet.
- Receiving bitcoins in consideration of selling goods as well as services.