How to Buy Bitcoin in India: A Comprehensive Guide for Beginners.

Published 06 Aug 2021 by Radhika Aggarwal

Table of Content

  1. What is Bitcoin?
  2. How are Cryptocurrencies made?
  3. Is Bitcoin Legal in India?
  4. Why Should You Invest in Bitcoin in India?
  5. How do you store cryptocurrencies?
  6. How to Buy Bitcoin in India?
  7. Benefits of how to buy Bitcoin in India
  8. How do I buy Bitcoin in India?
  9. How to Choose a Good Bitcoin Exchange in India?
  10. Steps to how to Buy Bitcoin in India 2021
  11. Conclusion

Cryptocurrencies are quickly becoming the most talked-about topic in the world. Bitcoin skyrocketed to 61,000 dollars in March 2020. But now it is 32,000 dollars. However, Bitcoin is not the only cryptocurrency around, and many people want to know how they can buy Bitcoin in India. Cryptocurrency exchanges have become a staple of our modern culture, and this guide will help you figure out how you can buy Bitcoin in India!

Bitcoin in India is a great investment opportunity. If you are looking for a quick and easy way to buy Bitcoin in the Indian subcontinent, this guide will help with all of that information! Buying Bitcoins here is deemed legal because no legislative laws prohibit it on sites such as Coinome. In addition, the Reserve Bank of India (RBI) issued an order stating banks cannot deny services to customers dealing in cryptocurrencies like bitcoin; however, they have also said that crypto-currency holders who invest their money through e-wallets should be aware of the risks involved, so always do your research before investing any fun!

The benefits of Bitcoin are borderless, the decentralized currency used by anybody worldwide without any restrictions - including countries who have banned Bitcoin for some reason but still need this type of financial freedom when they’re doing business abroad. It’s much less expensive than traditional currencies because there are no high transaction fees associated with trading Bitcoin (in fact, most transactions will cost you just $0.50!). Bitcoin is finite, so its supply remains constant while inflation occurs on all other types of money, which means Bitcoin will become more valuable over time. Bitcoin transactions are irreversible and secure, so if Bitcoin is sent to the wrong address or your account gets hacked, it can’t be taken from you by any malicious third party! Bitcoin isn’t taxed in most countries, but this does have its downsides - some people may trade a lot on exchanges where they won’t get taxed, while those who buy Bitcoin through a deal could pay high taxes depending on what country they live in.

What is Bitcoin?

btc inr cxihub market

Before knowing about how to buy bitcoin, one must be aware of what it is bitcoin? Bitcoin is a virtual currency created in 2009 by Satoshi Nakamoto and can make payments without government involvement. This digital cash system has no physical presence anywhere, so it’s not backed up with gold reserves or anything like that; its value stems from people who want to use this form of payment for their transactions.

Bitcoin is a super modern currency. It can be used to buy products and services, but you’ll need an app called a digital wallet on your phone or computer to store it in. Also, every transaction with bitcoin is recorded publicly, so if someone tries stealing any of the money from them, we would know right away! Some countries have banned Bitcoin altogether, though, because they don’t trust how secure it is yet - even some people are worried that there may one day be no more Bitcoins left for us all to use at all!

How are Cryptocurrencies made?

The Bitcoin mining process involves the computation of complex mathematical algorithms to create a virtual coin, carefully designed to control its supply over time. Although each currency comes with different models for distribution and economic principles, all currencies depend on computing power-intensive computations like those performed by bitcoin miners who are rewarded for verifying transactions or solving complicated math problems through what’s called “mining.” These days there are several cryptocurrencies out there besides just bitcoins - including Ethereum (ETH) Dashcoin (DOGE), Ripple (XRP) LiteCoin (LTC).

As miners mine for coins, they also verify transactions and record them in a blockchain. This process is rewarding and ensures that all the data on every transaction are stored safely by many people who have access to it.

The miner who solves the problem first adds their transaction details to an open-access ledger called “blockchain.” The reward you get from mining depends on how quickly your computer can solve complex math problems - which means as more computers join, solving becomes more complex over time!

In the cryptocurrency world, a new form of mining is taking over. Instead of computing blocks that occupy storage space in hard drives to mine currency as Bitcoin does, these currencies leverage nodes that store data on other computers and only require low-end hardware for miners.

The fast-paced world of finance is constantly changing, and the Indian government has to keep up with these changes. India’s Finance Minister Nirmala Sitharaman stated that Bitcoin trading would be legal in her country for now, but how long will this last? The Bill on Cryptocurrency and Regulation of Official Digital Currency (Bill No. 5) was released by Hindu Business Line recently, suggesting some form of the ban coming soon—unless there are further amendments before it becomes law. Until then, traders can feel safe buying Bitcoins because at least they won’t have any trouble from authorities! You can also read our blog related to Cryptocurrency legality on our website cxihub.com.

Why Should You Invest in Bitcoin in India?

For those of you who have been living under a rock for the past few years, Bitcoin is an innovative payment system and digital currency that has changed how we think about money. It was initially intended to be used as a peer-to-peer electronic cash system. Still, it quickly became popular because of its high return rates and usefulness in shady transactions - typically, when people want to hide their identity or not, tax authorities see what they’re up to! The first recorded transaction happened on April 13th, 2009, where someone bought two pizzas for 10,000 bitcoins (today worth USD 2 million).

Bitcoin is a complex investment to make, but if you are willing to take the risk and trade aggressively with it, there might be a huge payoff for your investments. Some predictions say that Bitcoin’s price could rise as high as $400,000 in 2021. In addition, there limited supply of 21 million bitcoins that helps guarantee investors against inflation because each bitcoin will become more valuable over time than other currencies.

How do you store cryptocurrencies?

As virtual currency continues to rise in popularity, many people want a way to store their coins securely. This is where the blockchain wallet comes into play - it’s similar to an online bank account that simplifies smooth exchanges and payments for cryptocurrency. In this digital age, we find ourselves living in today, many of us use PayPal or other forms of cashless payment methods without even realizing it! The process may be slightly different than sending money through these sites, but you can still enjoy its benefits by using your coin wallets instead (and with more security!).

How to Buy Bitcoin in India?

People in India have the opportunity to invest their money in Bitcoin. If you are new, a cryptocurrency exchange allows you to trade this for real currency and vice versa. This isn’t very different from stocks, except it’s digital, self-regulated, and operates 24/7 all year long!

Cryptocurrency exchanges are the easiest way for you to invest in Bitcoin, but there are a few other ways. For instance, if you want to avoid paying trading fees or trade with someone directly without using an exchange, then P2P is right up your alley!

It’s possible to mine bitcoins by using a process called “direct mining,” You use expensive, specialized hardware and software. It would be best if you had special equipment that will run 24/7 on your computer or smartphone for this method of bitcoin harvesting—and these machines can get costly over time.

If you want to buy Bitcoin, the different methods for doing so vary by country. For example, people can buy Bitcoin in India through exchanges like Cxihub, Coinsecure, or Unocoin. There are also peer-to-peer options such as LocalBitcoins that allow users to trade directly without a third party present - this can be helpful if you don’t have access to exchange in another location!

Benefits of how to buy Bitcoin in India

There are many benefits to Bitcoin and cryptocurrency. Some of the main advantages include:

  • Bitcoin is a fast, borderless, decentralized currency that anybody can use in any country around the world without restrictions.
  • It’s much less expensive than traditional currencies - a $100 Bitcoin transfer will cost you just $0.50!
  • Bitcoin is a finite currency, meaning that there is an unlimited Bitcoin supply. Bitcoin’s limited supply of 21 million bitcoins helps guarantee investors against inflation because each bitcoin will become more valuable over time than other currencies.
  • Bitcoin transactions are irreversible and secure - if you send Bitcoin to the wrong address or your account gets hacked, it can’t be taken from you by any malicious third party!
  • Bitcoin isn’t taxed in most countries, so this makes for an excellent opportunity to invest without worrying about taxes.

How do I buy Bitcoin in India?

There are many ways for people in India to buy Bitcoin. Of course, the easiest way would be through exchanges like Cxihub or Coinsecure, where users can trade their local currency (INR) into BTC with just a few clicks. However, Bitcoin can also be bought through P2P exchanges such as LocalBitcoins or with a person directly without going to an exchange!

Buy Bitcoin:

buy in p2p in cxihub

The easiest way to purchase Bitcoin for those with Indian rupees (INR) would be through Cxihub or Coinsecure, where users can trade their INR into BTC with just a few clicks. You also don’t need to set up an account before trading Bitcoin, which means it’s the easiest way for new people in India. Bitcoin can also be bought from P-P exchanges such as LocalBitcoins or with a person directly without going to an exchange!

How to Choose a Good Bitcoin Exchange in India?

Bitcoin exchanges in India are available on the internet with different prices and benefits to offer. For example, Bitcoin Bazaar is an exchange for Indian residents who wish to buy Bitcoin by using INR, but you can’t trade Bitcoin into or out of other digital currency at this time.

In case you’re not sure about which Bitcoin Exchange Platforms might be best for you, BitcoinBazaar.com offers a “Buy Bitcoin” service where they will find the best price for Bitcoin on any given day and in return charge you a premium of about 0.0015% to compensate them for their time.

Many exchanges across India offer Bitcoin at different prices with varying levels of liquidity (how easily Bitcoin can be bought and sold). Bitcoin India is one of the largest Bitcoin exchanges in all of Asia.

LocalBitcoins is a Bitcoin exchange that offers many payment methods, including national currencies and cryptocurrencies like Bitcoin. In addition, they provide other services and escrow transactions (transactions under dispute) to help buyers feel more at ease.

Bitcoin.co.Offers exchange with the best rates and low fees for Bitcoin in India and various other payment options to buy Bitcoin without a bank account.

In India, people can buy Bitcoin from the exchanges mentioned above. These exchanges will help them in purchasing bitcoin in India.

Steps to how to Buy Bitcoin in India 2021

  • Install a reputed Indian crypto exchange such as Cxihub/WazirX/CoinDCX/Zebpay. Make sure you do your research before you settle on choosing a business.
  • Set up your account by registering and verifying your KYC. Make sure you enable 2 Factor authentication to make your app super secure.
  • Add your bank details/UPI details to the app. You can add money to the exchange once your bank details/UPI are registered.
  • Once the money has been deposited into an exchange, you can use it to buy Bitcoin or any other cryptocurrency available for purchase.

Conclusion

So, have you bought Bitcoin in India yet? If not, and you’re interested to learn how we can help. We offer a digital wallet that gives Indian customers easy access to the world of cryptocurrencies like Bitcoin. All it takes is setting up an account with us! So, let our team be your guide as you take this exciting leap into the future of money. So, signup for cxihub today and get started on your journey towards success by investing in cryptocurrency now before it’s too late!

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