A Complete Guide to Buying Bitcoin in India: 2021 Edition
The introduction of Bitcoin has revolutionized the world of finance. The increasing global acceptance has led to a massive surge in interest in India. Buying Bitcoin in India can appear daunting, especially for beginners. Thus, this guide offers a comprehensive insight into buying Bitcoin in India.
Understanding Bitcoin
Before you consider buying Bitcoin, it’s essential to understand what it is. Bitcoin is a digital or virtual cryptocurrency, designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units.
Steps to Buy Bitcoin in India
- Create a Wallet: Wallets store your Bitcoin until you are ready to spend them or exchange them for another currency.
- Choose a Bitcoin Exchange: Bitcoin exchanges are online platforms where you can buy and sell Bitcoin.
- Connect Wallet to Exchange: You can connect your wallet to your exchange account. It’s as easy as typing in your wallet’s address.
- Place the Order: You can place the order to buy the Bitcoin.
Exchanges to Buy Bitcoin in India
Many Bitcoin exchanges have sprung up in India, including WazirX, Coinmama, and CoinSwitch Kuber. Each has unique features and transaction fees.
Legal Aspect
The legal status of Bitcoin in India has been somewhat volatile. However, currently, Bitcoin transactions are permitted by the government, but it is not considered as a legal tender
Conclusion
Investing in Bitcoin in India might seem mystifying initially, but with the right resources and direction, it becomes an accessible aspect of the financial world. It’s a fascinating, yet fluctuating, investment that requires understanding and precaution.
Frequently Asked Questions
- Is it safe to buy Bitcoin in India?
Yes, it is safe to buy Bitcoin in India, as long as you use a trustworthy exchange and protect your wallet.
- Is Bitcoin legal in India 2021?
As of 2021, Bitcoin is not illegal in India. However, it is not recognized as legal tender.
Latest News: How to buy Bitcoin in India
In recent news, India’s government has expressed increasing interest in understanding and regulating cryptocurrencies. Even though it has proposed to prohibit private cryptocurrencies, it has indicated its openness to the possibility of a digital currency by Reserve Bank of India. This news suggests that Bitcoin and other such cryptocurrencies could witness a regulatory environment very soon, making it all the more necessary for potential investors to understand how to buy Bitcoin in India.