Mukesh Ambani is constantly changing the whole telecom market by Jio. And now he is moving towards cryptocurrency business. Many reports are already out on Jio coin launch date. As Jio became the market leader in telecom industry within a very short period, people are very curious about Jio’s new project on cryptocurrency which is known as JioCoin. So here, we will talk about how to buy Jio Coin, what is JioCoin, how blockchain technology works and everything else about JioCoin. As of now, JioCoin launch date is not official and the answer of how to buy JioCoin is just predicted.
Jio Coin is one type of cryptocurrency which works on blockchain technology. So, to understand how Jio coin works, we need to know about cryptocurrency and blockchain technology.
Table Of Contents
- 1 What Is Cryptocurrency?
- 2 What Is BlockChain?
- 3 How Does A Blockchain Work?
- 4 Jio Coin Is Also A Cryptocurrency
- 5 Why Investing In JioCoin Can Be Profitable?
- 6 Legal Issues Surrounding Cryptocurrencies
- 7 Jio Coin Is Legal & Safe
- 8 Jio Coin Launch Date
- 9 Jio Coin Price In India (JioCoin Rate)
- 10 Total Quantity Of Jio Coin
- 11 Definition Of Jio Coin Exchange
- 12 In Which Exchanges Jio Coin Will Be Available?
- 13 What Is Jio Coin Wallet?
- 14 Jio Coin App & Official Website
- 15 Jio Coin ICO (Initial Coin Offering)
- 16 Where & How To Buy Jio Coin?
- 17 How To Transfer Jio Coin?
- 18 How To Mine JioCoin?
- 19 Why Mine Jio Coin?
- 20 JioCoin Referral Program: Get Free Jio Coin
- 21 Make Money With Jio Coin Affiliate Program
- 22 JioCoin Booking Process
- 23 Frequently Asked Questions About JioCoin
- 24 1) Should I Invest In Jio Coin?
- 25 2) When Will JioCoin Launch?
- 26 3) Can JioCoin Ignite A Cryptocurrency Revolution In India?
- 27 4) How Does JioCoin Work?
- 28 5) What Is The Future Of The Reliance JioCoin?
- 29 6) How Do I Become One Of The First Person To Buy JioCoin?
- 30 7) Is JioCoin Going To Be Successful With 50 Young Minds?
- 31 8) What Impact Will JioCoin Have On Indian Economy?
- 32 9) How Many Jio Coins Can One Buy At One Time?
- 33 10) Will JioCoin Be Legal In India?
- 34 Final Words
What Is Cryptocurrency?
Cryptocurrency is a kind of currency which is not physical. This can be transferred from one digital wallet to another. You can’t touch it and get it in your pocket. Let’s understand it with an example.
Suppose you have Rs 100 Paytm cash in your Paytm wallet. You can’t get it to your hand until you transfer it to your bank account. Each unit of Paytm cash worth Rs 1. But in case of cryptocurrency, each unit doesn’t worth a specific amount of money all the time. It keeps changing all the time based on the demand. All cryptocurrency transactions are secured with cryptography.
What Is BlockChain?
You can search this question on Google, you will get tons of websites explaining what is BlockChain. But, as this thing is a bit complex, most of them are not easy to understand. So, here we will try to explain the blockchain technology without making it complex.
The word “blockchain” is made from two different words “block” and “chain”. Here “block” means the record of a transaction. And when these records get connected with a chain of other records or blocks, it becomes blockchain.
Blockchain was first described back in 1991 by Stuart Haber and W. Scott Stornetta. It was made to timestamp digital documents so that no one can temper those documents or backdate them. But the blockchain technology was first adopted by a person called Satoshi Nakamoto (identity is still unknown) in 2008 to make a decentralized cryptocurrency called Bitcoin, which is the most popular cryptocurrency in the World till now. To get more details about blockchain, have a look at Wikipedia.
How Does A Blockchain Work?
A blockchain is a distributed ledger which is open to anyone. But the records stored in the block are very difficult to modify or change. Each block contains some data, the hash of the block and the hash of the previous block.
Then comes the hash. Hash is like a fingerprint which identifies a block and its contents. A hash never matches with any other hash, just like our fingerprint. Every time a block is created, the hash of the block is calculated. The hash remains unchanged until the contents of the block are changed or modified.
The third thing contains in a block is the hash of the previous block. That means a block contains the hash of the previous block and the previous block contains the hash of it’s earlier block. This way, it creates a blockchain. So every block is connected to the first block.
Only the first block which creates the whole chain can’t point to its previous block’s hash. As it is the first block in the whole chain, it’s special and it’s called Genesis block.
In case of Bitcoin, Satoshi Nakamoto created the first block or the Genesis block of the whole Bitcoin blockchain back in January 2009.
Jio Coin Is Also A Cryptocurrency
Yes! Jio coin is also a cryptocurrency which is going to launch very soon in India. It was first reported by the Mint on 12th January 2018.
According to the report, the Mukesh Ambani laid company Reliance Jio is working on this JioCoin project. Akash Ambani, the son of Mukesh Ambani is leading the project. Jio coin will also work on blockchain technology. A team of 50 professionals has been created already to develop the chain management logistics and study the blockchain technology.
Why Investing In JioCoin Can Be Profitable?
Though cryptocurrencies are created actually for payment like we use real money to buy/sell products. But you can also make a profit by just having it and without using it to do what it was made for.
Because the creator of the blockchain can limit the total number of units that can be created. In case of Bitcoin, it is limited to 21 million and after that, no new Bitcoin will be created.
Same applies to the Jio Coin. The total number of Jio Coins that can exist will be limited. So, over time, it will reach the limit and then nobody can create new JioCoins.
Now you might be thinking how you can make money with Jio Coin? Well, all of us know that there is a limited quantity of Gold (metal) in the Earth. So, at a point in time, there will be no Gold left for digging. The supply will stop. Finally, the price of Gold will keep increasing. Same applies here.
Jio Coin is also limited. And the job of creating new Jio Coins will be very hard over time. The supply of new JioCoins will decrease and that’s why the value of Jio Coin will increase.
Suppose, Jio Coin price is now Rs 60 and you have bought 1000 Jio Coins worth 1000×60=Rs 60,000. After one year, if JioCoin price reaches Rs 120 (double), the price of those 1000 Jiocoins that you have will become 1000×120=Rs 1,20,000. You just earned Rs 60,000 by investing Rs 60,000 for one year.
But in real World, the price of Jio Coin can increase even more based on its demand. As the total number of Jio Coins is limited. The demand and then Jio Coin price will increase for sure.
Legal Issues Surrounding Cryptocurrencies
As most of the cryptocurrencies work on decentralized blockchain technology, there is no centralized support. You are solely responsible for the money that you used to buy the cryptocurrencies. The price of the cryptocurrencies that you have today can be half tomorrow or even double. Here comes the risk.
If it becomes double, you will be happy. But if it becomes zero, all the money that you invested to buy it will be gone and nobody will take the responsibility for your money. It can cause serious damage.
On the other hand, another speciality of cryptocurrencies which work on decentralized blockchain technology are, anyone can make transactions with them anonymously.
When we transfer money online, the transaction details get recorded by our banks. But if you transact with cryptocurrencies, nobody will know your actual identity.
This is the reason why drug dealers and other bad persons use these cryptocurrencies to buy/sell illegal products or services over the dark web.
These are the reasons why Government of some/all countries may try to take down the use of cryptocurrencies. And it can become illegal to buy/sell any cryptocurrency.
Jio Coin Is Legal & Safe
You don’t need to worry about legal issues surrounding cryptocurrencies if you are interested to buy Jio Coin. Because Indian Government has already cautioned people about Bitcoin. But Mukesh Ambani is planning to launch JioCoin now. It clearly indicates that Mukesh Ambani has already planned something to tackle legal issues. On top of it, Indian Government may also get taxes on the use of Jio Coin.
On the other hand, Reliance chairman Mukesh Ambani has a good relationship with our Prime Minister Narendra Modi. And he is the richest person in India and 30th most richest person all over the World. So, he also has the ability to create a good team of professionals who will investigate the whole thing and invent any way to make Jio Coin legal in India and other countries as well.
Jio Coin Launch Date
The everyone’s question is what is the JioCoin launch date? Well, as the Jio Coin launch date isn’t out officially, we can just predict the date based on reports and internal sources.
The report on Mint quoted some words from an unknown person who seems to be connected with Reliance Jio internally. The person said, JioCoin is the new project of Reliance Jio which is leading by Akash Ambani where 50 young professionals are working on a blockchain based cryptocurrency which might launch very soon with the name Jio Coin.
Jio Coin Price In India (JioCoin Rate)
As Jio Coin is still unofficial and the company didn’t tell us anything about this matter, Jio Coin price in India is also rumoured. But according to some crypto experts and internal sources, the initial price of Jio Coin will be 0.5 dollars. If we convert it to Indian currency, it will be around Rs 32.
But as the price of cryptocurrencies depends on the demand, it can fluctuate and increase over time. So, for the first tier of the buyers, Jio Coin price will be around Rs 32. But it is said that very limited number of JioCoin will be sold initially. Then after the first sale, JioCoin price will start increasing.
Let’s take Bitcoin as an example to see how the price of a cryptocurrency can go up dramatically.
According to Wikipedia, from 2009 to 2010, the price of a Bitcoin was basically nothing. Even there was no exchange. Then on March 2010, the price started from $0.003. On 2011 it was $31. In 2013 the price of a Bitcoin was $100. But then it started changing the whole game.
On 2014 it became about $750. Until the end of 2016, it remained the same. But from the first quarter of 2017, it reached more than $1,290. And now, the price of a single Bitcoin is $17,900 which is equivalent to Rs 11,43,738. All the way from $0.003 to $17,900 in just seven years.
Total Quantity Of Jio Coin
As we told you earlier, almost every cryptocurrency comes with a limited quantity. The image is same in case of Jio Coin. According to our resources, we’ve found that there will be total 1 billion JioCoin that can exist. Once 1 billion Jio Coins are created, there will be no new Jio Coin.
Total 10 million Jio Coins will be sold in the first slot and then the price will be 0.5 dollars. Once the first slot is completed, Jio will launch the second slot. Total 10 million coins will also be sold under the second slot. But the difference between first and second slot is, once the second slot of Jio Coin sale is released, the price of each JioCoin will jump from 0.5 dollars to 1 dollar.
After finishing the second slot, the price will again increase and become double that is 2 dollar for a single Jio Coin. Again 10 million coins will be sold. This way Jio will sell total 50 million JioCoins and the Jio Coin price will keep increasing after each sale.
Definition Of Jio Coin Exchange
Now the question appears, where we can exchange Jio Coin? I think most of you already know what exchange stands for. Still, I want to give a brief description of Jio Coin exchange for those people who don’t know it already.
Many people are thinking Jio Coin exchange and Jio Coin wallet both are same. But if you are also thinking this, you are wrong. Both are different things in terms of what they do.
Jio Coin exchange is basically a digital marketplace where many people registers to buy/sell Jio Coin. These people are called traders. Now anyone can join these exchanges and buy Jio coins in exchange for real currency or other cryptocurrencies. Once you are done buying with coins, you can transfer it to your Jio Coin wallet which is different than Jio Coin exchanges.
Which currencies and cryptocurrencies will be accepted, it totally depends on the Jio coin exchange. It can just accept real currency only or it can also accept other cryptos and altcoins. But all payment methods will be mentioned on the exchange’s official website as well as a mobile app (if any).
In Which Exchanges Jio Coin Will Be Available?
According to the report, Jio will launch it’s own exchange where people will be able to buy or sell Jio coins in exchange for fiat currencies and alternative coins. The standard currency will be US dollar. But users can use their Visa, Master Credit/Debit cards, Rupay cards, other Indian credit/debit cards and even digital wallets such as Paytm, Mobikwik and JioMoney.
On top of it, Jio Coin will also launch on a popular international Bitcoin & Altcoin exchange called Bittrex. Our internal sources also told that, within three months after the Jio Coin launch date, we will be able to exchange it in Poloniex platform which is also known internationally for Bitcoin trading.
What Is Jio Coin Wallet?
Think about the real physical money that you have. Where do you store it? In your wallet? Jio Coin wallet is also same to this. It’s basically a software program or place where you can store your coins which you bought from Jio Coin exchange.
As we mentioned above, Jio Coins are just digital currency, when you buy it, you will get some private keys only. And you can either store them in online Jio Coin wallet or any hardware like Ledger.
Keeping coins to an online Jio Coin wallet is a little bit risky because it’s a part of the network which is connected to the internet. And anything which is connected to a network can be hacked by other users of that network. That’s why experts always suggest storing cryptocurrencies into a hardware wallet.
Hardware wallets are like pen drive, where you can store your Jio Coin private keys and as it’s not connected to the internet, nobody can steal it by hacking until you connect it with the internet.
Jio Coin App & Official Website
Jiocoin is still unofficial. But as soon as it gets launched, RJio will launch a dedicated website to Jio coin where they will show every detail of Jio Coin. Just like the official Jio website. The Jio Coin Booking process will start from here. Every notification regarding this new cryptocurrency will be published here.
Now come to Jio Coin app. Just like other cryptocurrencies, it will also have a mobile app which can be used to buy/sell and store Jiocoins. The Jio coin Android app will be available on Google Play Store for free and JioCoin IOS app will be published on App store. As of now, they might be under development by RJio developer’s team.
Jio Coin ICO (Initial Coin Offering)
You might be thinking what is Jio Coin ICO or initial coin offering. To understand that, first of all, you need to know what does the term “initial coin offering” mean.
According to Investopedia, initial coin offering is an unregulated means by which a cryptocurrency venture raise money to start their coin business. It is also known as initial public coin offering (IPCO).
Basically, by ICO, the cryptocurrency company starts selling their cryptos to the public. As this is the first batch of currencies, price remains very less. But as soon as ICO finishes, the price of the cryptocurrency starts climbing up.
In case of Jio Coin ICO also, the price will be minimum. But once Jio Coin ICO will get finished, the price will start doubling. That’s why experts are hardly recommending users to buy Jio Coin ICO as much as they can. Because the price will never be as low as initial coin offering.
Where & How To Buy Jio Coin?
As we mentioned earlier, Jio coin will be available for buying on it’s own exchange. Jio will release their own official website and mobile app for their exchange. But in order to buy Jio Coin, you need to know about different packages under which Jio Coins will be sold.
There will be multiple packages of JioCoin for sale. The first Jio Coin package will cost 100 dollars (Rs 6,385 INR), then the second package will cost around 500 dollars (Rs 31,927 INR). And the price of the third and fourth package will be 1,000 dollars (Rs 63,855) and 5,000 dollars (Rs 3,19,275 INR) respectively.
But this is not the end of Jio Coin packages that will be sold. There will also be a customized package where buyers can set the amount of Jio Coins they want to buy. This package is for those users who want to invest more than 5,000 dollars in Jio Coin initially. But $100 package is the minimum package that can be bought from Jio.
How To Transfer Jio Coin?
Like Bitcoin and other cryptocurrencies, you will be able to transfer coins from your Jio Coin wallet. Its hassle-free transfer system will allow you to send Jio Coin to your friends, family or other persons or receive Jio coin as well. But like bank transfers, the amount of JioCoins will not be transferred in no time or seconds.
That means it will take some time to transfer Jio Coin from one wallet to another. The reason behind this is as it works on blockchain technology, to verify the transaction, it will need third person’s CPU to calculate and solve the complex mathematics behind the transaction and verify it for both the sender and receiver.
Now you might be thinking, why a third person will verify the whole transaction for others? Well, this question takes us to our next point, which is Jio Coin mining.
How To Mine JioCoin?
First of all, let’s know what is Jio Coin mining? As we mentioned above that to make a Jio Coin transaction successful, it will need a third party who will verify the whole transaction and examine that the transaction is valid. This whole process of verifying JioCoin transaction is called Jio Coin mining.
Anyone can mine Jio Coin. But to start mining, you will need some basic equipment. A computer, internet connection and software. The more powerful your computer is, the more JioCoin transactions you will be able to verify. But it will also consume a lot of electricity if you keep mining Jio Coin for long hours.
Why Mine Jio Coin?
In the above paragraphs, we told you what is Jio coin mining and how to mine Jio coin. We also told that it requires a lot of energy to keep mining. But what you will get if you start Jio Coin mining?
Well, as Jio Coin mining is an important part of the whole JioCoin blockchain, if nobody starts mining, nobody will be able to make transactions using Jio Coin or transfer it. That’s why this blockchain technology comes with another great thing. It will automatically reward Jio Coin miners.
That means you can a specific amount of Jio Coin by mining JioCoin. And later you can either keep Jio Coins that you earned by mining or sell it to others using Jio Coin exchanges and get real money in your bank account.
JioCoin Referral Program: Get Free Jio Coin
We have also heard that Reliance will also launch Jio Coin referral program to promote their cryptocurrency. Under this referral program, one can join and tell their friends and neighbours about Jio Coin. Each participant in this Jio Coin referral program will get a unique referral link which they can share with other at the time of telling about JioCoin to others.
If anyone uses that link and purchase Jio Coin for their own, the referrer will get some advantage and free Jio Coin. Referrer will be able to buy Jio Coin at a lowest price under the first lot as an advantage. Not only this, they will also be rewarded 10 Jio token (s) for each successful referral.
The Jio Coin referral program will be live from 1st February and it will end on 15th February 2018, just before the Jio Coin launches. Then the program will end and Reliance will start their affiliate program.
Make Money With Jio Coin Affiliate Program
Jio Coin affiliate program is different than it’s referral program which we’ve described in the previous paragraph. JioCoin affiliate program will be same as other affiliate programs. Normal users and affiliate marketers will be able to earn real money in their bank account using Jio Coin affiliate program.
Under this program, users will be needed to register themselves to the JioCoin affiliate program. Then each participant will get their unique affiliate link. They can share it with other people to promote Jio Coin and if anyone does purchase JioCoin from referrer’s unique affiliate link, the referrer will earn flat 5% commission in real cash which can be then transferred to referrer’s bank account.
JioCoin Booking Process
As mentioned earlier, JioCoins will be sold at different tiers and prices. But according to the report, for each referral from 1st February to 15th February, referrers will get 10 Jio tokens (JioCoins). So, if you want free Jio Coin, you should keep visiting this page for Jio Coin launch news. And then start telling your friends about this new cryptocurrency. If they buy Jio coin from your link, you will get ten free Jio coins each refers.
On the other side, you can also buy Jiocoin with Indian currency when the first lot will be launched. The minimum amount you can invest for buying Jio coin is $100 that’s around Rs 6,300. You just need to create your account by submitting documents like PAN card, Bank account details on JioCoin exchange and that’s it. You can now get JioCoins in your wallet.
Frequently Asked Questions About JioCoin
Below, we have listed some frequently asked questions (FAQs) about Jio Coin and answered them thoroughly. Hope it will answer most of your questions about Jio Coin.
1) Should I Invest In Jio Coin?
Answer : Yes! As we all know, the price of any new cryptocurrency that just launched remains low. But as soon as people started buying it, the price goes up. Same will happen in case of JioCoin. People will jump and start investing in Jio Coin as soon as it gets launched. We have seen many Youtube videos where creators are recommending their subscribers to buy at least some JioCoin and in the comment of those videos also, people replied that they will surely buy JioCoin. These things indicate that Jio Coin will get viral and everybody will jump on it. And only the first mover will get JioCoin at the lowest cost. After that, the price will go high.
2) When Will JioCoin Launch?
Answer : We already told it above. Possibly 15th of February 2018 is the Jio Coin launch date.
3) Can JioCoin Ignite A Cryptocurrency Revolution In India?
Answer : The possibility is almost 99%. People are just crazy about Bitcoins and stuff like that. But Indian Government have already cautioned people about it. But Mukesh Ambani has taken this decision after that. So, it is obvious that Jio Coin will be Government-friendly. Now, there will be no problem to invest in JioCoin. On the other hand, Mukesh Ambani always got huge success in every field he kept his hand on. So, it will also get viral and ultimately has the ability to ignite a cryptocurrency revolution in India.
4) How Does JioCoin Work?
Answer : Jio Coin works on blockchain technology just like other cryptocurrencies such as Bitcoin does. We have described blockchain technology at the beginning of this article.
5) What Is The Future Of The Reliance JioCoin?
Answer : It’s future is very bright. Because it has the ability to bring cryptocurrency revolution in India. And cryptocurrency field is already viral all over the World and Indian people are ready to invest in cryptocurrencies without even knowing how it works.
6) How Do I Become One Of The First Person To Buy JioCoin?
Answer : Before launching, from 1st Feb to 15th Feb 2018, Reliance will start Jio Coin referral program where you can tell others about JioCoin and give them your referral link. If they buy JioCoin using your referral link after it gets launched, you will get 10 JioCoins for free each refers. And you can also register yourself on JioCoin exchange and buy Jio Coin in exchange of Indian currency. The initial price of JioCoin will be $0.5 (Rs 32 approx.) and the minimum package will be of $100 that is around Rs 6,300.
7) Is JioCoin Going To Be Successful With 50 Young Minds?
Answer : Those 50 persons are professionals. And they are enough to study on blockchain technology and bring Jio Coin. More person doesn’t necessarily mean more success. Reliance already showed the power of their team and strategy on Jio. Being the last mover in Indian telecom industry, Reliance Jio is the top operator with the largest customer base. Crypto-experts are predicting that JioCoin can even be more successful than Bitcoin.
8) What Impact Will JioCoin Have On Indian Economy?
Answer : It will put considerable effort in R&D in blockchain technology, explore the additional use of blockchain technology for better social welfare, create competition among IT companies, could give new direction for Indian IT giants after their stagnation in application software and emerge more startups and ultimately more employment. (Credit for this answer goes to Mr Narayan Dayama, Chartered Accountant).
9) How Many Jio Coins Can One Buy At One Time?
Answer : Unlimited. There will be different packages of which we have described above. The price of these packages are $100, $500, $1,000 & $5,000. If anyone wants to buy more than that, there will also be a customized package according to the requirement of the buyer. But there are different lots of 10 million JioCoins. The price is different for each slot and it will get doubled after the sale of each lot of JioCoins.
10) Will JioCoin Be Legal In India?
Answer : Well, we also described it earlier. Unlike Bitcoin, Jio Coin will be legal in India as well as other countries of the World. Because Mukesh Ambani will surely invent some features which will make it legal. Cryptocurrency experts are even telling that even Indian Government also might tell people to invest in Jio Coin because Govt will get more taxes if people invest in it.
Jio Coin will surely launch in 2018. You just need to wait and be ready to buy Jio Coin once it is released. Till then keep your eyes on JioCoinExpert. Bookmark this page on your browser. We will keep posting all the information about Jio Coin here. Share this article with your friends and family and let us know your thoughts on Jio Coin in the comment section below.