Investing in bitcoin is one of the best ways to be a part of the revolution. Are you in?
Bitcoin was first introduced in 2009, but it started gaining prominence in the mainstream media only recently, as its value has skyrocketed to over $19k per unit.
If you are looking to invest in bitcoins in 2022-2023 then this blog post is for you. In this article, I will be sharing tips on how to invest your money wisely and safely while still being profitable.
This is a complete guide on how to buy bitcoins in India with a step by step guide.
We have heard the term cryptocurrency recently; we need to understand what it means. Cryptocurrency is a digital currency that exists in the world of cyberspace.
What is Bitcoin & How Does Bitcoin Work?
Bitcoin is a type of digital currency that can be used online and offline. Bitcoin is one of the world's first digital currencies and it can be used to buy goods and services, such as getting a coffee or a computer.
Bitcoin transactions are recorded in an online public ledger called "blockchain". You can own bitcoins either by accepting them for something you already sell or by buying them from someone else.
The Bitcoin network is without any central authority, instead transactions are managed by users and miners. Bitcoin: How Bitcoin Is Changing the World Bitcoin is a digital currency that can be transferred from person to person through the Internet.
The Bitcoin network functions without a central repository or single administrator, which has led the US Treasury to call Bitcoin a "decentralized virtual currency."
Bitcoins aren't printed like dollars or euros – they're produced by people running computers all around the world, using software that solves mathematical problems.
Now let's understand how you can invest in bitcoins in India.
How to Invest Bitcoins in India in 2022?
You can start investing in bitcoins in India by opening an account with a cryptocurrency exchange, transferring funds, and purchasing bitcoin from that capital.
There are many crypto exchanges offering services in India; let us look at the WazirX Exchange as one example.
What is WazirX & How does it work?
WazirX is India's Most Trusted Bitcoin & Cryptocurrency Exchange run by Indian entrepreneurs. Built by an experienced team, it offers a seamless experience for buying, selling and storing Bitcoin, Ethereum and other major cryptocurrencies with Indian banks.
You'll find all the crypto news that matters - the latest market moves, the best ICOs to invest in currently and technical analyses of the different coins at WazirX.
This particular company offers lightning-fast transactions thanks to its partnership with Binance - the world's largest cryptocurrency exchange!
It also has a quick and easy signup procedure which makes it simple for you to open your trading account on the WazirX website so buy some bitcoins today.
6 Steps to Buy Bitcoins in India Using WazirX
Step 1: Sign Up on WazirX
Step 2: Enter Your Details
Just fill in your email address and create a secure password to open a WazirX account.
Step 3: Email Verification and Account Security Setup Step
WazirX sends you an email for account confirmation. Simply verify your email address and set up your account security.
Set up your account security via the authenticator app or SMS:
1. Google Authenticator App
2. Mobile SMS service
However, the Google Authenticator app is more secure as compared to mobile SMS because there are chances of SIM card hacking.
4: Select Country and Choose Account Step
WazirX permits you to open an account with or without KYC. Without KYC you can only deposit and trade on your WazirX account. You are allowed for Withdrawal and P2P without KYC.
For completing KYC at WazirX you need to enter a few details like
1. Full name as appearing on KYC document
2. Date of birth
3. Address as per the KYC document
Upload a scanned copy of your KYC documents and your selfie to complete the KYC process.
Step 5: Transfer money from your account.
You can trade crypto at WazirX using a minimum deposit of Rs. 100 without any upper cap on the amount you want to invest in Bitcoin or other altcoins listed on their site, just as long as they have it available for purchase with Rupees (INR). All payment methods are accepted including IMPS, UPI and RTGS bank transfers.
Wazirx is an Indian cryptocurrency exchange that allows users to buy bitcoins by making deposits into their accounts via NEFT transfer.
This way there's no limit imposed - but only if bitcoin is what you're looking for specifically because this platform has many coins from all over the world up for sale!
Step 6: Buy and store Bitcoins in India on the WazirX Exchange
Every cryptocurrency has a unique Bitcoin address that can only be used to get that cryptocurrency. Refer to the image below.
Is it safe to invest in cryptocurrency in India?
Yes, It is, but I wouldn't recommend it for anyone who needs money quickly.
Investing in cryptocurrency is one of the best ways to make money. But don't think that investing in cryptocurrency is a get-rich-quick opportunity just because bitcoin and cryptocurrencies have been on the rise.
Investing in any form of currency is speculative regardless of how it may be traded for now. The recent popularity of Bitcoin and Ethereum shows that investing in digital currencies can be profitable but you need to take necessary precautions when investing especially if you are new to this type of investment or don't know much about it yet.
From which exchange should I buy a cryptocurrency?
If you're looking for an exchange in India I would suggest WazirX.
Indian exchanges have had various difficulties in the past and there is no consolidated platform to buy from. So try to spread your risk by buying on more than one exchange.
Is cryptocurrency legal in India?
Cryptocurrency is legal in India and the new RBI circular confirms the right to do business with crypto companies like WazirX and Zebpay.
People are now allowed to keep money invested in cryptocurrencies without risking any penalty from Indian taxes. This is a major step for cryptocurrency enthusiasts who were previously investing at risk.
Conclusion For Investing in Bitcoins in India Post:
I hope this article has helped you learn more about bitcoins and how to invest in them in India.
If so, I’d love for you to sign up with us at the WazirX bitcoin exchange! They offer a user-friendly interface that makes it easy to buy or sell bitcoins fast.
Plus, all our transactions are done using the Indian rupee which means there is no need to convert currencies when investing in bitcoin today.
To get started now, just click on the button below and fill out the details for free access. Happy trading!
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This is a guest post by Sandeep from Financial Freedom on the Digital People website, Learn more about Digital people guest post by following the link.
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