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How To Buy Bitcoin (BTC) In India? [2024]

By February 13, 2024June 18th, 20248 minute read

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!

Prices have increased for most of 2023, but these seemed like hard-won gains because setbacks soon followed rallies. By mid-October, Bitcoin was trading at about $27,000.

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 favourite dress from Amazon, thanks to the accessibility provided by crypto exchanges in the country.

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As of June 18, 2024, the current price of Bitcoin on WazirX is INR 60,08,547.

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.

how to buy bitcoin in india 2024

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 by step guide on how to invest in bitcoin in india

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.”

guide on how to buy crypto in india

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.

You can now easily purchase BTC tokens using INR Deposits. In the case of P2P trade, check the BTC to INR rate and BTC to USDT.

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.

how to buy cryptocurrency in india wazirx

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:

  1. Potential for High Returns: Bitcoin has demonstrated the potential for substantial price appreciation in the past, which has attracted investors seeking high returns.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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 100 Rupees?

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.

Happy Trading!

Frequently Asked Questions

Is Bitcoin Cash A Good Investment?

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.

What Is Meant By Bitcoin?

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.

How Many Bitcoins Are There?

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.

How Does Bitcoin Technology Work?

The blockchain is the foundation of Bitcoin. It is a decentralized, distributed ledger that tracks the provenance of digital assets. The data on a blockchain can't be changed by design, making it a real disruptor in industries like payments, cybersecurity, and healthcare.

Can Bitcoin Be Converted To Real Money?

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.

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 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."

How To Invest In Bitcoin?

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.

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.

How Many Bitcoins Will Ever Be Created?

The source code of Bitcoin stipulates that it must have a restricted and finite quantity. As a result, only 21 million Bitcoins will ever be generated. These Bitcoins are added to the Bitcoin supply at a predetermined rate of one block every ten minutes on average. The supply of Bitcoins will be depleted once miners have unlocked this number of Bitcoins. It's possible, however, that the protocol for Bitcoin will be altered to allow for a higher supply.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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