A digital currency created in the year 2009, bitcoin provides people the promise of fewer transaction fees than conventional online payment methods. As opposed to the currencies issued by the government, bitcoin is operated by a completely decentralized authority.
This digital currency is based on the ideas of Satoshi Nakamoto, the person who is behind its emergence. Bitcoin is a kind of cryptocurrency.
Although not a legal tender, bitcoin is highly popular and has stimulated the emergence of a number of cryptocurrencies. It is now much easier to buy bitcoin in India. Let’s explore this process in greater detail.
Signing up for an exchange facilitates buying, selling, and holding cryptocurrency. Use that exchange which enables the withdrawal of crypto to a personal online wallet for security. Popular exchanges require KYC.
Remember that while forming a cryptocurrency exchange account, practice safe internet practices like using two-factor authentication and a unique and long password. The password should have numerous lowercase letters, numbers, special characters, and capitalized letters.
After choosing an exchange, collect your documents like driver’s license, source of finances, and employer information according to the laws in your region. After ensuring the identity in the exchange, it’s time to connect to a payment option.
You can either link your account or a credit or debit card. Also, check if the specific bank permits deposits at the chosen exchange. Credit cards may incur a processing fee on top of the transaction fees.
After choosing the exchange and linking the payment option, you can now buy bitcoin in India as well as other cryptocurrencies. Finding an exchange and connecting to a payment method is all that is needed to start purchasing bitcoin. Crypto exchanges provide users various types of orders and different ways to invest. Some also provide stop-loss orders.
Digital assets are stored in cryptocurrency and bitcoin wallets. Storage of crypto in the personal wallet ensures that you have complete control over the private key to your finances. An exchange wallet should not be used for long-term cryptocurrency holdings as it does not focus much on security.
A common misconception that prevails among Indians pertains to investment in cryptocurrency as illegal. It is because the Reserve Bank of India prohibits banks from allowing cryptocurrency transactions in the year 2018.
This announcement disturbed the whole Indian crypto community, and there were many petitions against the ban. Fast forward to 2020; it is by no means an illegal act to buy bitcoin in India.
The Supreme Court ruling against the ban has changed the situation in favor of crypto. Today, leading investors are funding numerous fintech start-ups to boost the cryptocurrency scene.
Bitcoin is a highly liquid investment asset mainly because of the international establishment of trading platforms, online brokerages, and exchanges. People can effortlessly trade bitcoin for assets or cash at a low fee.
As it is highly liquid, it makes up for an excellent investment vessel for acquiring short-term profit. Bitcoin is also protected fully against inflation. Thus, there is no need to stress the diminishing value of crypto.
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