Bitcoin is, of course, the first cryptocurrency to come into existence. Invented on 31st October 2008, it was based on the white paper submitted by Satoshi Nakamoto. While there was only one cryptocurrency in 2008, now there are more than 5,000 out there. In a little over a decade, think about the giant leap that cryptocurrencies have taken. While you are reading this post, there’s probably another cryptocurrency getting deployed somewhere. People have already begun investing lump-sum amounts in cryptocurrencies with amazing returns. As the de facto face of the crypto market, Bitcoin is a worthy investment for the foreseeable future. If you’re wondering how you can buy bitcoin in India, let’s have a look at how you can get started:
- How to Buy Bitcoins in India
There are numerous ways to buy bitcoin in India. They can be bought on exchanges and there are several marketplaces that facilitate transactions directly between people. The method of buying bitcoin varies depending on your preferences, available options, and capital. But you can use a variety of methods such as – online transactions, cash or even bank transfers – more on that, below.
The preliminary step when buying cryptocurrencies is to get hold of a digital wallet to store your bitcoin and it is mandatory for buying one. After that, you can use any of the above-mentioned methods to buy bitcoin. There is no restriction on the type of online wallet you use. The various types can be:
- From any exchange platform
- A desktop wallet
- A mobile wallet (Decentralized)
- It can even be an offline one like a hardware device
It’s highly recommended you use a personal wallet – either a desktop/mobile one or even a hardware device, for maximum security and safety.
Here are some essential tips on keeping a digital wallet:
The first and foremost aspect is securing the keys or passwords of your wallet. You can’t lose the key, as it can never be recovered. Losing the key, therefore, means losing access to all your holdings in the Bitcoin wallet.
The second aspect is to invest according to your budget, as the prices of Bitcoin fluctuate just like stocks. At times you might make a huge profit out of them while during the other times the loss may overshadow your profit. Hence, invest wisely.
- How Many Ways Can You Buy Bitcoins?
One of the Best ways to buy bitcoin in India is by register on an online cryptocurrency exchange. There are several crypto exchanges available today that are secure and boast of healthy liquidity to allow quick and easy trades. All you need to do is a bit of research on some of the cryptocurrency exchanges ideal for you in order to clearly get the bigger picture. Some exchanges are prone to security lapses and can be unreliable, so you need to be careful. Similarly, you should also research your Bitcoin wallets before getting hold of any of them. Some of the globally renowned Bitcoin exchange includes Shiftal. They offer:
- P2P marketplace functionality – where you directly engage with a suitable trader for each transaction and trade your BTC or ETH with wide range of payment methods.
After the introduction of KYC (Know your client) and AML (Anti Money Laundering) norms, most exchanges require your information in order to validate your identity. The information includes your ID proof, photo, bank account details, proof of address, and so on. Shiftal provides easy KYC onboarding through YOTI.
The mode of the transaction can be varied, as you can Buy bitcoin with card also. There is a tiny transaction fee for each and every transaction you make and that includes the cost for using the bitcoin network as you transfer your holdings from the exchange to your wallet. Some even Buy bitcoin with paypal as well. The transaction might take some time – from a few minutes to hours – it is entirely dependent on the network traffic that is a part of the transaction.
As soon as your transaction is complete, you will have Bitcoins in your exchange wallet. You can then transfer the funds to your wallet off the exchange.
- How much return can you get if you invest in Bitcoins?
The decentralized virtual currency that took the world by storm has witnessed a 300 percent rise in value in just one year. Its value hit an all-time high when Japan passed a law to accept bitcoin as a legal payment system. Despite RBI’s reluctance to recognize the cryptocurrency, the interest in Bitcoins in India has not waned. Value of Bitcoins may not come down as there are a limited number of Bitcoins and every day more and more people are showing interest in investing in the cryptocurrency.
The leading peer-to-peer bitcoin marketplace is now in India. Shiftal is the best option if you want to convert your INR to BTC. With escrow-backed payments and over 70 payment methods available, buying bitcoin has never been more safe and easy. Your peace of mind is our top priority, that’s why your bitcoin wallet comes loaded with robust security features and two-factor authentication for additional safety. With stringent verification measures and a transparent process, Shiftal is one of the safest trading environments in the world.