Bitcoin Gold
A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017.REUTERS/Benoit Tessier/Illustration

Investing in cryptocurrencies is extremely risky and highly speculative as one finds thousands of chances to win a lot of money – and to lose it.

As Bitcoin prices skyrocket, millennials are tempted to make some quick bucks irrespective of the lack of understanding and the risks involved. But if you're also planning to venture into the world of crypto, a recent survey of 1,000 American millennials on their popular choice to invest $10,000 in digital currencies could come in handy.

The survey conducted by Forbes found that 9.19 percent of millennials (aged 18 to 34 years) would invest $10,000 in cryptocurrencies, compared to 4.04 percent of Generation Xers (35-54), and (3.08 percent) of Baby Boomers (55+).

Another key finding of the survey was that Bitcoin remained by far the most popular choice, followed by Ethereum, and Litecoin. Specifically, 76 percent of the millennials said that they would invest $10,000 in Bitcoin, 12 percent in Ethereum, and 12 percent in Litecoin.

Now, the question comes as to how one can invest in these cryptocurrencies.

In order to buy bitcoins in India, you need to first register yourself on a trading exchange. Once registered, you have to provide your bank details and go through the know-your-customer (KYC) process.

KYC would require your details such as PAN and Aadhaar along with your recent photograph and signature.

Once your KYC is completed, you can start buying and selling bitcoins.