Over a few past years, cryptocurrencies have been hugely in the news and have become the talk of the town. Ever since the bitcoins hit the rate of 61,000 dollars in March 2020, the cryptocurrency industry has blown up. A number of investors are making serious investments on this platform.
Although there have been many hoaxes regarding the ban on bitcoin or cryptocurrencies in India, nothing ever stopped people from investing in them. With the soaring prices, bitcoin has become the hot favourite among investors and Indians are no behind.
A couple of years back, you might have found it really difficult to buy bitcoins in India. However, the changing scenario of this cryptocurrency has made the process of purchasing bitcoins quite simple.
So, if you are one of those looking to start investing in bitcoins, you must understand what a bitcoin is, how to buy them, and from where you can buy them, etc. This blog covers exactly the basics of bitcoins you need to know.
So, let’s get started with the bitcoin definition-
Bitcoin is technically the world’s most expensive, popular, and first-ever cryptocurrency that was ever created. It created the entire cryptocurrency industry on its own.
This cryptocurrency was started by an unnamed developer who went by the internet name, ‘Satoshi Nakamoto’. He became a godlike figure in the crypto industry. Today, cryptocurrency is used by millions of people to invest and trade.
Bitcoins or other cryptocurrencies are just like normal currency but in an electronic form. They are used for instant and secure transfer of money to anywhere in the world.
The good thing about the bitcoin isn’t controlled or owned by any financial institution or government.
At the time of writing this blog, the current bitcoin price in India is Rs 41,13,651.27. Not many can buy the whole bitcoin but buying a fraction of it is surely possible. Anybody thinking of purchasing crypto may find the process quite complicated. However, there are various crypto exchanges that have made buying crypto fairly easy for a layman.
Basically, the crypto exchanges are websites/apps like Robinhood or Binance that let regular people invest in crypto in a fairly easy manner by investing in their fiat currency.
To buy a bitcoin in India, follow the enlisted steps:
Step 1: Firstly, you need to download and install a reputed and trusted crypto exchange such as Zebpay or Coinswitch Kuber or WazirX or CoinDCX or Bitbns.
Before settling on choosing any exchange make sure that you have done your research quite well.
Step 2: Secondly, you are required to set up an account on that exchange by registering and verifying your KYC. Don’t forget to set up two-factor authentication. It will make your application super secure.
Step 3: Enter your UPI or bank details into the app. Once your bank or UPI details are registered, you would be able to add money to the exchange.
Step 4: Once you have deposited the money into the exchange, you can start using it to buy Bitcoin, or any other cryptocurrency that is available for purchase and the one that you wish to buy.
You can start with a minimum amount of around Rs 100 to begin investing in Bitcoins as per the current standards.
As of now, yes, bitcoin is legal in India.