Bitcoin, the leading cryptocurrency, has captured the attention of investors worldwide. While it’s a popular choice globally, India is still navigating its path in the cryptocurrency landscape. For those interested in investing in Bitcoin, understanding the basics is crucial. Here’s everything you need to know about buying Bitcoin in India.
LEGAL CONSIDERATIONS FOR BUYING BITCOIN
In India, investors must adhere to legal requirements when buying Bitcoin. This includes submitting essential documents such as the Aadhaar Card and PAN card and completing the KYC process.
HOW TO BUY BITCOIN IN INDIA LEGALLY?
- Submit Required Documents: Begin by submitting your Aadhaar Card and PAN card for verification.
- Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange to buy Bitcoin.
- Place an Order: Place an order for the desired amount of Bitcoin on the exchange.
- Payment: Transfer the payable amount from your bank account to the cryptocurrency exchange using methods such as RTGS, NEFT, debit or credit cards, or digital payment methods.
- Store Bitcoin: Store your purchased Bitcoin securely in a cryptocurrency wallet provided by the exchange.
WHERE TO BUY BITCOIN IN INDIA?
Several digital platforms in India facilitate the purchase of Bitcoin, including Coindesk, ZebPay, Coinbase, CoinDCX, CoinSwitch, Mudrex, etc. These exchanges allow you to buy Bitcoin at the current market price and may accept international credit cards for transactions.
MINIMUM INVESTMENT IN BITCOIN
There is no defined minimum amount to buy Bitcoin in India. However, you can purchase small units if you do not wish to invest in an entire Bitcoin. In India, you can buy Bitcoin with a minimum capital of Rs. 100, although this amount may vary between different exchanges.
STORING YOUR BITCOIN
Bitcoin is stored in a blockchain wallet, which stores keys for transactions, encryption, and signing information. There are two types of wallets – cold wallets (offline storage) and hot wallets (online storage).
POINTS TO REMEMBER
- Gain insight into the global and Indian crypto capital markets before investing.
- Track Bitcoin prices and market share through online platforms and exchange platforms.
- Understand the risk involved in investing in Bitcoin, as it is a highly volatile asset.
SELLING BITCOIN
When you decide to sell your Bitcoin, you can place a sell order through your exchange. Most exchanges offer multiple order types, allowing you to sell when the price reaches a certain level or immediately.
CONCLUSION
Investing in Bitcoin can be lucrative, but it comes with risks. It’s essential to educate yourself, understand the legal requirements, and consider the volatility of the market before investing. By following these guidelines, you can safely and legally buy Bitcoin in India.
