For people who don’t know, Bitcoin is an digital currency thus uses an Peer to Peer technology and it is not controlled by any government authority. For example – RBI in India and In U.S. it’s the Federal Reserve.
Bitcoin is a type of cryptocurrency and is the most famous and largest according to the market capitalization. Cryptocurrency is not regulated by any governmental authority. Bitcoin has been established 12 years ago. As you know that bitcoin is a digital currency hence it is not physical and non tangible currency. The current value of one Bitcoin is roughly worth of almost 38 lakh rupees, but you can buy small quantity of the bitcoin by not buying the full bitcoin. Bitcoin can be bought in small quantities, or in parts, for as little as Rs 500. As a result, you will own a little share of the coin.
At present Bitcoin is the most famous and the largest in the terms of market capitalization. It has become very famous from recent years. India on the cryptocurrency trading is in the early days. Bitcoins may be the type of investment you’re searching for, with a 300 percent gain in value in just one year.On these digital exchanges, investors can purchase Bitcoins at the current market price. On some digital exchanges, international credit cards can also be used to purchase Bitcoins.
On both Android and iOS devices, several cryptocurrency exchanges feature a mobile app that can be downloaded and utilised. As a result, potential investors will be able to rapidly link their bank accounts to their telephones and conduct real-time transactions and transfers.
Remember that you must go through a simple KYC process before you can start trading Bitcoins. As a result, investors without a PAN card in India are unable to buy Bitcoin. Investors’ PAN cards must be linked to their bank accounts in order to withdraw and transfer funds from a cryptocurrency exchange.
Despite our enthusiasm, several of us have raised concerns about the safety of buying, keeping, and selling bitcoins in India. So how to buy bitcoins in India??
- Firstly, you need to have some basic documents like, Aadhar Card and your PAN Card for the KYC of the process.
- Secondly you need to have an cryptocurency exchange in orde to trade bitcoins. Famous cryptocurency exchanges in India are Zebapay , CoinDCX, Unocoin and Giottus. You need to sign up on these platforms which will be done by submitting your Aadhar Card & PAN card details. After the KYC is done your account is ready , and you can trade in cryptocurrency markets thereafter.
- Investors can easily transfer the appropriate amounts from their bank accounts to the crypto exchange after making a purchase. RTGS, NEFT, debit or credit cards, and other digital payment systems used for everyday purchases are examples of alternative payment methods.
- The next stage for investors is to deposit their Bitcoins into the wallets of the cryptocurrency exchange.Wallet IDs, rather than the owners’ and sellers’ names, are used to identify transacted Bitcoin, and all of these transactions are recorded on a public ledger.
So, How popular is Bitcoin in India?
Due to its size and population, India has the potential to be a large Bitcoin market. In India, Bitcoin is becoming more popular, with an average trading volume of 112 million INR in 2021, up from 83 million INR in 2020.
Keep These Considerations in Mind When it Comes to Purchasing Bitcoins in India
- A potential investor should first gain a better understanding of the global and Indian cryptocurrency capital markets. Because of the vast amount of information available on numerous websites, they can conduct extensive research.
- It’s also a good idea to keep an eye on the price of digital currency and the market share of Bitcoin. A variety of internet platforms dedicated to this goal are available to investors. They can also get daily data from a number of other trading websites.
- Due to its high volatility , it is advised to perform proper research before investing in bitcoin or any other type of cryptocurrencies that are available in the crypto market.
Thumb Rules and What You Want from a Bitcoin Exchange
- You’ll want to go with a reputable and secure exchange.
- You’re looking for a Bitcoin exchange that takes your local money.
- You’d like to converse with someone in a language you’re familiar with.
- You’re looking for a simple transaction.
- You’re seeking for a debit card-accepting exchange.
- You want an cryptocurrency exchange where you can trade different types of coins.
- You want a platform that provides a diverse set of trading alternatives.
- You’re looking for a cryptocurrency exchange that can teach you everything you need to know about the topic.
There are many platform out there and all of them claims to be the best.
In terms of fees, zebpay is the most expensive platform to trade on, with high fees for both buying and selling. Unocoin shares the same problem as zebpay. Furthermore, there was a substantial price difference between selling and buying.