Table of Contents
The price of cryptos peaked about two years ago. Bitcoin’s (BTC) value nearly reached $70,000. Subsequently, the situation worsened, and then it became catastrophic. Following FTX’s explosion, Bitcoin fell below $15,000.
You may remember!
For the most part of 2023, prices have increased, but these seemed like hard-won gains because setbacks soon followed rallies. Bitcoin was trading at about $27,000 by mid-October.
Then, fueled by optimism about bitcoin ETFs and falling interest rates, the market soared. The price of Bitcoin is almost $45,000. At the start of December 2023, it had surpassed $40,000, a mark last attained in early 2022.
A mixed dose of FOMO and YOLO seems to be back.
Despite its notorious volatility, Bitcoin continues to attract enthusiastic market sentiment. Although often seen as a drawback by some, these spontaneous price fluctuations also serve as an allure for investors. Moreover, purchasing Bitcoin in India has become as convenient as ordering a favorite dress from Amazon, thanks to the accessibility provided by crypto exchanges in the country.
As of Feb 14, 2024, the current price of Bitcoin on WazirX is INR 44,90,000.
In this article, we will explain how you can buy Bitcoin in India in 2024 and a lot more interesting information about Bitcoin! But first, let’s start with some basics.
What is Bitcoin?
Launched by the mysterious Satoshi Nakamoto in 2009, Bitcoin is widely regarded as the first crypto. Bitcoin is a decentralized digital currency that can be bought, sold, and exchanged without using an intermediary such as a bank. It is a mode of exchange, i.e., a currency and a store of value or an alternative investment.
No matter whether you buy Bitcoin (BTC) in India or anywhere in the world, the transaction undergoes verification through a process called “mining,” which relies on computational power. Unlike traditional stock markets, you have the flexibility to invest in Bitcoin in India at any time of the day. Bitcoin is one of the earliest and most widely recognized cryptos, having gained immense popularity worldwide. However, it has also experienced significant price fluctuations, creating a captivating narrative of ups and downs. The success of Bitcoin has paved the way for the emergence of other high-value cryptocurrencies, such as Ethereum, Cardano, Solana, Dogecoin, and more, which now dominate the market based on their market capitalization.
So, this was an overview of Bitcoin; now, let’s learn 5 easy steps about how to buy Bitcoin.
How To Buy Bitcoin in India in 5 Easy Steps
Below are a few simple steps you can follow and buy the BTC token in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy BTC tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy BTC using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling BTC, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process on WazirX.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy BTC on WazirX.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the BTC Coins you purchased in your WazirX wallet.
10 Reasons Why You Should Invest in Bitcoin
Bitcoin needs no introduction, but still, if you need reasons to buy BTC in India, here are the top 10 reasons:
- Potential for High Returns: Bitcoin has demonstrated the potential for substantial price appreciation in the past, which has attracted investors seeking high returns.
- Store of Value: Bitcoin is often called “digital gold” due to its limited supply and perceived ability to preserve wealth over time. Some investors view it as a hedge against inflation and economic uncertainty.
- Decentralization: Bitcoin works on a decentralized network, meaning any central authority or government does not control it. This feature is seen as a positive for those who value financial independence and censorship resistance.
- Increasing Adoption: Bitcoin has witnessed growing acceptance and adoption by individuals, merchants, and institutions. The increasing mainstream adoption is a positive sign of its long-term potential.
- Limited Supply: Bitcoin has a maximum supply cap of 21 million coins, creating scarcity and potentially driving up its value over time, according to the principles of supply and demand.
- Global Accessibility: Bitcoin can be accessed and transacted globally with an internet connection. This accessibility makes it attractive to investors looking for borderless transactions and investments.
- Liquidity: Bitcoin has a large and active market with high trading volume, enhancing its liquidity. This liquidity makes it easier to buy, sell, or trade Bitcoin compared to some other cryptocurrencies.
- Security: Bitcoin’s underlying technology, blockchain, is considered secure due to its decentralized nature and cryptographic features. While it’s not completely immune to risks, its security features appeal to many investors.
- Institutional Support: Bitcoin has gained increasing attention and support from investors, including notable companies and financial institutions. This recognition from traditional players is seen as a validation of Bitcoin’s potential value.
- Early Stage Investment: Some investors consider Bitcoin to be in the early stages of its potential growth. Investing early may offer the opportunity to benefit from future developments and increased adoption.
After knowing why Bitcoin is the most popular choice of investors and traders, do you know that you can buy Bitcoin with a minimum investment of INR 100? Check out the following section to know more.
Can I Buy Bitcoin for Rs 100?
Quick answer: YES, you can buy Bitcoin for as low as Rs 100. You can also use WazirX’s QuickBuy feature on the app version. Start your investment journey with WazirX today!
You Can Buy Bitcoin for as Low as INR 100. That’s True!
Similar to investing in stocks, there is no specific minimum requirement for buying Bitcoin in India. However, there is a distinction – investors can buy small units of Bitcoin if they don’t wish to acquire the whole crypto.
Once registered, individuals can deposit funds into their wallets and utilize this amount to buy Bitcoins. In India, investors can buy Bitcoin using Indian Rupees with a minimum capital of Rs. 100. However, this limit may vary depending on the specific crypto exchanges.
Nevertheless, trading Bitcoin is only one aspect; it is equally important to store the purchased Bitcoins after the transaction securely.
Why is Bitcoin the No.1 Choice in India in 2024?
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? 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 $68,000 in November 2021, indicative of new highs in the upcoming years!
So why invest now? As of the mid of February 2024, Bitcoin’s price stands at around $51,730. 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 gives investors a hedge against inflation—all the more reasons to hit up crypto exchanges in India.
Key Points to Remember Before Buying Bitcoin in India
Like stock markets, crypto markets are defined by frequent price swings. So, it is crucial to DYOR (Do Your Own Research) before starting any new investment. Before investing, the user must closely monitor price changes. Additionally, the trader needs to stay informed about external factors that could affect the asset’s price.
How to Choose a Good Bitcoin Exchange in India?
You need to do thorough research when using a crypto exchange to invest or for crypto trading in India. 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 avoid exchanges that do not have a KYC protocol in place.
- The exchange offers reasonable trading fees to buy crypto in India.
Frequently Asked Questions
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.
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.
Bitcoin may be invested in two ways: through mining or exchanges. Bitcoin mining is carried out by high-powered computers that solve challenging computational arithmetic problems that are too difficult to complete by hand and complex enough to tax even the most powerful computers. WazirX, a Bitcoin exchange, is another alternative.
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.
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."
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 decentralized digital money that may be bought, sold, and exchanged without an intermediary such as a bank. Bitcoin is based on a blockchain that is considered to be a distributed digital ledger. 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
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.
Bitcoin Cash is a hard fork of Bitcoin formed in 2017 to address Bitcoin's scalability and challenges. Bitcoin Cash seeks to make global transactions faster, cheaper, and more secure. Bitcoin Cash is now accepted by thousands of online and offline businesses all over the world. Studied correctly, Bitcoin Cash may be an investment worthy of consideration.