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You can buy Bitcoin in India from this guide - find out everything you need to know about buying, trading, and investing Bitcoin in the country.
Can I Buy Bitcoin In India, Complete Guide-2021
How Might I Purchase Bitcoins in India?
A basic overview of how to buy
bitcoins in India may be summarized as follows:
Step 1: Log on to an Indian exchange with your credentials and copy down your wallet address.
Step 2: Make an account with WazirX, sign up, copy down your wallet address, and enter your email address.
Step 3: Enter your wallet address into the selected box provided.
Step 4: Enter your personal account number into the selected box.
Step 5: Click “Send my money.” Once the purchase process is over, you will get an email with details. This email will include a link to your account, along with a printable QR code.
Why Invest in Bitcoin?
Like any other financial instruments, bitcoins have inherent value; it is often cited as the world's first decentralized virtual currency.
The central component of the Bitcoin network is the Blockchain, which can not be modified or altered, in contrast to any other blockchain or database.
Bitcoins are programmed by algorithms based on mathematics. Bitcoin is accepted globally by thousands of merchants, which can be found on the Bitcoin e-wallets.
It is also secure, low-cost, easy to use, and immediate, making it very easy to use, manage, and invest in bitcoins.
How do I ensure that my Bitcoin is stored safely?
Bitcoin is a highly speculative investment and is highly prone to theft. You should invest only what you can afford to lose, and never try to predict future value.
You also need to choose a safe way to store your Bitcoins and do your research before you decide on the most appropriate way.
Exchange is the safest way to store your Bitcoin. You buy and sell Bitcoins with that money, and you never see the funds but only the equivalent value.
Additionally, the funds are locked up, so they are secure even if the exchange goes down. If you have the funds available, you can get into the Bitcoin markets using a cryptocurrency exchange.
What can I do with my Bitcoin? Bitcoin is decentralized, and you can now buy and sell goods and services with it at a wide variety of stores.
How to buy and sell crypto?
The WazirX exchange offers you the opportunity to buy and sell bitcoins, and you can do it in a very fast, and simple process, making it easy to buy or sell.
On the other hand, it doesn't allow you to buy bitcoin for personal reasons. Also, you can't use your credit card for online transactions, so you have to make sure to verify your identity with a selfie.
HOW DOES IT WORK?
The WazirX is quite similar to other exchanges, and that's because all these exchanges deal in cryptocurrencies, and they all have some slight differences in procedure. However, as far as buying bitcoins goes, the method is pretty straightforward. You first open an account and then deposit some cash into the account to buy bitcoins.
How to open an account with WazirX
- Log into WazirX by registering on their website.
- You will then be directed to their page for registration.
- Click the 'Open' button on the 'Sale Investment' page to open a new account.
- If you already have a bank account, fill the registration form in the usual way.
- Once you have completed the registration process, click the 'next step' button.
- You will then be asked to enter your name, ID card number and click 'I Agree'. You are now done.
- All you have to do is click 'Submit' on the registration form.
- You will then be shown your account details on your registered email address.
- You can use this email address to view your transaction history.
- On WazirX, you can add your mobile number for on-the-go access. WazirX offers an Android app as well that helps to purchase bitcoins.
How to transfer funds to your account
If you want to buy bitcoins from WazirX, you will first need to make a deposit to your account. As soon as you sign up, you will have an account name and a password that you need to keep a secret. If you want to keep your private key safe, you will need to pay a small fee, which you can do by clicking on the button to create an invoice. Although this sounds a bit complicated, it will only take about 20 minutes.
Once you have deposited your initial deposit, you can proceed with buying bitcoins from the exchange. If you already have bitcoins stored in your wallet, you can make a withdrawal from your wallet and move the funds to your WazirX account. WazirX has made it easy for you to buy or sell bitcoins by presenting you with the various options you need.
The price of bitcoins can vary based on several factors, including demand for bitcoin and the number of bitcoins that exist. If you want to invest in bitcoin, your key objective should be to find a stable price. Therefore, make sure that you find an exchange where you can trade it at a regular, predictable price
Before you begin, check the exchange's minimum deposit amount to see how much you have to deposit. This is important because a small amount of money will always be required to trade bitcoin. Check how much you need to deposit, and how long you have to wait before you can withdraw that amount.
"We have just got certified by FinCEN as a digital currency exchange. In India, we have just entered the market. We started as a service provider for the developers. We are still in the process of establishing a dedicated trust.
In India, we are taking big steps towards digital money, investing, and creating a positive shift in the mindsets of people to accept this," said Dr. Deepak Abbot, Founder, and CEO of WazirX.
If you want to invest in bitcoin in India, you need to download an application from WazirX and connect your bank account to it
The application will ask you to create a wallet using your debit card and set the auto-transfer to a WazirX wallet. You can then withdraw that amount to your bank account or transfer it to your wallet. The transfers happen within minutes.
Transferring Bitcoin
Let us begin by examining how to buy bitcoin, transferring funds, and buying bitcoin. Firstly, you need to create an account at a cryptocurrency exchange. Cryptocurrency exchanges vary in their trading ranges and allow traders from various countries to trade currencies.
A full list of crypto exchanges in India is available on CoinGecko. However, here, we list the major exchanges and the ones you can choose to open an account.
Some exchanges offer great commission rates, while other crypto exchanges charge you as much as 5% on each trade. With an exchange account, you can buy bitcoins by using your debit or credit card. In some instances, a bank or other lending institution may assist in the transfer of funds for a fee.
If you have an Indian bank account, you can open a bank account in India by paying a small amount of money.
Bitcoin exchanges accept payments in rupees from non-resident Indians (NRIs), but there is a small charge.
What is the legal status of bitcoin in India? In April 2018, the government issued the Central Bank of India Circular (CBIRC) to regulate cryptocurrencies. The circular defines cryptocurrencies as "any digital asset or virtual currency."
The circular authorizes cryptocurrency exchanges and banks to "handle digital assets, including cryptocurrency", and orders the RBI to provide technical assistance in carrying out these tasks. The circular also states that "the RBI is generally not in the business of regulating bitcoin exchanges"
Where can India buy Bitcoin easily?
The exchanges that have partnerships with Binance allow you to purchase bitcoins through a peer-to-peer transfer, as well as through a direct transfer from your bank account.
You can also buy Bitcoin through several other platforms such as Zebpay, Unocoin, and Coinsecure.
Each of these platforms has different fees, but you may have the best luck with the exchanges that have a partnership with Binance.
Once you've purchased the bitcoins, you can hold onto them, or you can sell them for fiat currency.
Several other exchanges have partnered with Binance. The exchanges that have partnered with Binance offer additional advantages, which you'll find in the next section.
How can I sell my bitcoin in India?
If you have bought bitcoins and now wish to sell them to another buyer, you can do so at any of the big Bitcoin exchanges and use services like Bitsella to help you with the whole process.
The main exchange platforms offer a variety of transaction methods and withdrawal options, in case you have more bitcoins in the wallet, you will be able to trade them for another cryptocurrency such as Ethereum.
How to transfer bitcoins in India Once you have bought your coins in India, the next thing you need to do is convert the money into a currency of your choice.
However, before that, you need to know where the Bitcoin India trading platforms are. The most popular way to transfer money is through local payment gateways. One of the biggest international payment gateways is PayU.
is it legal to buy Bitcoins in India?
It is always a good idea to be aware of the legal landscape of any country you are considering. Although the cryptocurrency market is developing quickly, the law around these markets is not well developed.
Therefore, it is always wise to double-check the legal situation. In India, there is no specific regulation on the purchase and sale of bitcoins.
But in the case of bitcoins being a virtual currency, they can be bought, sold, and transferred with a bank account or even a virtual wallet.
Once you do all of this, you will be protected by RBI regulations, which only cover virtual currency transactions.
Cryptographic forms of money are not illicit in India but rather, they are not controlled
Conclusion
As bitcoin has grown more popular in India, so have the number of places to purchase bitcoin. Before deciding which one to use, do your research and find out about the exchange’s customer support, security measures, and competitive fees
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