Investing in Bitcoin outside India is simple and easy but, it isn’t for those residing in India. it is complicated if you are not aware of the P2P method.
In India, KYC is a mandatory regulation for those trying to purchase using one of the few cryptocurrencies exchanges. But, once done you can use the exchange as long as the government does not change the law or closes it.
Bitcoin is the sought after cryptocurrency in the world because of its USD value. Invented in 2009 by Satoshi Nakamura, Bitcoin has come a long way and has survived all odds.
During its first few years of existence, the price of Bitcoin was $0 as it was not traded on any exchange. Come 2011 Bitcoin started to have a USD value of $0.39.
2020, Bitcoin halving is on the way and as expected there will be a bull run as indicated by the price of Bitcoin which is now in the month of January above 8k.
This is the best time to invest in Bitcoin for both short term and long term profit and In this article, I will discuss where and how to invest in Bitcoin in India.
Bitcoin Cost Today:
Invented to free an individual of the Financial clutches of the banks and those controlling it. Bitcoin is one of the most secure forms of investment for anyone who wants to have financial freedom in the year 2020.
Investing in Bitcoin is more fruitful than investing in Gold because from $0.39, the price in 2011 to the USD value until today it has given an ROI of 6,332.30% as I write this post.
Bitcoin law in India?
According to Indian law, Bitcoin is legal and you can buy, hold and trade Bitcoin. But, due to RBI’s ban, it is hard to buy/sell Bitcoin using the banking network.
How P2P work in Indian exchanges?
In P2P (peer to peer) service a buyer buys bitcoin by paying the money directly into the seller’s bank account and vice versa. In this case, an exchange acts as a seller and you are told to pay the money into an account of an Individual associated with the exchange.
As these transactions are originating from one’s saving account and ending into another saving account they do not violate the RBI’s ban hence the transaction gets authorized without any issue.
Since all the transactions are made using the IMPS service the payment gets credited instantly and the coins get added to the buyer’s wallet with the exchange within a few minutes.
These transactions can be considered as safe as the exchange does ask for the completed payment reference numbers and do provide a unique reference to be quoted as a message before processing payment.
Which means that they are in the loop before and after the completion of payment.
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Best Indian exchanges to buy Bitcoin:
- WazirX Exchange
- CoinDCX Exchange
There are other exchanges but, the above two are the ones that I have been using frequently to buy and sell cryptocurrencies and therefore I am recommending them to you.
Launched in March 2018, WazirX is one of the biggest (according to volume) and the largest (due to the number of cryptocurrencies traded) in India. In 2019 it was bought by Binance. You can purchase Bitcoin using P2P INR deposits, crypto to crypto purchase and the withdrawal fee for Bitcoin is 0.0005 Satoshi. The minimum withdrawal limit for Bitcoin is 0.001 Satoshi. They operate from Mumbai. No charges for INR deposit, withdrawal charges may vary.Register for Free!
How to Buy Bitcoin on WazirX exchange?
- Register using the above button, verify your email and mobile number.
- Pass KYC. Go to Account Settings by clicking the profile image and then click verify KYC.
- Update Bank details on the same page (Account Settings) by clicking the P2P Payment option.
- Click P2P at the top left-hand corner.
- Purchase USDT with INR using the P2P service.
- Wait for the Deposit confirmation.
- Click on Exchange at the top left-hand corner and Buy Bitcoin.
- Transfer your purchased Bitcoin to your Personal Bitcoin Wallet.
The above video is an official video from WazirX that shows how p2p works. You can check the video for a detailed walkthrough of different screens.
The withdrawal fee for Bitcoin is 0.0005 Satoshi. The trading fee is 0.1%. The minimum withdrawal limit for Bitcoin is 0.001 Satoshi. For crypto to crypto transactions, you do not need KYC. Purchase can be made using crypto pairs or by depositing INR. Operating from Mumbai. No fee applied for INR deposit, withdrawal charges may vary.Register for Free!
How to Buy Bitcoin on CoinDCX exchange?
- Register, verify your email and mobile number.
- Go to Profile and update bank details.
- Pass KYC to increase your daily withdrawal limit above 4 Bitcoin.
- Click on Funds and then click on the INR wallet.
- Click on Deposit INR to the wallet.
- Enter the amount, make the payment to the displayed Bank account either through UPI or IMPS.
- After the payment is done, enter the payment reference ID and click verify.
- Wait for the amount to get updated on your INR wallet.
- Click on Trade and select base-pair INR to purchase Bitcoin or click on Insta, select Bitcoin and Buy.
- Transfer your purchased Bitcoin to your personal Wallet.
The above video is a step by step official video from CoinDCX that shows how p2p works. You can check the video for a detailed walkthrough of different screens.
In the end, thank you for reading this article.
For some of you, the current price of Bitcoin is within your financial reach. For those who still cannot buy at this price, my advice to you guys is that invest as small as $50 or more every month.
A small amount invested today will be worth more than what you could have dreamed of. Bitcoin is not a quick rich money scheme, it is a way to achieve financial freedom.
Stay away from those Ponzi, cryptocurrency MLM, and investment schemes. Invest directly in Bitcoin through these exchanges and enjoy the benefits in the coming days.
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