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How to Buy Bitcoin in India?

 

February 22, 2022 (Investorideas.com Newswire) A decentralized digital currency that can be transacted through a computer network is called Cryptocurrency. It is a highly encrypted exchange medium that is neither owned nor controlled by any authority. It has been estimated that there are around 8,000 cryptocurrencies as of now. The number and the value of cryptocurrencies have been growing ever since their inception.

Bitcoin is one such crypto that was first created in 2008. It is a highly valued cryptocurrency in the world. The growth and popularity of Bitcoin can be known from its name being used widely in place of the term Cryptocurrency itself. With the development of the internet and technology, the buying and selling of Bitcoin were made easy. And now, everyone wants to own a piece of this valuable cryptocurrency. However, not many people know how to buy Bitcoin in India.

History of Bitcoin

Bitcoin, often referred to as Digital Gold, is the first-ever cryptocurrency that commenced its operations in 2009. It was invented by a person or a group using the name Satoshi Nakamoto. Bitcoin was released as open-source software which means that this network is not owned by a person or a company. This crypto functions on blockchain technology where the transactions occur in a peer-to-peer network. Network nodes do the verification and the transactions are recorded in a distributed ledger, thus eliminating the need for a third-party intermediary.

Out of the 21,000,000 million Bitcoins available for supply, 18,925,000 are in circulation as of 10th January 2022. Since the supply is limited, it is expected to run out by 2140. Starting at ₹0.04 in 2009, the value of 1 Bitcoin soared up to a height of ₹49 lakhs in November 2021. With just less than 10 percent Bitcoin supply left, experts say that its demand and the price could further skyrocket in the future.

Crypto in India

The Indian crypto market has seen a rise in the past couple of years. Though the majority of the Indian population is not so aware of cryptocurrencies yet, there seems to be a rise in the number of investments. According to a study, around 10.07 crore Indians own cryptocurrencies like Bitcoin. The demonetization in 2016 brought about a huge surge in Bitcoin transactions in the country. The RBI prohibited banks from dealing or transacting with such virtual currencies in 2018 which was turned down by the Supreme Court in 2020. In mid-2021, the Government of India announced that it will introduce a bill to ban all private cryptos and create the country's own digital currency. Further clarifications and regulations are expected during the Annual Budget 2022.

Is it Legal to Buy Bitcoin in India?

Considering the given situation with the RBI's restrictions and the government's ban announcement, it is easily presumed that Bitcoin is banned in India. But to put in the facts, there is neither any authorization nor regulations imposed by the government. The ban announcement is just a public statement so far and hasn't been regulated by law yet. As a result, the purchase and sale of Bitcoin cannot be considered illegal in India.

Where can Bitcoins be Purchased?

There are several digital cryptocurrency exchanges available in India to buy Bitcoin. The crypto exchanges like Coinbase, ZebPay, Defy can be used to exchange real money for Bitcoin. The cost of 1 Bitcoin is around ₹29 lakhs as of Jan 2022 and you can even buy them in parts. The investment can be as low as ₹100 and this minimum value varies with the crypto exchange. The crypto exchanges provide apps and sites for user convenience and offer discounts on the purchase and sale of Bitcoin.

How to Buy Bitcoin in India?

As mentioned above Bitcoin can be purchased from crypto exchanges. Choosing the right crypto exchange in terms of transparency, ease of use, transaction charges, authenticity are crucial. The purchased Bitcoin can be stored in a digital wallet, so choose the best exchange for your investment. Ensuring your identity and security of the transactions is necessary. Hence, the following steps are to be followed to buy Bitcoin in India:

  • Choose a crypto exchange that you consider best for Bitcoin transactions.
  • The very first step you would be asked to do is to submit the documents like the Aadhaar card and PAN card for verification. As the Indian crypto bill requires KYC, you would need to provide that too.
  • After the successful verifications, you need to place the order for Bitcoin on the exchange.
  • Once the order is placed you'll need to transfer the money for the quantity of Bitcoin chosen.
  • The payment can be made through direct bank transfer to the crypto exchange or through NEFT, RTGS, debit and credit card transaction, etc., You can choose the mode of payment as per your convenience or from the options provided by your exchange.
  • The final step is to safely store the purchased Bitcoin. The crypto exchange will provide you with a wallet that may not be advisable for long-term storage.
  • Cold Wallets are considered to be the safest ones as they work offline and are not accessible through the internet. So you can move your Bitcoin to a cold wallet.

Conclusion

The steps and procedures mentioned above are the ways to buy Bitcoin in India. In addition to this, an investor should be knowledgeable about the global crypto market. Given the Indian Government's and RBI's current take on the cryptos, there's always a high risk of losing capital. Other than this, considering the growth of Bitcoin and other cryptos worldwide, this proves to be a good investment.


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