Hello Friends, if you want to invest money in Bitcoin and look for the best cryptocurrency exchanges, then you are at the right place because here we will guide you on How to invest in Bitcoin in India.
Bitcoin is the most preferred cryptocurrency for investment in today’s time and millions of people are now going towards investing money in Bitcoin.
It’s based on an underlying technology called Blockchain, which is a decentralized ledger that records each transaction and ensures that there are no duplicates. This means that Bitcoin transactions are safe and transparent.
Bitcoins are categorized as a cryptocurrency as they are a digital currency that’s traded purely on the internet. The majority of these currencies are distributed.
Cryptography or crypto codes protect all information on its transactions, existence, and validation of real exchange.
Bitcoins are used by various global online merchants for accepting payments and for Investing money. For instance, Microsoft enables account top-up through bitcoins.
In the forthcoming days, there is a high likelihood that retailers in India will start accepting bitcoins.
That is why today we will explain to you How To Invest In Bitcoin In India? It is very important to know how you can make Instant Money In Bitcoin. So let’s get started.
How Bitcoin Can Make You Money?
Bitcoin is a digital currency that’s value continuously increases and decreases every second or every minute. The main reason of it’s fluctuating value is that it depends all upon the buying and selling of bitcoin and also the demand and supply.
When demand for bitcoin goes up, it’s value also rises, and when demand goes down, it’s value decreases. And you can take advantage of this. Buy bitcoin when it’s prices are down and sell it when it’s prices go up.
And that’s how people earning lot of money by Invest money in Bitcoin. So, now I will tell you how you can buy bitcoin in India and How to invest in Bitcoin in India?
How To Buy Bitcoin In India Using WazirX?
There are many Indian cryptocurrency exchanges that allow people to buy and sell Bitcoin. Transactions are facilitated through a digital wallet and you can use Rupees to purchase Bitcoin. One of the best applications to buy bitcoin in India is Wazirx. This app allows you to Invest money in Bitcoin.
To invest in bitcoin, all you would need to do is create a trading account in this WazirX application and go through their KYC procedure.
When you’re registered, you will get to deposit money into your personal or platform-specific wallet and then you can buy and sell bitcoin and other cryptocurrencies.
Before opening an account in WazirX, you need certain documents which are mandatory for opening an account.
- Aadhar Card
- Pan Card
- Selfie
Follow the below given steps carefully to buy bitcoin in india using wazirx.
Trading Account Creation in WazirX:
- Download the ‘WazirX‘ App from Google Play Store or Apple app store.
- Then, click on the ‘Sign Up‘ button.
- After that, you have to enter your ‘Mobile Number‘, ‘Email Address‘, and other required details that WazirX will ask for.
- Then, you will get an OTP on your mobile number, which you have entered in the previous step. Just fill the OTP and continue.
- Then you have to complete the KYC process in order to trade cryptocurrencies or to Invest money in Bitcoin.
- In the KYC Process, Select your country, Enter KYC details and Upload required documents like Aadhar Card, PAN Card, Driving License, etc.
- After uploading all these documents, your Trading account will be created successfully.
Invest money in Bitcoin in WazirX:
- To buy bitcoin, first of all, you have to Deposit money to your WazirX account.
- To Deposit Money, you have to click on the Funds option and then Click on the INR option.
- Then click on the Deposit button.
- On the Next Screen, you can choose the ‘Deposit method‘; you can choose bank transfer or choose UPI. If you choose UPI Method, you can Enter Amount and Click on the Continue button, or If you choose bank transfer, then you can copy bank details and do NEFT or RTGS.
- After adding money, you have to click on the Exchange option and Select Bitcoin from the list or any cryptocurrency that you want to purchase.
- Then Select the Buy Section. Now, you can Enter the amount which you have to buy to Bitcoin (Check the prices of bitcoin first because it fluctuates every second or every minute) and After filling in the amount, click on the Buy button..
- Now, you will see the Bitcoin in your wallet of the amount which you have purchased.
- Then, you can sell the Bitcoin or purchase more again by going to the Exchange option.
Is Bitcoin Legal In India?
Yes of course, Cryptocurrencies, including Bitcoin, are not illegal in India. So if you want to Invest Money in cryptocurrency in India or want to Buy Bitcoin in India then you can purchase from any platform or application.
India doesn’t have a regulatory framework that governs cryptocurrencies. This is troubling for many people in the country who are interested in investing in cryptocurrency, but it is important to note that the government has been working to develop a regulation.
The government had constituted an Inter-Ministerial Committee (IMC) on November 2, 2017, to examine virtual currencies. The Group’s report, together with a Draft Bill, flagged the favourable aspect of distributed-ledger technology and suggested various applications, notably in financial services, because of the use in India, including banks and other financial firms.
However, the Centre had reservations about bitcoin abuse. The Centre wanted to put a blanket ban on Crypto in India. But currently, it is fully legal in India.
Some of the most recent reports say that cryptocurrency might not face a complete ban in India. The Centre may soon establish a panel to control them. The decision had been taken following a few cryptocurrency exchanges urging the Centre to regulate virtual coins instead of banning them.
However, The RBI (Reserve Bank Of India), through a round in April 2018, had counselled all entities controlled by it to not deal in virtual monies or provide services for easing any individual or entity in coping with or attaching them.
Overall, if you want to invest money in bitcoin in today’s time, then you can, and now you also know that How To Invest In Bitcoin In India, so what are you waiting for? Just install any of the listed application and start investing your money in crypto.
Final Words
I hope now you understand How To Invest In Bitcoin In India? And what are some of the best apps to buy bitcoin in India. Well, there are several apps available, but we have picked up verified and genuine applications to Buy Bitcoin In India.
Also, there are a lot of benefits and disadvantages to Invest Money in Bitcoin. You have to first check the prices before buying and also before selling. There is also a risk of financial loss involved in Trading. So, do it at your own risk.
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