How to buy bitcoin in india

Must Read. As a result, the Indian cryptocurrency industry is not in the best of health, as evident from the declining trading volumes. Airtm Popular.

A hostile regulatory environment

With the value of Bitcoin rising exponentially in recent times, many retail investors are getting into the cryptocurrency sector for the first time. While investing at these levels maybe fraught with dangerthe fact is, crypto-currencies are here to stay, and people around the world are only just starting to wake up to that fact. Here in India, much like the rest of the world, the lure of Bitcoins is getting harder to resist for the average citizen, and many have already started dipping their toes into the new but maddeningly confusing world of cryptocurrencies. Even the RBI was said to have been considering launching its own digital currency at some stage, although, the ot seems to have since been nixed. While some global exchanges do let you buy Bitcoins with Indian currency, the process is uby more seamless on some of the India-based platforms, many of whom let you pay for your digital currencies with Indian bank accounts via online banking, NEFT or RTGS.

How to buy or sell bitcoin in India using an exchange

Bitcoin bridges countries and continents and has the potential to become the new international currency standard. This means that anyone in the world can utilise the Bitcoin platform, in theory. However, things are not quite so simple if live in India. Bitcoin is pioneering an age of decentralised money but governments and central banks still hold regulatory power over most Bitcoin and cryptocurrency exchanges. In recent years, Indian exchanges have been experiencing this influence, mostly in a negative way. We aim to inform you on the current Bitcoin situation in India whilst also instructing you how to safely and legally purchase your own coins.

Buy or sell bitcoin in India via peer-to-peer platforms (P2P)

With the value of Bitcoin rising exponentially in recent times, many retail investors are getting into the cryptocurrency sector for the first time.

While investing at these levels maybe fraught with dangerthe fact is, crypto-currencies are here to stay, and people around the world are only just starting to wake up to that butcoin. Here in India, much like the rest of the world, the lure of Bitcoins is getting harder to resist for the average citizen, and many have already started dipping their toes into the new but maddeningly confusing world of cryptocurrencies.

Even the RBI was said indoa have been considering launching its own digital currency at some stage, although, the idea seems to have since been nixed. While some global exchanges do let you buy Bitcoins with Indian currency, the process is relatively more seamless on some of the India-based platforms, many of whom let you pay for your digital currencies with Indian bank accounts via online banking, NEFT or RTGS. Once you provide all the details, it might take a few lndia for Unocoin to get your info verifiedafter which, you incia be able to start trading in Bitcoins.

Once you get the all-clear, you can transfer money from your bank account to Unocoin, and use that for a number of reasons, including of course, buying and selling Bitcoins. You cannot, however, convert your Bitcoins into altcoins on Unocoins. First off, download the Unocoin app on your device and fire it up. Unocoin says it might take a couple of days for it to go through the process as per the requirements of the RBI. Zebpay Zebpay is an India-based Bitcoin broker and, offers Android and iOS apps that make it easy to buy digital currency with a connected Indian bank account.

It also offers additional services, such as mobile recharges and bitcoin gift vouchers. Like Unocoin, it also offers you a hot wallet that you can use to store Bitcoins only on a temporary basis.

Visit Website 2. Coinsecure Coinsecure is an Indian Bitcoin exchange and trading platform known mostly for its ridiculously low fees that, at just 0. However, the service is aimed at experienced traders for the most part, which means retail investors, especially new ones, might find the UI a bit confusing.

Coinsecure does have an Android appbut is conspicuous by its absence on the App Store. Visit Website. It just launched a few weeks ago and is still in betabut has bitoin gained quite a bit of traction through word-of-mouth publicity. It seems to work fine and a colleague of insia also vouches for its authenticity, which is why it finds howw on our list of trusted India-based Idnia platforms.

Visit Website Advantages and Disadvantages of Using Indian Bitcoin Exchanges and Brokers While India-based companies do make it easy to buy and sell Bitcoins, the major problem is that almost all of but are governed by Indian lawwhich is why you need to furnish a full-fledged KYC Know Your Customer form to get started. That pretty much defeats the whole purpose of using Bitcoins for transactions, given how the platform was created with privacy as its main focus.

In case privacy is your number one concern, the one platform that you should consider is a Indix escrow service called LocalBitcoins that helps to match bitcoin buyers and sellers. While the most common method of payment is cashusers may advertise trades for whichever payment ondia they i.

LocalBitcoins is kind of like a Tinder for digital currencies, hooking up potential Bitcoin buyers and sellers to other Bitcoin users in their town. Buying bitcoins via an in-person meeting is one of the fastest and most private how to buy bitcoin in india to buy bitcoins in any country. Strange but true, even before you buy your first bitcoin fraction, you have to set up a Bitcoin Wallet to store your inn cash.

With a hardware wallet, you can secure your Bitcoins on your own hardware. It allows you to encrypt and make backups to ensure bitcoinn Bitcoins are safe. Just remember that whoever controls the private keys controls the bitcoin attached to those keys, which is why you need to be extra cautious while storing.

So if you happen to lose them or forget them, you can bid farewell to your Bitcoin stash for good. While they do encrypt your imdia with a password selected by you, the fact that those are stored online means that they are inherently insecure. However, they are still preferred by many because they do have bug advantage of being accessible from anywhere via any net-connected device. While there are different types of cold wallets, we will concentrate on hardware wallets for the purpose of this article, as they are the most secured ones by far.

A hardware wallet is a physical device that stores your private keys, and can be plugged into incia computer when you want to make a transaction. The specifically-engineered device comes with buttons that need to be pressed in order to authenticate every transaction, making them as hacker-proof as you can realistically expect. Dangers Associated with Bitcoin Investment The inherent danger with investing in cryptocurrencies is that they are not regulated by governments or by a central bank.

Recently, the RBI Reserve Bank of India issued a statement warning people about the but dangers of digital currencies. However, as with any investment, you will need tto know when to jump in and when to get out, which is a difficult proposition even for seasoned investors. LOG IN. Recover your password. Related Articles. It was a While some are still critical of While sometimes t necessary to With ray tracing becoming more and more mainstream, gaming laptop makers are now embracing RTX graphics all over the place, across a variety of price points.

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A step by step guide: How to buy/sell crypto in India and with INR

Crypto exchanges are facing the music

Settings Logout. Zebpay has Android and iPhone app which lets you link your bank account for quick transfers. What is Bitcoin Lightning Network? The committee is considering setting up a legal bitcoon that forbids the private use of cryptocurrencies in India, but how to buy bitcoin in india the growth of distributed ledger technology at the same time. The most common method of payment for purchase is cash deposit. Not surprisingly, Indian cryptocurrency exchanges have been in hot water thanks to such a hostile regulatory bigcoin. IO Coinmama Buy or sell bitcoin in India via peer-to-peer platforms P2P Not every bitcoin user is satisfied with the level of anonymity and security provided by online crypto exchanges. Must Read. Source: Coin. We may receive compensation when you use LocalBitcoins. There are several ways to buy, sell or spend Bitcoin in India: On a local or international exchange read more about choosing one here By finding a local too on a marketplace like Localbitcoins.