How To Use Zebpay’s Cryptocurrency Wallet To Buy And Sell Bitcoins?

Zebpay’s Cryptocurrency Wallet To Buy And Sell Bitcoins

What is Zebpay?

Zebpay is a cryptocurrency wallet that has its headquarters in Singapore. It is India’s first bitcoin company to launch the simplest mobile Bitcoin wallet application which enables its users to perform the transactions for bitcoins using the mobile number of the user without any complications like the need to understand the bitcoin wallet addresses, taking backups, or run a risk of losing bitcoins. The company was funded by Mahin Gupta in 2012 under the name Buysellbitco.in and was later rebranded to Zebpay in September 2014 when the company added two more partners, Saurabh Agrawal and Sandeep Goenka. Zebpay still has its IT office in Ahmedabad. The users can use the Zebpay wallet app to buy, sell, store or spend bitcoins using their mobile numbers and a 4-digit pin code set by the user.

Zebpay was voted as the best new bitcoin company at the CoinAgenda conference in Las Vegas in 2014. And in September 2016, the company had crossed one lakh downloads on both Android and iOS platforms combined. However, later in the same month, the application was downloaded by one lakh users on the PlayStore alone. Zebpay has a turnover of Rs 500 crore and more than Rs 100 crore of trade was done through the application in November 2016 alone. In December 2016, Sandeep Goenka was interviewed on Rising Stars by Bloomberg TV India. At that time Zebpay had over 250,000 users.

In the later half of January 2018, the company released an updated version of their application, adding support for Litecoin on 25 January and Ripple on 8 February. This addition of multiple cryptocurrencies allowed the application to provide an exchange facility in their application.

Buying Bitcoins On Zebpay

Mining bitcoins is the sure short way to earn free bitcoins. However, the method is extremely hard since the requirements for hardware and electricity in India are quite high. The whole point of earning something would be lost at the cost of setting up the hardware and running it. The other option is to buy bitcoins from someone who is already mining it or has some mined prehand. This is where the exchanges come into the picture. Exchanges let you link your bank accounts for quick transfers.

Using Zebpay, you can also make a payment to bank account or withdraw the money to your bank account and track the data on bitcoin valuation in the country. There is, of course, the need to get your KYC documents approved to verify your ID and it can be done by simply providing them with a picture of your PAN card.

Selling Bitcoins On Zebpay

Bitcoins can either be sold online or in person by transferring the bitcoins from one person to another. There are advantages and disadvantages in both the methods. The preferred way to sell bitcoins is online because the entire internet is a potential buyer. Selling bitcoins by direct trade with another person is risky and inconvenient since you have to find a buyer, accept the payment and then transfer the bitcoins to the individual. The mere number of uncertainties involved is too much.

However, selling bitcoins through an online exchange is safer since you trade with a verified exchange itself rather than another individual. You will have to verify your identity with the exchange but the sales are not as arduous since you are selling directly to the exchange. The payments and the receipts are instant as long as you make sure that you pick the right exchange with the most nominal fee and reputable business practices.

Future Potentials

There are many reasons why the future potential of the cryptocurrency market cannot be predicted right now. There are many factors that contribute to the future of any business. Even though the hype for the bitcoins and the altcoins has increased in the last couple of years and the value of the Bitcoin has increased more than 10,000 times in less than 10 years, there are still many unknowns that make this relatively new technology a risky investment. There are many technical and legal challenges apart from the profitability in mining the coins in India.

Zebpay has assured that their users will always be able to transfer the bitcoins from their Zebpay wallet to any of their wallets in which they control the private keys. In any case of a possible ban, the users will always be in control of their bitcoins. The most recent support ticket on the company’s support website says that they cannot predict the future conditions which will be applicable in case of a ban on cryptocurrency use in India but they do assure the safety of the bitcoins of their users under the current scenario.