How to buy Bitcoin in India? 2022: Updated

The urge of every investor to invest in crypto markets has grown exponentially over the past few decades. 

Do you want to know how to purchase Bitcoin in India? How to buy cryptocurrency in India? 

Bitcoin is a rapidly growing cryptocurrency backed by well-known cryptos, including Ethereum (ETH), MATIC, Dogecoin (DOGE), etc.

As per the news report, more than 20 million investors from India have invested in cryptocurrency. 

What is cryptocurrency? Cryptocurrencies are digital currencies or finance that can be transacted virtually.

But you cannot ask a shopkeeper to accept cryptos in exchange for shampoo.

Cryptocurrencies are secured by cryptography and stored in the virtual wallet. Bitcoin was the cryptocurrency that came into existence in 2009 which was introduced by Satoshi Nakamoto.  

Digital currencies like Bitcoin, Ethereum, and Dogecoin are backed by Blockchain’s robust technology. What’s Blockchain? Keep calm and read.  

Blockchain is a decentralized database that syncs every transaction in a block and links it every time a transaction takes place. Each transaction is recorded on a list.  

Blockchain technology is following transparency to grab the user’s beliefs. Cryptocurrency follows a decentralized method of governing.  

Twenty-one million Bitcoin are in total out of which 90% have been held by investors, making approximately 19 million Bitcoin. What with another 10%?

To acquire 2 million Bitcoin, miners have to extract Bitcoin, and it gets harder and harder every time it goes close enough to make 21 million. 

People greatly influence the value of cryptocurrency. More buyers lead to an increase in price, and selling leads to a decrease in the cost of cryptos. 

We know Bitcoin is limited, so the price of Bitcoin is based on “limited resources-higher value.” Supply and demand factors are also considered in the change in price.

Where to find cryptos? Cryptocurrency is a virtual currency and can be transacted in the virtual world.

You must have a virtual account in the crypto exchange in order to buy and sell cryptos.  

Before you begin your journey in investing, keep in mind to check the advantages and drawbacks of cryptocurrency. Investment in cryptos involves high risk and can lead to loss of money as the crypto market is highly volatile.  

Misleading information of well-known cryptos can lead to clueless loss. 

How to buy and sell cryptocurrency in India?

You can buy and sell your cryptocurrency like Bitcoin(BTC), Ethereum(ETC), MATIC, Dogecoin(Doge) in Indian cryptocurrency exchange apps. 

Primarily, you have to download the Indian cryptocurrency exchange app to buy and sell cryptos. 

Then, you need to submit your ‘Know your customer (KYC) by providing relevant documents, including your Aadhaar card, Pan card, and other information. 

You have to place an order to purchase cryptocurrencies like Bitcoin on cryptocurrency exchange apps like WazirX or CoinDCX. 

Make a payment online from your bank account to the crypto exchange app. 

You can also use other methods of transactions like NEFT, RTGS or you can use your debit or credit card to complete your exchange. 

Sixth, securely store your cryptos like Bitcoin in the in-built wallet of exchange app or cold wallet.

The cold wallet is an offline wallet to store your Bitcoin and eliminate the risk of hackers’ thefts. 

All these transactions are recorded in a public list known as the blockchain. Every transaction is recorded in particular blocks in chronological order.  

Every transaction name is displayed with your wallet IDs, not with seller or buyer names. Display of your Wallet Ids doesn’t lead to any trouble in your digital wallets.

The P2P model is the security tool introduced in cryptocurrency exchange apps. This model allows sellers and buyers to link in one place, eliminating the need for a third-party interface and reducing the chances of disclosing private information in the digital world.  

The P2P model gives more control to buyers and sellers in exchange for cryptocurrencies in the field of price determination, mode of payment without revealing it to the third person.

Moreover, a small charge is applied to seller every time it sells their cryptocurrencies.

Also Read: The 26 Best Money-Making Apps of 2022

What can you actually buy with Bitcoin in India? 

Amm. Yes, my page. I was kidding. Only unprivileged people will not accept Bitcoin in exchange for land. You can buy a luxurious car, expensive watches, and something you dreamt about.   

With the growing awareness and popularity of cryptocurrencies like Bitcoin, many companies started accepting Bitcoin in exchange for their product and services.

There has been an increase in retailers who have started accepting Bitcoin in exchange for goods and services.

Electronics, luxury watches, and even cars are among the products that can also be purchased with bitcoin.

Famous companies like Lamborghini and electric car maker Tesla accept Bitcoin in trade of their eminent cars and provide first-class services to their customers. 

You can also buy luxurious watches. BitDials offers Rolex, Patek Philippe, and other high-end watches in return for bitcoin. And prominent merchants of jewelry are also accepting Bitcoin for high-quality jewelry. 

News media channels and insurance companies readily accept Bitcoin in exchange for their services. Prominent companies like Shopify also deliver their products and services in trade with Bitcoin. 

With all information, you can conclude that in the cryptocurrency journey, more and more retailers will join shortly and provide you with their products and services for cryptos. 

Is it legal to buy Bitcoin in India 

Currently, you can trade in cryptos. There is no restriction imposed till now on any ban of cryptos.

The Indian Government also has a statistical report of the number of investors invested in cryptos; mostly, they are from India.

As per reports, there is no legal procedure to buy and sell cryptocurrencies. And to remind you, cryptocurrencies are highly volatile. It has a tremendous amount of risk involved.

Cryptocurrency can lead to unexpected gains and significant losses. RBI warned users about the notable loss cryptocurrency can lead to from time to time. 

As per reports I have gathered, The Indian Government will intervene in the regulation of cryptos to avoid exploitation of interest of investors.

You must have a good risk appetite to invest in cryptocurrencies like Bitcoin.

Our Union Finance Minister Nirmala Sitaraman said there wouldn’t be a complete ban on cryptocurrency in March.

Central Government has been planning to bring up ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’.  

Best apps to buy Bitcoin in India 

Cryptocurrency exchanges apps allow investors to trade in cryptos hassle-free. Individuals can choose the best method of transactions from the exchange app allows.

Most digital exchange apps have a feature to link your bank account with a digital wallet to ease transactions and allow investors to invest in cryptocurrency without any trouble.

You have to download the exchange app and register yourself. Most importantly, you have to complete the KYC process to invest in cryptocurrency without any inconvenience instantly. 

Below mentioned apps can be used to invest in cryptocurrency: 

1. Wazir x 

WazirX is currently one of the fastest cryptocurrency exchanges in India. It has users more than 80,00,000. Binance acquired WazirX in 2019. 

You can buy and sell more than 100+ cryptocurrencies. It has also updated its software into the P2P model to acquire the interest of investors in the security of their digital wallets. 

Moreover, WazirX provides the highest rate of referral programs, about 20%. In addition, WazirX has its coin WRX, and you can purchase it in INR from the app and make the transaction of other cryptos in exchange for WRX. 

2. Binance 

Binance is the first cryptocurrency exchange to use the peer-to-peer (P2P) model. You can access the features of this application with ease.

Moreover, Binance has its coin as, Binance coin (BNB). A secure platform to trade-in. It also allows users to use its VIP service to reduce transaction charges. 

Buy and sell bitcoins like  Ethereum, Link, Tezos, Cardano and Binance Coin, and more, all with some of the lowest fees in crypto. The best platform for average to advanced users.  

3. CoinDCX

CoinDCX application is a beginner-friendly and easy-to-trade application. Not only limited to freshman professionals can also put a hand on it. 

It charges 0.1 % on the taker and maker. Highly beneficial in bulk purchases. Invest in cryptocurrencies with a safe and secure wallet provided by CoinDCX.

4. ZebPay 

Invest and trade over 163 countries with the ZebPay app. A convenient application made for every type of user. ZebPay has user-based up to 3 million traders worldwide. 

It gives total privacy and security to its user. In addition, it has a suitable user interface and provides you with a mobile trading experience.

ZebPay provides a ‘cold wallet’ to 90% of its users. Cold storage allows investors to store their cryptocurrencies offline and is safe and secure. 

5. Coinswitch Kuber 

Coinswitch Kuber 

CoinSwitch Kuber is a user-friendly crypto exchange that is safe and secure. This is also a user-friendly program for beginners. 

If you wish to invest, you may begin by visiting this page, where you can quickly trade 100+ cryptos such as Bitcoin, Ethereum, Ripple, and others at the best rates and with a choice of payment options.

CoinSwitch Kuber allows investors to invest money in cryptos as low as Rs100. Indeed, a risk-free platform, wherein the risk of loss of amount is significantly decreased. 

Keep 13 things In mind before selecting an exchange app 

1. If you are interested in investing, find a reputed cryptocurrency exchange app in India for a safe and secure exchange transaction.

2. Look for the platform which charges low trade fees. Or else, you would surrender your most of gain to paying trade fees. 

3. Check those exchange apps that provide order books and maintain transparency in transactions. 

4. An order book records transactions of purchase and sale of cryptocurrency in chronological order, so it is essential to check this feature before you start investing.   

5. Avoid platforms that do not have a KYC protocol, as KYC makes sure that financial crimes are eliminated.

6. Make sure your cryptocurrency exchange app allows you to withdraw money in INR to your bank account.   

7. And before making a transaction, you must have a proper internet connection, or else there are chances that your payment gateway might be stuck. 

8. Use safe internet practices like two-factor authentication and unique and strong passwords. 

9. You must provide your relevant details to exchange apps, primarily to complete your KYC, at least in India. 

10. Add your bank details linked with a PAN card in the exchange app. Verification will take 2-3 days to complete.  

11. To store cryptocurrency, you need a digital wallet provided by the exchange app; you can choose between ‘cold wallet’ or ‘hot wallet.’ 

12. Cold wallet refers that your cryptocurrency being stored in offline mode. It has the highest level of security. Your information is not stored in the digital world. 

13. Hot wallets works with internet connectivity. Your information would be present in the digital world. Hot wallets are of three types; Desktop wallets, Web wallets, and mobile wallets. 

CONCLUSION

Currently, there are more than 10,000 cryptocurrencies, and more than 350 exchange apps are present. Whatever the case may be, Bitcoin holds a market cap of more than $700 billion. 

Following Bitcoin, many multi caps are present like Ethereum, Ripple (XRP), Dogecoin, Polygon, and more. Most of these coins are new, valueless, or experimental. 

Bitcoin can be sold in parts or as a whole. Cryptocurrencies are unpredictable; they may lead to quantum profit and a massive loss, so you must have a good risk appetite before investing.

Before you start investing, my suggestion is to go through every aspect of cryptocurrency, whether economic or political, as external factors will change the price of cryptos. 

As per news reports and articles I covered, RBI warned investors that there is a high risk of losing capital in cryptocurrency. Moreover, the Indian government plans to intervene in the crypto world to safeguard Indian investors. 

It would be best if you did your research before keeping your hand on the investing book. 

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