How to Buy Cryptocurrencies in India?

By September 1, 2021March 28th, 20224 minute read
How to buy cryptocurrencies in India?

As per the latest reports, cryptocurrency trading in India has experienced a massive surge during the COVID-19 lockdown.

That’s right! People are not alien to cryptocurrencies anymore. Investment interest is at an all-time high.

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Altogether, with the rescinding of RBI’s 2018 crypto banking ban, traders are no longer inhibiting themselves from participating in the cryptocurrency market.

Currently, the Indian crypto community is 5.5 million strong and growing by every passing day.

And India’s Former Finance Secretary Mr. Subhash Chandra Garg himself acknowledged this fact, in a recent webinar. This is why he also suggested crypto assets to be regulated as commodities.

Want to be a part of the country’s rapidly growing crypto ecosystem? Then, you should start by buying some cryptocurrencies, right away!

How and Where to Buy the Cryptocurrency of your choice?

In India, WazirX offers a smooth and seamless way to buy cryptocurrencies and plenty of cryptocurrency options to choose from.

First, you need to set up your account. For that, you will need to provide a valid ID proof for a mandatory KYC process and your bank account details.

It takes a few hours to verify the information shared from your end, after which you are all set.

You can go ahead and directly buy the cryptocurrency of your choice, using the funds from your bank account.

Why You Should Buy Cryptocurrencies from WazirX?

Acquired by Binance

In November 2019, Binance, the world’s largest cryptocurrency exchange acquired WazirX.

This has made WazirX an international cryptocurrency market player which means that Bitcoin and crypto traders and investors from across the world will be able to use WazirX’s digital asset platform.

Optimum Security

WazirX is India’s most secure exchange. We’re investing in regular security audits to ensure a highly secured trading platform for India.

Blazing Transactions

WazirX’s system can handle ‘millions’ of fiat-to-crypto, crypto-to-fiat and crypto-crypto transactions.

Our infrastructure is capable enough to scale up in a few seconds to match surging demand.

Functional and User-Friendly Design

Cryptocurrency trading on the WazirX platform is a super-fast experience. The creators have already built technologies that are used by millions globally.

That experience has helped made WazirX a feature-rich but efficient crypto exchange.

Built by Blockchain Believers

WazirX is powered by a team of hardcore traders & passionate blockchain believers.

We understand exactly what your crypto needs are. Powerful graphs, mobile apps, etc are integrated features of WazirX right from the start.

Now Available Across 5 Platforms

WazirX offers a seamless and powerful crypto trading experience across all platforms – Web, Android, iOS, Windows, and Mac apps.

Opportunity to Own WazirX Token (WRX)

WazirX token or WRX is WazirX’s native cryptocurrency token. By owning WRX you can earn rewards (in WRX) by executing crypto trades.

Also, in the future, WRX will prove useful in availing trading fee discounts, paying for margin fees, and more.

An Amazing Referral Program

With WazirX’s trade commission program, you can earn as much as you want. You can refer your friends and earn a 50% commission on every trade they make. All commissions are credited within 24 hours.

Now you how to buy crypto assets, but just buying them is not enough. You must also know what’s their future in India and across the world.

Future of Cryptocurrencies: In India and Abroad

India is shaping up to be a notable player in the global cryptocurrency realm. The country has the potential to contribute around $12.9 billion to the international digital currency market.

As per a widely cited research shared by the global banking giant, Deutsche Bank, India will experience an upsurge in the working-age population by 2030.

This means that as cryptocurrencies become more mainstream, professionals in the country will embrace digital assets in droves.

Also, according to the study governments across the world will begin to increasingly support cryptocurrency usage.

As the number of retail consumers using cryptocurrencies appreciates, blockchain wallets will see an uptick in downloads. And wallet adoption rates will proliferate in tandem with the number of internet users.

If current usage trends continue, there could 200 million blockchain wallet users by 2030, and close to 350 million by 2035 as per the graph below:

Forecast of Cryptocurrency and Internet Users
Forecast of Cryptocurrency and Internet Users, Source: Deutsche Bank

That’s not all. The June 2020 Edition of Bloomberg’s Crypto Outlook talks about ballooning market valuations of stable coins like Tether (USDT).

Tether and stable coins are gaining traction as
vehicles for dollar exposure without intermediaries and for
transferring value among the numerous highly speculative
and volatile crypto assets.

Bloomberg Crypto Outlook June 2020 Edition

In case you don’t have a fair idea of what stable coins are, check out the video below to know more:

What is a Stablecoin?

Hope this helps.

Can I Invest In Cryptocurrency?

Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. 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.

What Is The Safest Cryptocurrency To Invest In?

Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.

Is Cryptocurrency Safe To Invest In?

Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.

What Are The Best Cryptocurrencies To Invest In?

The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.

Is Mining Cryptocurrency Legal?

Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.

Is Ethereum Safe To Invest?

The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.

How To Invest In Cryptocurrency Stocks?

Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.

How Safe Are Cryptocurrencies?

Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.

Is Bitcoin And Cryptocurrency The Same Thing?

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.

Are Cryptocurrencies A Good Investment?

Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.

Who Invented Cryptocurrency?

Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.

Are Cryptocurrencies Legal In India?

In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.

Is Pi Cryptocurrency Safe?

Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.

What Is Virtual Currency?

Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.

What Is The Meaning Of Crypto?

A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.

Which Cryptocurrency Is Best To Invest Now?

Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.

Which Cryptocurrency Is Best To Invest In 2021?

Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.

Is Cryptocurrency Banned In India?

No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.

What Is Crypto?

Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.

Is Crypto Legal In India?

Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India

How Many Cryptocurrencies Are There?

There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.

How To Invest In Cryptocurrency In India?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.

How Cryptocurrency Works?

Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.

How To Invest In Cryptocurrency?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.

Is Cryptocurrency Legal In India?

In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India

What Is Cryptocurrency?

A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.

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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