Bitcoin is one of the most valuable cryptocurrencies in the World. Earlier in India, cryptocurrencies were banned by the government, but in March 2020, they became legal again. If you want to buy cryptocurrency, then Bitcoin is a good option for you and you can get a great return by investing in it. Now, a question arises “How to buy Bitcoin in India?” In this post, we are going to share complete details of “How to buy Bitcoin in India,” and also we gonna tell you “Best Bitcoin (Cryptocurrency) wallet in India.”
Want to get a high return on investment (ROI)? Yes, so don’t stop; keep reading.
Is cryptocurrency legal in India?
There is no regulation as such about the cryptocurrency ban in India. The answer to the question “Is cryptocurrency legal in India?” depends on whether we are talking about owning it or using it as a legal tender. Cryptocurrency cannot be used as legal tender money and in near future, there is no idea of it being used in everyday transactions. However, owning crypto in India is not illegal. It is an investment you make just like in gold or any other asset involving market risks.
It should, however, be noted that though cryptocurrencies are legal but there is no law to protect the safeguards of the people owning crypto like there are for other assets. Legislation for cryptocurrencies in India is in talks but it is still not confirmed.
What is Bitcoin?
Bitcoin is a type of cryptocurrency created in January 2009. The person who made it is still mysterious, and no one knows the truth behind this mystery. The government does not operate Bitcoin. It is operated by decentralizing authority. This currency is not physical like INR or Dollar and is a virtual currency that you can store online in the wallet.
Also See: How to get free Bitcoins in India
5 Best Bitcoin Wallet in India
Bitcoin Wallet is a wallet that we can use to send and receive bitcoin. Through the various trading exchanges, various cryptocurrencies are being exchanged in India every day. Some of the best bitcoin wallets in India are:
- WazirX
- Zebpay
- CoinDCX
- UnoCoin
- Bitbns
[Steps] How to buy Bitcoin in India
There are so many wallets available in India through which show you how to buy Bitcoin in India. Choose any app from above and download it from PlayStore or App Store and start trading in Bitcoin today! Now, we are taking WazirX to buy cryptocurrencies. Learn how to buy Bitcoin in India. Follow these steps:
- Download and install WazirX
- Signup and login into your account
- Complete the ‘KYC’ and add ‘Bank Details.’
- Now to buy bitcoins, you need to deposit money in the wallet
- To deposit money, click on Funds>INR>Deposit
- Choose ‘Instant Deposit’ or ‘Standard Deposit’
- Send money using ‘UPI’ or other options on the mentioned bank details in the app
- Then click on ‘Add Transfer Details,’ add all the required details and submit it
- After successfully depositing money in your wallet, tap on ‘Market.’
- Select BTC/INR
- Click on ‘Buy/Sell,’ enter the desired amount for which you want to buy bitcoin in India
- Now click on ‘Buy’ and ‘Slide to Confirm’ purchase
- Done! You have successfully invested in bitcoin in India and you can see bitcoin in ‘Funds.’ If you don’t have money get free Amazon Pay balance of up to Rs. 200 daily.
This is how to buy Bitcoin in India. Follow the steps mentioned above and you can easily invest in Bitcoins in India.
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