Bitcoin, as well as other cryptocurrencies, are gaining popularity at
Bitcoin, as well as other cryptocurrencies, are gaining popularity at a rapid pace in every corner of the world. One of the main reasons for this growing popularity is the increasing numbers of applications and the expectation of higher returns on investment. If you want to buy Bitcoin in India, this guide is surely going to help you. In our previous post, we told the ways to buy Bitcoin without ID; you can check the post if you have some plans to invest in cryptocurrencies anonymously. If you are still not sure about investing in digital assets check out our post 7 Reasons Why You Should Invest In Cryptocurrency to get a better understanding of cryptos as an investment option.
Few things which you need to know before buying Bitcoin in India
The current year is not a good year for cryptocurrencies in India. In July this year, the Supreme Court of India accepted the cryptocurrency banking ban which was issued by Reserve Bank of India (RBI) three months back. According to the ban financial institutions which are governed by the RBI cannot offer services to the companies which deal with cryptocurrencies. After the ban crypto exchange in India are not able to perform fiat to crypto transactions and vice versa. The government of India and RBI believes that this ban will not only counteract money laundering and other illicit activities but also will negate the impact of cryptos on market integrity and capital management.
Even after the ban cryptocurrency exchanges and other crypto companies found the ways to do business in India by avoiding fiat completely. Now crypto to crypto transactions are dominating the Indian cryptocurrency exchanges. Some exchanges are even facilitating P2P trades. In P2P trades, cryptocurrency exchange acts as an escrow service between two traders. The same path followed by the Chinese crypto exchanges after the similar ban by the People’s Bank of China. The similar kinds of P2P solutions are now offered by popular crypto exchanges for years. Indian exchanges are also following the same path to maintain their customer base in India.
In just one year, Bitcoin reported an increase of 300 per cent in its value so it can be an attractive investment opportunity for the people who want to earn higher returns on their investment. Bitcoin, Ripple, Ethereum, Litecoin, and zCash are the Top 5 Cryptocurrency to Invest in 2018.
Below is our guide of buying Bitcoin in India which will help you in buying cryptocurrencies in India.
How to buy Bitcoin in India
To buy Bitcoin first you need a wallet where you can store your Bitcoins. If you do not have a Bitcoin wallet, you can create it in just a few simple steps.
Some of the P2P cryptocurrency exchanges where you can buy cryptocurrencies in India
- WazirX
- Changelly
- Localbitcoin
- HodlHodl
- InstaShift
- Local Ethereum
All of these exchanges are P2P, so you can buy your favourite cryptocurrency in India legally by following some easy steps. The process is almost same on all these exchanges.
The process of buying Bitcoin in India
- To buy cryptocurrency first, the users have to log in on the platform. At the home page, you can enter the amount of crypto which you would like to buy or sell. Here you have to select the country and preferred payment method.
- Once you press the search button, you will get a list of traders along with their usernames, number of completed trades, and trade feedback score. The preferred payment method of each trader is also specified in the next column. Here you can see the current price of the cryptocurrency and can set the target price.
- After setting all these details, press the buy button. Before going ahead check whether the amount filled by you is correct or not.
- Now press the Send Trade Request button.
- Your trade is escrow protected, so you do not have to worry about it. On the platform, peers can even chat with each other.
- The payment window has a timer, so you have to pay before the time runs out. If you fail to pay the trade will be cancelled, and there are chances that you can lose your money. So be careful and complete it before time runs out.
- Mark Payment Complete, it will stop the trade from being cancelled automatically.
- Once your payment is received, the escrow deposits Bitcoin or other cryptocurrencies in your wallet.
On these P2P exchanges you can buy, sell, and trade cryptocurrencies such as Bitcoin, Ripple, Ethereum, and more legally in India. if you want to store Ripple then check our post, Where and How to Store Ripple(XRP)?