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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?
We hope you found this guide on how to buy Bitcoin in India in 2023 informative! Happy trading!
The blockchain, a distributed digital ledger, is what Bitcoin is based on. As the name suggests, blockchain is a linked database made up of blocks that store information about each transaction, such as the date and time, total amount, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological order to form a digital blockchain. Entries are linked in chronological order to form a digital blockchain. Blockchain is decentralized, which means any central authority does not control it.
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."
Bitcoin is a type of digital currency or cryptocurrency. In January 2009, Bitcoin was established. It's based on Satoshi Nakamoto's ideas, which he laid out in a whitepaper. The name of the individual or people who invented the technology remains unknown.
Bitcoin mining isn't free, but it can be tried on a budget. Bitcoin mining is an essential part of the blockchain ledger's upkeep and development and the act of issuing new Bitcoins. It is accomplished by the use of cutting-edge computers that tackle complicated computational arithmetic problems. The effort of auditor miners is rewarded. They're in charge of ensuring that Bitcoin transactions go off without a fuss and that they're legal.
There are 18,730,931.25 Bitcoins in circulation as of June 2021. The total number of Bitcoins that would ever be there is just 21 million. On average, 144 blocks are mined every day, with 6.25 Bitcoins per block. The average number of new Bitcoins mined every day is 900, calculated by multiplying 144 by 6.25.
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Two Yale University economists (Yukun Liu and Aleh Tsyvinski) produced research titled "Risks and Returns of Cryptocurrency" in 2018. They looked at the possibility of Bitcoin crashing to zero in a single day. The authors discovered that the chances of an undefined tragedy crashing Bitcoin to zero ranged from 0 percent to 1.3 percent and was around 0.4 percent at the time of publishing, using Bitcoin's history returns to determine its risk-neutral disaster probability. Others claim that because Bitcoin has no intrinsic value, it will inevitably crash to zero. On the other hand, Bitcoin advocates argue that the currency is backed by customer confidence and mathematics.
Bitcoin is a digital currency that was initially released in January 2009. It is based on ideas offered by Satoshi Nakamoto, a mysterious and pseudonymous figure, in a whitepaper. The name of the person or individuals who invented technology has not been revealed. Bitcoin promises lower transaction fees than other online payment systems, and unlike government-issued currencies, it is decentralized.
Bitcoin mining is not just the process of putting new Bitcoins into circulation, but it is also an essential part of the blockchain ledger's upkeep and development. It is carried out with the assistance of highly advanced computers that answer challenging computational math problems. Miners are rewarded for their efforts as auditors. They are in charge of ensuring that Bitcoin transactions are legitimate. Satoshi Nakamoto, who is the founder of Bitcoin, innovated this standard for keeping Bitcoin users ethical. Miners help to prevent the "double-spending problem" by confirming transactions.
Crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, and Peer Peer Transactions are all options for converting Bitcoin to cash. This can be accomplished by using Bitcoin exchanges such as WazirX. A Bitcoin ATM is a real place where you may purchase and sell Bitcoins with cash, unlike standard ATMs that allow you to withdraw money from your bank account. Many websites provide the option of purchasing Bitcoin in return for a prepaid debit card that works similarly to a standard debit card. Through a peer-to-peer marketplace, you may sell Bitcoin for cash faster and more privately.