How To Buy Bitcoin In India 2022? An Effective Guide

This article aims to guide you on how to buy bitcoin in India? So read the complete article to know!

how to buy bitcoin in india

Bitcoin is a famous buzzword in the world’s financial market, and so in India also, it has gained attraction ever since the digital currency was at its peak last year. It was at an all-time high when Tesla’s CEO Elon Musk said that- “he owns digital currencies like Bitcoin, Ethereum, Dogecoin.”

After this statement, the value of Bitcoin touched an all-time high at $65,000 price. And thus, the investors are taking a keen interest to understand the intricacies of bitcoin, like is it safe for investment? And how to buy bitcoin in India?

About Bitcoin (BTC)

The concept of Bitcoin can be seen back when it was mentioned in a white paper by Satoshi Nakamoto in 2018. 

Bitcoin is a type of virtual asset, and it is virtual cash that changes hands over an online server. And these days, there are plenty of options that one can have using these digital currencies. And big corporate companies are fighting against time for introducing a payment strategy to offer and accept services related to cryptos.

As I earlier mentioned, it is a virtual currency that changes its hand over the internet. One individual can transfer bitcoins from their wallet to another person’s digital wallet who is part of that transaction.

Every kind of transaction regarding bitcoin is recorded but not with the name of a buyer or seller; it is registered with their wallet IDs. And all transaction history records are stored in a public ledger called a blockchain. This, all information is arranged in a chronological order making a series of chains a blockchain.

It is very critical to know What Is Bitcoin And How It Works? before you buy bitcoins in India.

The Supreme court of India made the judgment and overturned the ban imposed by the RBI (Reserve Bank of India) in 2017. The RBI barred the system from dealing with cryptocurrencies like Bitcoin.

The decision made by the court gave the required clarity to companies and people of India that it can be brought or sold quickly. However, you must note that there are no specific rules, regulations, or guidelines for resolving Bitcoin issues in India.

So, the risk factor can be a significant drawback in India. Otherwise, it’s completely legal to buy or sell Bitcoin (BTC) in India.

How To Buy Bitcoin In India?

 The personnel planning to purchase Bitcoin in India can follow the below-given steps to invest in digital currencies without breaking any rules or laws.

  • Initially, the investor will have to submit some primary documents, including an Aadhar card and a PAN card. Then, they should complete the entire KYC process.
  • For buying Bitcoin, one must place the order for their purchase on a cry to the currency exchange platform.
  • After the order is placed, investors can transfer the payable amount from the bank account to the crypto exchange platform. Some other modes of payments include RTGS, NEFT, debit or credit cards, and other alternative methods of digital payment that one uses for regular transactions. 

Where To Buy Bitcoins In India?

Bitcoins can be brought from cryptocurrency exchange platforms; you can choose digital platforms like Coindesk, ZebPay, or Coinbase.

These digital trading platforms will allow individuals to buy Bitcoin at the current market price. Along with it, one can also use International credit cards for purchasing Bitcoins on these digital exchanges.

Few crypto exchanges provide a downloadable mobile application that is fully compatible with Android or iOS. Thus, the traders can smoothly link their bank accounts to their mobile phones and use this connection to fast transactions and transfers.

Moreover, keep in mind that one has to undergo a basic KYC process before one can begin Investing in Bitcoin in India. Therefore, traders cannot buy Bitcoin in India without a PAN card. A trader’s PAN card is vital, and it must be connected to their bank accounts used for any withdrawal and transfer of funds from a cryptocurrency exchange.

Aside from this, the individual should also gain knowledge about the minimum investment required for Bitcoin (BTC) before starting any transactions.

What Is The Lowest Amount of Investment In Bitcoin?

There is no minimum limit to buying bitcoins in India, just like there is no defined limit for investing in stocks. Moreover, there is a difference- if an investor does not want to buy a whole cryptocurrency, they are allowed to purchase a small unit of the same.

In India, a trader can purchase bitcoin in traditional Fiat currencies with a minimum of rupees 100. When recorded, the investors can add money into their digital wallets and then use this amount to place an order for bitcoins. It is said that the limit could change between several crypto exchanges.

Essential Points To Remember 

1. An interested investor should first acquire some knowledge and an insight into the overall scenario of the global and the Indian crypto asset market. They should do comprehensive research through ample documents available online on different websites.

2. It is also great to track the movements of prices of digital coins and the share of BTC in the market. Investors can do this through different online platforms dedicated solely to this purpose. Also, one can refer to several other exchange platforms for daily updates.

Bitcoins are popular because of extremely high returns in a limited time. It is a relatively new object in the Indian market, and they are also very volatile. Moreover, RBI has not made it legal, so there is always a threat of losing your asset. 

Thus, investors should always contemplate all the downsides to these investments before investing in them.

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