HOW TO BUY BITCOIN IN INDIA? AND WHAT IS THE MINIMUM AMOUNT TO INVEST?

Bitcoin is gaining an enormous amount of popularity all over the world. A couple of years back, it was very difficult to buy Bitcoin in India. But the advancement of technology and permission from the supreme court clears a way to buy Bitcoin in India. Some years back, Bitcoin was illegal or banned in India due to the RBI regulations.

But in recent years, the supreme court permitted Indians to buy or hold Bitcoin from their bank accounts. I thought this is a golden opportunity for all Indians to buy Bitcoins either for trading or investment. Let’s take a look at discussing how to buy Bitcoin in India 2020.

Before discussing How to buy Bitcoin in India. Let’s get a quick overview of What is Bitcoin? Bitcoin is a digital or decentralized cryptocurrency. This is different from traditional currency as it is not available in physical form.

To buy Bitcoin in India You need to follow up on some methods. They are:

• First, you need to choose a trustable and secure Bitcoin app. In India, many apps are faked. So, Beware of the faked apps. Some of the best apps which are available in India are Zebpay, UnoCoin, and many more. (check for the apps review and trusted companies before buying a Bitcoin). A further step after choosing the best platform is to buy Bitcoin.
• The next step is to make an online payment. All these apps provide you the online payment option to pay. The payment is transferred from your Indian bank account via different methods like NEFT, RTGS, and credit or debit card. All these companies provide you with a best-selling platform also. There are also the facilities that are used for the storage of Bitcoin like- Online wallets, Software, and Hardware wallets.
• One important method that pops up in the mind of every Indian who thinks of buying a Bitcoin is on which basis the exchange is based? I make it clear that the Fee charged during the buying and selling of cryptocurrency and ease of using it, directly affects the choice of exchanges.
• To buy Bitcoin in India, you need to first complete your identity and financial verification. The KYC process should be completed. You need to provide them with your Identity proof, address proof (PAN card), bank details for the process of verification.
• The taxation process to buy Bitcoin in India is limits from 30% to 20 %. During the selling of Bitcoin,30% taxation on income for short-term investment and 20% taxation on income for long term investment for three years.
• When there is caused to store a value, we need the best wallet for our security purpose. A bitcoin wallet is also termed a Crypto wallet. Bitcoin and bitcoin wallet is like pickle and jar. If you have a pickle, then you need a jar to store that pickle. Bitcoin wallet works the same way. It is a virtual place for storing your electronic money (Bitcoin). In this article, I listed some of the best Bitcoin wallets in India 2020. These are Coinbase Bitcoin wallet, Unocoin Bitcoin wallet, Zebpay Multi-cryptocurrency wallet, and many more.

Interesting Fact

One interesting Fact you need to know Before buying Bitcoin. If you are not able to buy one Bitcoin at a single time because one Bitcoin costs 23 Lacs+. The average person cannot afford this large amount. You need not worry; you can also buy a part of a Bitcoin. The minimum value of an investment for buying a part of Bitcoin in India is Rs.100. The current bitcoin cost in India is about 23 lacs,76 thousand approximately.

Is Bitcoin Legal in India?

Let us look at the legalization of Bitcoins in India. Before the year 2020, there was a complete ban on cryptocurrency. In 2020, the Supreme court announced the government to come up with the regulation policies of cryptocurrency. After this legalization, cryptocurrency increased its value and demand in India among many customers. Cryptocurrency is the safest way. There is no other security and safest option.

Covid-19 also played a very crucial role in increasing the value of Bitcoin. During the lockdown, in India investors starts investing in Virtual currencies, which results in increasing the demand and value. In the year 2020, Bitcoin considered the best performing asset in comparison to gold and equities. Bitcoin Investment is a kind of high-risk investment. But, if you want to invest in Bitcoin, don’t stop and go ahead with investing. This is better for investing as a periodic investment to get good returns.