Bitcoin is the most liked cryptocurrency for investment it is based on blockchain technology. Blockchain technology is most simply defined as decentralized. This creates a decentralized distribution chain that provides everyone access to the document at an equivalent time.
The records on a blockchain are secured through cryptography and you’ve got private keys that are assigned to the transactions making it secure.
The digital ledger of transactions is formed accessible by distributing it across the whole network of computer systems on the blockchain.
Bitcoins are available on all the cryptocurrency exchanges for investment and trading.
How to Invest in Bitcoin in India 2021
Three ways to buy/sell bitcoins in India.
1.Buy/Sell Bitcoins Through Cryptocurrency Exchange
A cryptocurrency exchange is where you can buy/ sell various types of cryptocurrencies like bitcoins, ethereum, tether or ripple.
Buying bitcoins from the crypto exchange is very simple. You just have to open an account with any of the crypto exchanges, then transfer money into the crypto account, and then buy bitcoins from the crpto exchange.
You just need to pay the small transaction fees for buying bitcoins from the crypto exchange.
2. Buy Bitcoins Through P2P Transaction
You can use the P2P (Person to Person) mode of buying bitcoins. If you do not want to pay the transaction fees.
In India, a marketplace like Paxful provides P2P transactions at a 0% fee for buyers, whereas sellers got to pay a particular percentage of the fee, normally up to a quarter of the transaction amount. But the other platforms or exchanges may collect a little amount of fees for P2P transactions, that you simply got to check before using the P2P mechanism for purchasing bitcoins.
3. Get Bitcoins Through Mining
Mining is a process where you’re rewarded with bitcoins on the successful addition of a block to the blockchain. You can also get bitcoins through mining.
Bitcoin mining involves two separate tasks. First, you would like to verify the past bitcoin transactions that have already taken place. The file size containing details of bitcoin transactions adequate to 1MB must be verified.
After that, you need to solve a mathematical problem so that the block of verified bitcoin transactions can be added successfully to the existing blockchain.
When you complete both the tasks successfully then you’re awarded 1 bitcoin for your efforts.
How to Buy/Sell Bitcoin in India 2021
Start a bitcoin investment by selecting any exchange to open an account, transfer money to that account, and use that money to buy bitcoins.
Follow step-by-step procedures on how to invest in bitcoins in India.
You can use the WazirX exchange to open an account and buy bitcoins because of the very simple and easy account opening process, lightning-fast transaction, and easy to use platform.
WazirX has India’s Best exchange. WazirX also has a tie-up with the world’s largest crypto exchange Binance. But you can use any other exchange, the process will be more or less the same as shown below.
1. Open Crypto Trading Account
Open an account on WazirX by following the steps mentioned here
1. Sign Up on WazirX Here
2. Fill the Details to Start Creating an Account
First step, you need to fill your email address and create a strong password to open an account.
3. Email Verification and Account Security Setup
WazirX sends you an email for account verification. Verify your email and set up your account security.
You can use any of the two ways to set your account security.
- Google Authenticator App
- Mobile SMS service
However, the Google Authenticator app is safer as compared to mobile SMS because the SMS is prone to the delayed receipt and there are chances of SIM card hacking.
4. Select Country and Choose Account
WazirX allows you to open an account with or without KYC. Without KYC you’ll only deposit and trade on your WazirX account.
The KYC compliant account has the facility to perform all the transactions including withdrawals and trade P2P.
For completing the process of KYC you need to enter a few details like
- Full name as same on KYC document
- Date of birth
- Address as per the KYC document
Upload the scanned copy of your KYC documents and selfie to complete the account opening process.
2. Deposit Money (INR) to Your Trading Account
Before you trade, you would like to deposit Rupee (INR) into your account. the only cash can then be wont to directly buy bitcoins, USDT, or any other cryptocurrencies listed on the exchange.
On WazirX the minimum deposit amount is Rs. 100 whereas, there’s no upper cap on deposit. And you can start with 300 rupees minimum investment in bitcoin in India minimum investment actually depend on the current price of bitcoin. Minimum you can buy 0.0001 BTC.
You can deposit using IMPS, UPI, RTGS, and NEFT methods.
Click “Funds” tab for depositing INR Rupees after you have logged into your account. Select the option “Rupee INR” and click on Deposit. Then you will need to link your bank details with your WazirX account.
You can use “Instant deposit using IMPS/ NEFT/ RTGS” and get WazirX bank details.
Transfer the funds via any of the IMPS/ NEFT or RTGS channels. Your money (in INR) are going to be credited to your WazirX account instantly which you can use to buy bitcoins on the exchange.
3. Buy Bitcoins on the Exchange
To buy bitcoins first of all login to your account and click on INR under the section “Exchange”. This is a spot market place for all the cryptocurrencies that are paired against INR.
Here you will able to see various cryptocurrency pairs against INR. Select the bitcoin (BTC) – INR pair.
When you select the BTC/INR pair you will get the price chart, the order book details, and the order entry form on the right-hand side.
To place your order Fill in the buy order form for buying bitcoins and click on the “Place buy order” button. The order gets placed instantly and you will receive bitcoin as soon as the order gets traded.