A lot of time, I get questions from my subscribers asking me where can they buy Bitcoin in India. Today, in this article I am going to answer your doubts regarding cryptocurrency.
First of all the most common question which I get is regarding the legality of Bitcoin in India.
People ask me is it legal to buy Bitcoin in India?
Frankly speaking, it is neither illegal nor legal to buy Bitcoin in India. This myth was born back in 2018, when the Reserve Bank of India, asked the Financial Banks to stop dealing with exchanges trading in cryptocurrency. As there is no regulation currently, we can’t say it’s legal or not.
As I said above, there is no ban in owning cryptocurrency in India. The only restriction as of now is that you can’t use it as a currency. The Indian Government is yet to pass a bill in order to regulate cryptocurrency market and I think sooner or later that will come infront of us.
So if you are a geek who just wants to own some of these digital tokens, you are free to do so.
How can I store my Bitcoin?
Bitcoin gives you the power to be your own bank, although it might not sound much of a responsibility but it is. Today I tweeted a photo explaining this.
If you have a Bitcoin, it’s entirely your responsibility to keep it safe.
Now let’s talk about how to store your digital tokens. If you are a regular investor you need not buy separate wallet to store your cryptocurrency. You can buy crypto and store them on the exchange. In case, as I said earlier Hardware Wallets can be an option if you have a huge sum of money invested in Cryptocurrency or in case you want to be extra cautious to store your money by yourself.
In my opinion, you should buy cryptocurrency from a trusted exchange and let them take care of your funds. They store a huge chunk of your money in cold storage which are somewhat safer than being on the online exchange wallet.
Here are some pictures’s to elaborate the points I said earlier.
In this picture, you can see that card is being used to make a purchase from Crypto Wallet.
Now the most interesting part starts,
How to buy a Bitcoin?
- Go to an exchange, here we will talk about WazirX Exchange. WazirX is the largest exchange in India and they have the highest daily trading volume as compared to others.
- Sign up on the exchange and complete your KYC using Aadhar Card and PAN Card.
- Deposit INR using your bank account by NEFT, IMPS or UPI.
- Buy Bitcoin with 1-Tap from the exchange.
As Simple as that,