Is Bitcoin Legal in India | How to Buy Bitcoin in 2020?
This question has been one of the most asked questions in Quora. Finally, I decided to pull of 1 answer to this question on my blog so that if next time someone asks me this same question I can share the link to this post.
First of all, if you want to buy Cryptocurrency in India congratulations from my side. This is probably one of the best decisions you could have ever taken in your life. To start with let me discuss the basics with you and recommend some strategies to invest in digital assets.
To get started you need to understand the basics of Money, if you have an idea of what is Money, then you are good to go. Earlier, you can find in our blog a post where I discussed the fundamentals of money and I explained what is money and how you should treat it. You can read the article here.
Basically, Bitcoin is a digital asset with no one having absolute ownership over it. For example, if I have a $100 bill in the US, I can go to a store there and buy something as per my wish but will that paper be valid in India? The Answer would be no. Similarly Indian Currency INR is not valid in US. But if we talk about Gold, it is valid worldwide. We all have Gold Stored in our families as they believed it as a safe store of value. Bitcoin is just like digital gold. It combines the properties of Gold and Fiat Money. You can’t but a 10 Rs Chocolate with Gold but with Bitcoin you can do it just like paper money. This is how basically Bitcoin Works.
Now, coming to your question. How can you buy Bitcoin in India. Well to do that, you need to have an account in any of the exchanges. Exchanges are the place where people like you and me can go and buy Digital Tokens. In India, you have options like WazirX, Binance, BitBNS. These are the places where you can go and buy Bitcoin or other tokens as per your wish. Remember that before buying any coin make sure you have proper information on it. Never buy something which you don’t understand. The crypto market is a volatile market and you may loose your money without proper knowledge.
Go to an exchange > Make an Account > Complete your KYC > Deposit Money from your Bank > Buy/Sell Crypto.
Hope this will help.