How to Invest in Bitcoin is the simplest question for an individual residing outside India. But for an Indian, it sounds very complicated investment. Whereas in reality, it is one of the simplest investment options available to date. As an example – You do not need to fill forms nor you need to go through KYC if you are investing in less than or up to 2 Bitcoin.
Bitcoin is the First and the Hottest cryptocurrency in the world. Invented in 2009 by Satoshi Nakamura, Bitcoin has come a long way and has survived all odds. During its first year of existence, the price of Bitcoin was $0 as it was not traded on any exchange. 2010 onwards it was traded on BitcoinMarket.com, it was the first Bitcoin exchange. Sadly it is now closed.
It’s the highest price that year was $0.39. If you had invested $135.30 to purchase 1 Bitcoin in 2013, the return you would have earned on your investment would have been 7,797.19%. As I write this article the price of Bitcoin has already crossed $10000 and might go beyond $20000 by the end of 2019.
I cannot guarantee my analysis as prediction and technical analysis have always failed when it comes to predicting the price of Bitcoin. But, I am confident that the possibilities are high looking at the fundamentals and news coming across the globe.
Bitcoin ROI for the last five years:
How to Invest in Bitcoin?
In India investing in Bitcoin is a big struggle. According to the law, Bitcoin is legal and you can Buy, Hold and trade Bitcoin. But, due to RBI’s Ban, it is hard to buy Bitcoin using the Banking network.
What I meant was, you cannot use your bank account’s debit card/credit card or use internet banking nor any digital wallets directly to purchase cryptocurrency from any exchange.
To solve this problem Indian exchange came up with a solution known as P2P (peer to peer) service. Similar to the Localbitcoins feature, every registered user on these exchanges can buy and sell Bitcoins to and from each other. It sounds complicated but, trust me it is very easy.
Best Bitcoin Investing Sites:
Indian crypto exchanges are known for elevated Bitcoin prices. Most of them have already stopped their operation in India or are closed after the strict RBI regulation. Some of them are still working and have improvised their deposit and withdrawal system by introducing P2P service.
These exchanges have neither let down the crypto community in India by increasing their withdrawal charges nor have delayed in updating deposits and withdrawals. Actually, they have added more cryptocurrency and have efficiently improvised their service after the RBI ban.
I have personally used them and I am extremely happy with their professional approach in helping every registered user and they are:
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. The price of Bitcoin on WazirX is as per the Global market. 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. Join WazirX Telegram channel.
How to Buy Bitcoin on WazirX exchange?
- Signup, 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 lefthand corner.
- Purchase USDT with INR using the P2P service.
- Wait for the Deposit confirmation.
- Click on Exchange at the top lefthand corner and Buy Bitcoin.
- Transfer your purchased Bitcoin to your Personal Bitcoin Wallet.
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 crytpo pairs or by depositing INR. Operating from Mumbai. No fee applied for INR deposit, withdrawal charges may vary. Join the CoinDCX Telegram channel.
How to Buy Bitcoin on CoinDCX exchange?
- Signup, 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.
Recommended Bitcoin Wallet:
For holding your Bitcoins, these are the wallets that I recommend depending on your requirements.
- Long Term Holding – If you are looking to hold your Bitcoin, then use Ledger Nano Hardware Wallet.
- Mobile Trader/Holder/Investors – The best Bitcoin wallet will be Mycelium Bitcoin wallet. It is available both for Android and iOS.
- Desktop Wallet – Best for those who are comfortable in using a computer for online trading or investing purpose. The best wallet for such individuals will be Atomic Wallet for desktop. It is a multi-cryptocurrency wallet. Supports more than 300 coins and all ERC20 tokens.
Definitely price of Bitcoin will go beyond $50000 in the future. At least this is not happening immediately. 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, invest as small as $100. A small amount invested today will be worth more what you could have dreamed of. 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.
If there are any changes in the above article, I will update it. Do feel free to ask any questions and do share your experience with the community in the comment below. Thanks, for reading this article. If you haven’t joined our Telegram channel then please do so as we post interesting stuff every day. Please do follow us on Twitter for the latest in cryptocurrency.
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