How to sell bitcoin in India?

By January 21, 2021March 29th, 20224 minute read
How to sell bitcoin in india - WazirX

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

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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: 

  1. Create an account on WazirX

Web Sign Up

Sign up on WazirX with a few simple steps and create your free account within minutes

Signup on WazirX

App Sign Up

Download WazirX on Google Play Store and App Store

WazirX App Sign Up
  1. 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

WazirX App Login
  1. 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

Deposit Bitcoin into your wallet
  1. 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

Sell BTC - WazirX
  1. 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. 

Withdraw funds into your bank account

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. 

Withdraw Option

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.

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."

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.

Is Bitcoin Legal In India?

In India, Bitcoin is not illegal. Because of cryptocurrency's rapid evolution, policymakers and regulators seemed to have recognized the chance to accept the new technology early. From the infamous 'RBI ban' in 2018 to reports of an impending bill banning cryptos in 2021 that has yet to develop, India has seen its fair share of ups and downs when it comes to Bitcoin regulation. Last year, the Supreme Court Of India approved the use of Bitcoin throughout the country. According to the Supreme Court, the existence of Bitcoin or any other cryptocurrency is unregulated but not unlawful.

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.

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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