Cryptocurrencies are digital assets that can be used to exchange value anywhere on the planet, but they do not exist in physical form. It is a blockchain-based electronic transaction system that allows users to exchange tokens for goods and services. Cryptocurrencies, like the US dollar and the Indian rupee, have their own stored value, allowing them to function as digital currencies.
Even though there are other cryptocurrencies, many people prefer to invest their money in Bitcoin. It is the world’s oldest, largest, and most widely used cryptocurrency.
Bitcoin’s value increased by more than 60% in 2021, providing investors with fantastic rewards. Last year, it wasn’t just the price of Bitcoin that increased. With 10.1 crores of unique crypto owners, India has become the world’s largest country in terms of crypto ownership. And the statistics are only going better.
There is no one best approach to acquiring bitcoin; the best method is the one that you have mastered or that appears to you to be the most comfortable and realistic. Make sure you understand bitcoin trading and how to trade bitcoin before even choosing the best method.
Purchasing Bitcoin is not a tough procedure, despite how intimidating it may appear. Because there are so many different exchanges, I believe some people may feel overwhelmed while purchasing Bitcoin. How do you make your decision?
You can acquire the assets and hold them for the long term, or you can trade them for a quick profit.
How to Buy Bitcoin in India with Cash?
Bitcoin Cash (BCH) may be purchased with INR on PCEX Member in India.
PCEX Member is currently the best platform in India for buying Bitcoin cash because their trading charge is quite minimal when compared to other crypto trading platforms. In the spot market, they impose a flat fee of 0.3 percent. There is no price for the maker or the taker.
They have an instant KYC approval feature. Your KYC will be authorized in minutes, allowing you to begin trading immediately rather than waiting days. PCEX Member also has the option of making an instant INR deposit.
- Create a PCEX account
- Complete the KYC
- Deposit INR
- Buy Bitcoin Cash (BCH)
What is Bitcoin?
Bitcoin is commonly recognized as the first cryptocurrency, having been created by the mysterious Satoshi Nakamoto in 2009. Bitcoin is decentralized digital money that may be bought, traded, and exchanged without the need for a middleman like a bank. It serves as both a medium of trade and a store of value or alternative investment.
Bitcoin is a decentralized virtual currency that is not owned or controlled by a centralized authority person or entity, which distinguishes it from traditional fiat currencies. Instead, the cryptocurrency is based on blockchain technology, which makes it decentralized, distributed, and transparent. As a result, cryptocurrencies have been dubbed the modern-day financial revolution!
What You Want from a Bitcoin Exchange?
If you’re intending to utilize a cryptocurrency exchange in India to invest or trade, you need to do your homework first. Before choosing an exchange to invest in Bitcoin in India, be sure the platform is legitimate and the team behind it is trustworthy.
Before investing in Bitcoin, be sure the platform delivers the following:
- An exchange that is simple to use.
- An exchange that is well established and safe.
- Use an exchange that lets you buy several coins.
- Bitcoin exchange that will accept your local money.
- Want a conversation in a language you can understand.
- Debit card swap.
- An exchange that offers a variety of trading choices.
- An exchange that will educate you.
What do you know before investing in Bitcoin?
Even though cryptocurrency trading is still in its infancy in India, several retailers have begun to accept Bitcoin and other virtual money as payment. Bitcoin appears to have a bright future, based on its increasing demand. Many investors are interested in it because its rate occasionally soars to new heights.
Here are some things to consider before investing in Bitcoin in India.
If you wish to invest in Bitcoin, you must first be confirmed on legal grounds. You can use Know Your Customer Verified to do so (KYC). Personal documentation, such as your PAN card, address proof, and bank account information, must be submitted. Make certain that all of these facts belong to the person who is interested in investing in Bitcoin.
Create an account
Make an account on a crypto exchange platform. You must read the platform’s policies in their entirety. You would have to choose an investment strategy. Cryptocurrencies can be purchased by transferring funds from your bank account.
Crypto Exchange Platform
A crypto exchange is similar to a stock exchange, except that it is digital, self-regulated, and open 24 hours a day, every day of the year.
There is no fixed organization for cryptocurrency trading. People can, however, trade on cryptocurrency trading platforms. WazirX and CoinDCX, for example, are two lesser-known Indian exchanges. You must decide on a platform for yourself.
Choose the Broker wisely
Short-term bitcoin trading can be quite successful, but the broker you choose is equally important. Many traders offer bitcoin trading, however, not all of them have favorable terms. As a result, I will recommend Currency, a broker with whom I deal.
Currency’s professional platform allows for bitcoin trading. The platform is user-friendly and has an excellent interface. You can also utilize a variety of tools and indicators to study the market before making any major marketing decisions. News is another key supporting tool. The broker gives news on several cryptocurrencies, which you may use to help you with your technical analysis.
It has dependable support and usually rapid responses. The cost is straightforward. Finally, because of its tight spreads, hundreds of cryptocurrencies, and quick market execution, it is more efficient for day traders. You have the option of trading bitcoin with a 100:1 leverage. This means that with a $1,000 deposit, you can trade with up to $100,000 and make a lot of money in a short amount of time.
Invest your money
You must first choose the coin you wish to invest in, which is, of course, Bitcoin. After you’ve decided on Bitcoin, remember to save codes in your account. This is to avoid taking any risks, including hacking. Apart from that, these platforms provide Bitcoin wallets for storing and selling bitcoin.
You can do this by purchasing bitcoin with any amount you have, and the value of your money will climb in tandem with the value of bitcoin. If the value of bitcoin falls, the value of your money will fall as well.
Let’s imagine you put $1,000 in bitcoin and it’s worth $10,000. If the price of bitcoin grows to $11,000, your $1,100 investment will increase by 10% to $1,100. And if it declines, so will the worth of your money.
The negative is that the future of cryptocurrency is unpredictable, and long-term investment in it may be fraught with dangers. Buying bitcoin for a long time is also a time-consuming technique to gain money.
Short Term Trading
Many retail and day traders operate in this manner. They trade short market movements to benefit quickly. One of the key benefits of this strategy is that it allows traders to profit whether the price of bitcoin is growing or declining.
Unlike when you purchase the assets. Day traders can profit regardless of the market’s direction. It all depends on where they stand.
The ability to trade with leverage is another benefit of this trading method. Leveraged trading allows you to trade with borrowed money and make more money than you could with your own money. As a result of leverage, retail traders’ profit potential is raised.
One big downside of this trading strategy is that if you do not have the necessary trading knowledge, you could lose all of your money.
Why invest in Bitcoin?
Bitcoin spawned a new asset class that has drawn investors from all around the world. However, you may wonder why you should buy and trade cryptocurrencies in India. Cryptocurrencies, particularly Bitcoin, provide tremendous returns and have become one of the world’s best-performing assets.
Bitcoin is an excellent investment for investors who are willing to take risks, as well as traders who want to make quick and substantial returns on their investments, due to its frequent price changes. The Indian market shares this sentiment, as seen by the rapidly growing crypto trading business in India. In November of last year, Bitcoin reached an all-time high of approximately US$ 68,000, possibly indicating fresh highs in 2022!
Bitcoin was created as a deflationary asset, with a supply limit of 21 million coins. Nearly 19 million of these are now in use. Bitcoin provides investors with a hedge against inflation due to its restricted quantity and the Bitcoin halving. All the more reason to visit India’s crypto markets.
How to Invest in Bitcoin via WazirX?
You can buy Bitcoin in India quickly and easily with WazirX. All you’d have to do is follow the steps below:
- Click on the Signup button on the WazirX official website.
- Create a strong password and enter your email address.
- Go over the WazirX Terms of Service and check the box if the terms are acceptable to you.
- To finish, click Sign Up.
- Now look for a verification email in your inbox, and press the Verify Email option to finish the register process.
- Choose your preferred security measure after verification.
- Select your nation from the drop-down menu for the KYC verification process.
- You will now be requested to verify your identity.
- You’ve completed the account creation procedure once you’ve uploaded your KYC information. KYC verification usually takes between 24 and 72 hours.
Deposit funds and buy Bitcoin
- UPI/IMPS/NEFT/RTGS are all options for depositing Indian rupees.
- To find out the current bitcoin price in India, go to the Exchange.
- Scroll down on your dashboard to see the Buy and Sell choices.
- Put in your desired price in INR and the amount of Bitcoin you wish to buy after hitting Buy.
- Simply click Place Buy Order and wait for the order to be fulfilled.
- And that’s it! When the transaction is completed, the INR equivalent bitcoins will be added to your WazirX wallet!
Frequently Asked Questions
Can I buy Bitcoin in cash?
Purchasing Bitcoin with cash isn’t as difficult as it appears. Peer-to-peer is one option to acquire Bitcoin with cash. This means you can find someone locally to buy from in person. This involves a little more effort than most individuals are willing to put in. Another option is to buy Bitcoin with cash from a Bitcoin ATM, which is more convenient and less intrusive.
Can I buy Bitcoin for 100 rupees?
A fraction of a Bitcoin can be purchased. You can buy Bitcoin for Rs 100 or Rs 1,000, for example.
As of this writing, the current Bitcoin price (1 BTC) is Rs 66,122.
What is the minimum amount to invest in Bitcoin?
In India, an investor can purchase Bitcoin with a minimum investment of Rs. 100. This restriction, however, may differ between crypto exchanges.
Where can I purchase Bitcoin in India?
7 Best Crypto Trading Platforms to Buy Bitcoin in India
Can I convert cash to Bitcoin?
You may get bitcoins in a matter of hours by converting your cash to bitcoin. Before you buy, make sure you have a Bitcoin wallet because some of the exchanges listed below demand one. If you don’t already have one, check out our list of the best Bitcoin wallets.
Can I withdraw Bitcoin in India?
Exchanges of third-party brokers
You can request a withdrawal in the currency of your choice once the exchange has received your bitcoin. The money will be deposited into your bank account. Because money laundering regulations restrict brokers, you must withdraw to the same bank account as you deposited.
Is there a Bitcoin ATM machine in India?
Currently, India has two Bitcoin ATMs/Tellers in and around Delhi. A Bitcoin ATM was previously apprehended by the Karnataka police in Bengaluru in 2018 because it was illegal and set up without the approval of the relevant authorities.
How do I buy Bitcoins without a bank account?
Local Bitcoins offers escrow and a variety of payment ways for those looking to acquire bitcoin without a bank account. On top of numerous other payment options, cash deposit, Western Union, face-to-face cash transactions, and Amazon gift cards are all available.
Does Bitcoin ATM accept cash?
Yes, Bitcoin ATMs accept cash. Almost every BTM in existence accepts cash.
Is bitcoin linked to your bank account?
Bitcoins cannot be simply deposited into a bank account. You can sell them to someone who will then send the funds to your bank account, or you can sell them through an exchange and withdraw the funds.