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India is emerging as one of the largest Bitcoin arbitrage opportunities for Bitcoin enthusiasts worldwide, and several cryptocurrency exchanges are emerging that enable users to buy Bitcoin in India. With the Bitcoin live price in India surging due to the lifting of the RBI’s two-year ban in March 2020, it is emerging as one of the few less volatile forms of wealth for investors across the country.
Local crypto trading, especially on peer-to-peer or P2P trading platforms, has witnessed a massive spike in the past few months. Here’s how you can sell Bitcoin in India using engaging and user-friendly crypto exchanges!
How to sell Bitcoin in India
Understanding how to buy Bitcoin in India and sell BTC is crucial for Indians who want to delve into the crypto industry and earn suitable profits. While using a cryptocurrency exchange is one of the most convenient and popular ways of selling Bitcoin in India, there are other ways through which you can trade using this cryptocurrency.
You can find a local dealer on a crypto marketplace and sell BTC to them by using various payment systems such as cash, credit cards, Paypal, etc. It is recommended that you select a suitable cryptocurrency exchange to sell your precious BTC as they provide verified buyers and the best Bitcoin live price in India.
How to sell Bitcoin on WazirX
WazirX is one of the top cryptocurrency exchanges where you can easily sell or buy Bitcoin in India, thanks to its convenient user interface and innovative use of technology to provide its users with a hassle-free and time-efficient experience. WazirX was founded in 2018 by a group of experienced individuals with an in-depth understanding of crypto trading and blockchain technology.
Their mission is to involve every Indian in the blockchain revolution and benefit from it. WazirX has emerged as one of the most popular cryptocurrency exchanges in the country as it enables its users to sell their Bitcoin quickly in India and offers a unique feature where they can withdraw funds directly to their bank account. Here’s a step-by-step guide on how you can sell Bitcoin on WazirX:
- Create an account on WazirX
Web Sign Up
Sign up on WazirX with a few simple steps and create your free account within minutes
App Sign Up
Download WazirX on Google Play Store and App Store
- Log in to the web or the mobile application
Once you have created your free account on WazirX, you can log in using two methods. First, you can go to the web app and log in to access your account. Alternatively, you can download the WazirX mobile application in case you prefer trading on your mobile.
App Login
Download App -> Go to Settings -> Click Login
- Deposit Bitcoin into your wallet
Deposit the Bitcoin you want to sell in your WazirX wallet from your other wallets in a matter of minutes to proceed to sell it on the platform.
Go To Funds -> Choose BTC from the list of cryptocurrency -> Click Deposit
- Sell it for INR at the best price
Once you have deposited the Bitcoin in your WazirX wallet, you can sell it for INR for India’s best Bitcoin live price.
Go To Markets -> Choose BTC from the list of crypto currencies -> Click Buy/Sell -> Select Sell tab
- Withdraw funds into your bank account
Once you have sold your Bitcoin, click on the ‘funds’ option, and select ‘INR’. Then, click on ‘withdraw’ when you are redirected to the next screen.
You will get two options for this step- instant withdrawal and standard withdrawal. If you choose instant withdrawal, you will incur a small fee that can range from anywhere between INR 10 to a maximum of INR 2,00,000, depending on the volume of your transaction.
Benefits of Selling BTC on WazirX
There are plenty of benefits that crypto sellers on WazirX enjoy, and here’s why you should choose WazirX if you want to sell or buy Bitcoin in India:
- Trading experience and services across multiple platforms: WazirX offers its users the maximum operational utility since it is available both for web and mobile users in the form of applications that can be installed for Android, Windows, iOS mobile, and Mac
- USDT and P2P method: WazirX offers its users a unique option to deposit and withdraw INR while trading. By enabling users to sell Bitcoin in USDT, which has excellent liquidity, the transactions are carried out instantly. This is because USDT is a stable coin, and its value does not fluctuate like other volatile cryptos. Users can then sell the USDT they have acquired and can have the amount transferred to their bank account in INR easily.
- Live open order book system: WazirX offers its users an advanced and innovative trading interface that enables them to sell and buy Bitcoin in India through a live open order book system, and hence, enables lightning-fast INR deposits and withdrawals.
Sign up for a free WazirX account here.
Frequently Asked Questions
What Are The Chances Of Bitcoin Crashing?
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.
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 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.
How To Make Bitcoin?
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.
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.
Is Bitcoin Mining Free?
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.
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.
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.
Is Bitcoin Trading Is 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.
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.
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.
