This article is available in the following languages:
When we take a step back and look back at 2021, Bitcoin grew by more than 60% and generated spectacular returns for its investors. And it was not only the price of Bitcoin that grew that year. India also became the largest country in the world in terms of Crypto owners, with 10.1 crores of unique Crypto owners. And the numbers are only getting higher.
There’s enthusiastic market sentiment for Cryptos, especially Bitcoin. While its volatility is often considered a dealbreaker for many, it is these spontaneous price fluctuations that also attract investors. And why not now? Buying Crypto is as easy as ordering your favorite dress from Amazon! Crypto exchanges in India have made Bitcoin more accessible than ever before.
In this post, we give you all the details about how you can buy Bitcoin in India in 2023 and a lot more! Let’s start with some basics.
What is Bitcoin?
Launched by the mysterious Satoshi Nakamoto back in 2009, Bitcoin is widely regarded as the very first Crypto. Bitcoin is a decentralized digital currency that can be bought, sold, and exchanged without the use of an intermediary such as a bank. It is both a mode of exchange, i.e., a currency, and a store of value or an alternative investment.
What separates Bitcoin from legacy fiat currencies is that it is a decentralized virtual currency that is not owned or controlled by a centralized authority figure or an institution. Instead, Crypto operates on blockchain technology that makes the operation decentralized, distributed, and transparent. That is why Cryptos are hailed as the modern-day finance revolution!
Why Invest in Bitcoin in India?
Bitcoin gave birth to a whole new asset class that has attracted investors all around the world. But, you might think, why buy and sell Crypto in India in particular? Well, Cryptos, especially Bitcoin, offer high returns and have become one of the top-performing assets worldwide.
The frequent price fluctuations of Bitcoin make it a good investment for investors who are willing to take risks and as well for traders who want to make quick and high returns out of their investment. This sentiment is shared by the Indian market as reflected by the expanding market of Crypto trading in India. Interestingly, Bitcoin touched an all-time high of over US $ 68,000 in November 2021, indicative of new highs in the upcoming years!
So why invest now? As of end-Jan 2023, Bitcoin’s price stands at around $23,067. This has delivered a position of advantage to investors who can now own more Bitcoins for less capital. An incoming bull market will then bring in remarkable returns!
Bitcoin was developed to be a deflationary asset, with its supply capped at 21 million. Of that, nearly 19 million are currently in circulation. Between this limited supply and the Bitcoin halving, Bitcoin provides investors with a hedge against inflation. All the more reasons to hit up Crypto exchanges in India.
How to Buy Bitcoin in India 2023?
There are several ways for you to invest in Bitcoin in India. To begin with, you can buy and sell Bitcoin in India through a Crypto exchange. For the uninitiated, a Crypto exchange is a virtual platform that lets you trade Cryptos. A Crypto exchange is not very different from a stock exchange, except they are digital, self-regulated, and operate 24/7 throughout the year.
Although Crypto exchanges in India are the easiest way for you to invest in Bitcoin, there are certainly a few other ways. For instance, if you want to avoid paying the trading fees Crypto exchanges charge or want to trade with a counterparty directly, you can go for a P2P or peer-to-peer Crypto transaction.
In this case, a Crypto exchange might still be involved, though that would operate as a facilitator. The platform usually works to find a seller/buyer who would trade with you. However, this method takes a lot more time than just getting to buy Bitcoin in India through a Crypto exchange since finding a seller or buyer to match your deal can be a lengthy process.
Lastly, you can directly mine Bitcoins to earn newly minted coins as rewards. Keep in mind, though, that Bitcoin mining is a highly complex process, and it requires you to have expensive mining equipment, including sophisticated hardware and software. The mining industry’s competitiveness leaves no place for novice miners and those without adequate machinery.
How to Choose a Good Bitcoin Exchange in India?
If you’re going to use a Crypto exchange to invest or for Crypto trading in India, you need to do thorough research. You must research the legitimacy of the platform and the credibility of the team behind it before deciding on an exchange to invest in Bitcoin in India.
You should also ensure the platform provides the following before investing in Bitcoin:
- The exchange’s website/app has a simple user interface and is easy to use.
- The exchange supports Bitcoin trading pairs.
- The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to stay away from exchanges that do not have a KYC protocol in place.
- The exchange offers reasonable trading fees to buy Crypto in India.
So first, compare and evaluate the exchanges on these parameters.
Invest in Bitcoin in India Through Crypto Exchange Platforms:
Many Crypto exchanges in India facilitate Bitcoin transactions. For an easy way to buy Bitcoin in India 2023, all you need to do is to create a trader account with an exchange of your choice and go through their KYC process. Once you are registered, you’d get to deposit money to your personal or platform-specific wallet (depending on the exchange you choose) and invest in Bitcoin as per the ongoing Bitcoin price in India.
How to Invest in Bitcoin in India through WazirX?
Through WazirX, you’ll find an easy way to buy Bitcoin in India. All you’d have to do is go through the following steps:
1. Create a WazirX Account:
- Go to the WazirX website, and click on the Sign up button.
- Give your email address and create a strong password.
- Go through the WazirX Terms of Service, then click on the checkbox if the terms suit you.
- Click on Sign Up to complete.
- Now check your email inbox for a verification email, and on that email, tap the Verify Email option to complete the signup process.
- After verification, opt for the security measure of your choice.
- For the KYC verification process, select your country from the list of options given.
- You will now be asked for KYC verification.
Once you have uploaded the KYC details, you have completed your account creation process! KYC verification generally takes 24-72 hours.
2. Deposit Funds:
You can go about depositing Indian rupees via UPI/IMPS/NEFT/RTGS.
3. Buy Bitcoin:
- Visit the Exchange to find out the latest bitcoin price in India.
- You can find the Buy and Sell options on your dashboard by scrolling down.
- After selecting Buy, put in your desired price in INR and the amount of Bitcoin you want to buy.
- Hit Place Buy Order, and simply wait for the order to be executed.
- And it’s done! You will find the INR equivalent bitcoins added to your WazirX wallet when the transaction is executed!
Buy Bitcoin in India: FAQs
- What is the minimum amount needed to buy Bitcoins in India?
As of end-January 2023, the Bitcoin price in India is near INR 19.50 lakhs. The price shifts almost every second. However, you can buy a fraction of a Bitcoin at prices as low as INR 100 on WazirX!
- Is it legal to buy Bitcoins in India?
So far, Bitcoin hasn’t been authorized or regulated by any central authority in India. Therefore, there are no set rules, regulations, or guidelines regarding the trading of Bitcoin as of yet. Importantly, trading Bitcoin in India is not declared illegal.
- How do I ensure that my Bitcoin is stored safely?
After you buy any Crypto in India, you can store them in Bitcoin wallets – software programs that allow users to store as well as trade Bitcoin. To find out more in detail about Bitcoin wallets, read this Bitcoin wallet guide.
- What are the legal procedures for buying Bitcoin in India?
Firstly, you need to go through the KYC process on the exchange. For that, you’d need your PAN card and valid address proof. Once you have linked your bank account to the exchange account and completed the verification process, you are eligible for Crypto trading in India!
- How to set up a Bitcoin Wallet?
Crypto exchanges in India usually provide you with a wallet to help store and sell Bitcoins. A wallet is automatically set up when you sign in and create your account.
- What are the other counterparts for Bitcoin?
There are many alternative Cryptos similar to Bitcoin. For example, you can invest in Cryptos like Ethereum, Solana, and Cardano.
We hope you found this guide on how to buy Bitcoin in India in 2023 informative! Happy trading!
Who Created Bitcoin?
Bitcoin is the first application of the concept of "cryptocurrency," first articulated in 1998 on the cypherpunks mailing list by Wei Dai, who proposed a new form of money that relies on cryptography rather than a central authority to manage its creation and transactions. Satoshi Nakamoto published the initial Bitcoin specification and proof of concept on the cryptography mailing list in 2009. Satoshi exited the project in late 2010, with little information about himself available. Since then, the community has evolved, with numerous people working on Bitcoin. Satoshi's anonymity has sparked unfounded fears, many of which may be traced back to a misunderstanding of Bitcoin's open-source nature.
What Is Bitcoin Used For?
Bitcoin was created as a means of sending money over the internet. The digital currency was designed to be a non-centralized alternative payment system that could be used in the same way as traditional currencies. Bitcoin is being used by an increasing number of businesses and individuals. This includes establishments such as restaurants, apartments, and law firms.
How Can I Get Bitcoin?
To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process. Following that, you'll be sent to the Funds & Transfers section, where you can begin depositing Bitcoins into your wallet. You may also use INR to fund your WazirX Bitcoin wallet and then use it to purchase Bitcoin.
Is Bitcoin Safe And Legal In India?
In 2020, the Supreme Court of India lifted the RBI’s restrictions on cryptocurrencies. According to the Supreme Court, the existence of Bitcoin or another cryptocurrency is unregulated but not unlawful. The verdict has greatly aided the world of digital money in the country. To put it another way, investing in Bitcoin is perfectly legal, and you may do so through various apps and traders.
How To Convert Bitcoin To Cash?
There are many ways of converting Bitcoin to cash, such as crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, Peer to Peer Transactions. You can use cryptocurrency exchanges such as WazirX for this. Unlike typical ATMs, which allow you to withdraw money from your bank account, a Bitcoin ATM is a physical location where you may buy and sell Bitcoins using fiat currency. Several websites provide the option of selling Bitcoin in return for a prepaid debit card that may be used just like a standard debit card. You can sell Bitcoin for cash through a peer-to-peer platform in a faster and more anonymous manner.
Is Bitcoin A Good Investment For The Future?
Some investors are afraid of the risks or devastation, but others are very eager to pursue the possibility of profit from a Bitcoin investment. A Bitcoin investment is similar to stock investing, except it can be more volatile.
How Bitcoin Mining Works?
Bitcoin mining is a crucial element of the blockchain ledger's upkeep and development and the act of bringing new Bitcoins into circulation. It's done with the help of cutting-edge computers that solve exceedingly challenging computational arithmetic problems. Auditor miners are rewarded for their work. They're in charge of ensuring that Bitcoin transactions go through smoothly and legitimately. This standard was established by Satoshi Nakamoto, the founder of Bitcoin, to keep Bitcoin users ethical. By confirming transactions, miners assist in avoiding the "double-spending issue."
What Is Bitcoin?
Bitcoin is a decentralized digital currency that may be purchased, traded, and traded without intermediary like a bank. Bitcoin is built on the blockchain, which is a distributed digital ledger. Wei Dai suggested a new kind of money that relies on cryptography rather than a central authority to oversee its production and transactions on the cypherpunks mailing list in 1998. Bitcoin was the first application of that notion. In 2009, Satoshi Nakamoto sent out the first Bitcoin specification and proof of concept to a cryptography mailing group.
How Can I Convert Bitcoins To Cash?
Bitcoin may be converted to cash in various ways, including crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, and Peer to Peer Transactions. You may do this by using Bitcoin exchanges like WazirX. You may also sell Bitcoin for cash faster and more anonymously through a peer-to-peer marketplace.
Thank You so much for this helpful article. After reading this detailed tutorial article I bought Bitcoin from Wazirx in India. Once again Thank You so much. Have a Great Life 🙂
Your Appreciation is our Motivation.
Awesome platform for exchange!!!
bitcoin can be bought using blockchain wallet also, so what is the difference in using these exchanges like wazirx to buy bitcoin?
Currently, you can’t buy Bitcoin with INR using Blockchain wallet, which is where WazirX steps in. Additionally, when using WazirX exchange, you also get the benefits of security, support, highest liquidity & you can buy other 100+ cryptocurrencies as well.
what is minimum Indian rupee to buy bitcoin
You can buy as low as 0.0001 BTC, which would be ?280 as per current rate of ?28,00,000.