What Is Bitcoins (Cryptocurrency)?
Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009. It follows the ideas set out in a whitepaper(PDF) by the mysterious and pseudonymous Satoshi Nakamoto.
As we may know that Bitcoin was considered banned or illegal in India because of the RBI regulation. But according to recent Supreme Court clearance that you can now hold and use your bank account to buy and sell Bitcoin. So it is a great time if you’re planning to hold some Bitcoin even as an investment or even for trading.
Today, in this article I am going to help you understand how you can buy Bitcoin in India.
There are many websites in India which sells Bitcoin and you need to be really cautious and careful to pick only legitimate website.
Now, there are a few very popular websites. One of them is WazirX.com which has recently been acquired by Binance and they are doing tremendous work. They also let you directly deposit INR to your WazirX account and you can buy Bitcoin using that. And even if you’d like to sell your Bitcoin, you can instantly withdraw money from your WazirX account to your bank account.
Best website to Buy Bitcoins in India?
Let’s talk about the WazirX web platform, WazirX is pretty easy to use. And this is Indias largest Bitcoins exchange and most trusted one. WazirX has made the process of buying/selling bitcoins easy. You have a web app. You also have a mobile app for Android and IOS that you can use to buy Bitcoin.
Just for the ease of this tutorial, I’m going to show you how you can do this on the desktop website. If you need a tutorial for the mobile side, just let me know in the comments section below.
How to Buy Bitcoins In India? Step By Step –
The very first thing you need to do is you need to create an account on WazirX. You’ll find a link here – Wazix Registration (Let’s start by submitting your registration details). and you can simply go ahead and create an account. It’s instant account activation.
Now, once that’s done, there are few things you need to do-
- Click on Verify KYC. This will be part of the onboarding process.
- Submit your identity proof and your account will be verified. It’s the usual process.
- Add your bank account detail from which you want to deposit the fund. And this is the same bank account you’ll be using for deposit and withdrawal funds. (make sure that you add your bank account properly especially if you’re using multiple bank account, make sure that you use the same bank account from which you want to deposit and withdraw funds.)
Now, once you have done all this basic setup the next thing you need to do is go to Funds. And here you will find an option for depositing Rupees (mentioned below). So here you click on deposit. (you have the option to deposit funds via UPI, IMPS, RTGs, NEFT. The standard deposit takes a few hours to one day. Whereas an instant deposit usually is done instantly)
It might take almost five, less five minutes for the amount to be reflected in my account.
Now, once you have this fund, you can actually go to exchange and here select INR. And select BTC INR pair.
So basically, I am going to teach you to buy BTC Bitcoin using INR. And this is the current price. You can just select the lowest price. You can select this 100% if you want to buy all for 1,000 rupees right now. Or what you can do is, you can also like you feel that Bitcoin is going to go really low. If you’re somebody who looks at the chart, you can actually set a different price. And that’s it.
And it simply places the buy order. Now, this buy order has been placed and you can see that the buy order is here. And once the price reaches that point it will be executed or you can simply set the current price, the lowest price. And just add your amount and place the buy order.
you can transfer this fund from your WazirX wallet to Binance (Buy & sell Crypto in minutes joining the world’s largest crypto exchange) which is one of the world’s leading cryptocurrency exchanges.
so basically, that’s how you can buy Bitcoins in India using INR.
How to Sell Bitcoins (Cryptocurrency)-
Now, if you want to sell your Bitcoin you can simply type whatever amount that you have. You just select the BTC INR pair, you click on Sell over here. You click on 100% or whatever amount you want to sell. Click on Place Sell Order. And once it’s done, You can click on Withdraw.
And then you can, use the standard withdrawal which is free or you can use the instant withdrawal which costs about 10 rupees per transaction.
You can withdraw a maximum of five lakh rupees per transaction or 50 lakh rupees per day using standard withdrawal. So depending on your volume, you can use either of the processes to withdraw funds from your bank account.
why people need to invest money in Bitcoins. here Are very famous quotes that strong enough to explain-