I heard about Bitcoin and its endless possibilities to use Bitcoin irrespective of a particular geographic location. But my doubt is How does one accept and give a Bitcoin, Does it have its own market value like a USD where the rate of the Bitcoin fluctuates, Do we have to pay a separate tax for accepting/paying through Bitcoin unlike the visa/master card.?

I have also heard things like miners who produce bitcoins but if people are producing bitcoins unlike the mint then where is the security for the coin?

Some time back, the local Banking authority (State bank) has issued ban on the usage of bitcoin. So is it possible that can we still use this/it can be used by foreign nationals for purchases done abroad?


1 Answer 1


I would go to localbitcoins.com open an account and find a trusted seller with a reputation of 100% and 100plus customers to buy them from a local agent. Be smart about the price of the agent vrs others and exchanges to get the best price..

Bitcoin is not physical it is an encrypted ledger that derives it's price in the power to maintain the encryption(miners), markets(exchanges for now), what people are willing to pay (some institution will buy them overpriced).

Physical bitcoins are artistic representations of this ledger as to how much the BitCoin represents, plus it's artistic value. I hope this helps.

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