Bitcoin is the world’s most popular cryptocurrency. It has created a whole new industry of digital currencies, also called cryptocurrencies. In India, buying bitcoin has become increasingly popular in recent years. Have you tried buying it? If not, we will tell you how to get Bitcoins in India.
Bitcoins colloquially represent the entire cryptocurrency industry. So, it’s not surprising some people may ask how many bitcoins are there in India while they might mean other cryptocurrencies such as Bitcoin Cash or Bitcoin Gold.
In this article, we will explain how to buy bitcoin in India, including the different methods available and the pros and cons of each.
About Bitcoin
Before we delve into the specifics of purchasing Bitcoin in India, it is essential to understand what Bitcoin is. First, you can find different types of bitcoins in India, and we’ll discuss them in subsequent paragraphs.
Bitcoin is a digital currency, like the Indian rupee, US dollar, or British pound, but it exists only in digital form. It is decentralised, meaning that no one person or organisation controls it. Any government or bank does not run it and can be used to buy goods and services online or to store value like an investment.
How to Buy Bitcoin in India
Buying Bitcoin in India can be done in various ways. The most popular way is to buy Bitcoin through an exchange. An exchange is a platform that allows users to buy and sell cryptocurrencies. To purchase Bitcoin, users need to create an account on the exchange and then follow the steps to complete the transaction.
The second way to buy Bitcoin in India is through peer-to-peer (P2P) platforms, which are online marketplaces where individuals can buy and sell cryptocurrencies directly with each other. The process requires users to create an account and search for sellers offering Bitcoin. Once a suitable seller is found, the buyer can initiate the transaction and complete the purchase.
A third way to purchase Bitcoin in India is through ATMs. There are several Bitcoin ATMs located in various cities in India. The process is relatively simple. All that is required is for the user to insert cash into the machine and then follow the instructions to complete the transaction.
Also Read: Top 10 Cryptocurrencies to Invest in India
Advantages and Disadvantages of Buying Bitcoin in India
The most popular form of digital currency today is Bitcoin. With its popularity rising in India, many people are considering buying Bitcoin in India.
Though there are several advantages to buying Bitcoin in India, it also comes with some disadvantages.
- The major advantage of buying Bitcoin in India is that it is easy to access and purchase.
- There are various ways to get bitcoins in India, such as using a broker, buying from a Bitcoin ATM, and exchanging it with another person.
- It also allows users to make payments anonymously without revealing their identity.
However, there are some drawbacks to buying Bitcoin in India:
- The current number of bitcoins in India is limited, which means the price of bitcoins can be volatile.
- The government still needs to make regulations or laws regarding the use of cryptocurrencies, making it challenging to regulate the market.
- There is the risk of scams and fraud, as the government does not regulate them.
How to Store Bitcoin in India
India is rapidly becoming one of the leading countries regarding Bitcoin adoption. If you are in India and are looking to store your bitcoin, there are several ways to get it done. One of the simplest ways to get Bitcoin in India is to purchase it from an exchange.
Several reputable exchanges in India allow users to buy, sell and store Bitcoin. You can also use an online wallet to store your Bitcoin. There are several online wallets available that allow users to store their Bitcoin securely.
Finally, if you want to store your Bitcoin offline, you can opt for a hardware wallet. A hardware wallet is a device that allows users to store their Bitcoin securely offline.
Types of Bitcoins in India
As of 2023, there are several types of Bitcoins in India, each with its unique characteristics and uses.
- Bitcoin (BTC) is the first and most well-known type of cryptocurrency used for storing value and exchanging.
- Other types of Bitcoins exist in addition to BTC, including Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin SV (BSV).
- Each type of Bitcoin has its own differences and applications.
- The exact number of Bitcoins in circulation in India is difficult to determine, but it is estimated to be around 1 million.
- The number of Bitcoins in circulation in India is subject to change as the popularity and usage of Bitcoin continues to grow.
- Different types of Bitcoins in India offer unique opportunities and risks for investors and users.
Understanding the differences between each type of Bitcoin and carefully considering their potential benefits and drawbacks before investing or using them is crucial.
Indian Exchanges for Buying Bitcoin
Multiple Indian exchanges offer to buy and sell Bitcoin. Although the Indian government has not yet regulated cryptocurrencies, buying and selling Bitcoin in India is still possible. However, the Indian exchanges are not as advanced as the global exchanges.
The most popular Indian exchanges for buying Bitcoin are WazirX, Unocoin, CoinDCX, and Zebpay. These exchanges provide a secure platform for buying and selling Bitcoin. They also offer other features, such as portfolio management and trading services.
The price of Bitcoin in India is also slightly higher than the global average. A single Bitcoin in India can range from around $7000 to $8000. Thus, if you are looking to buy Bitcoin in India, these are some of the best Indian exchanges to consider. They provide a secure and reliable platform for buying and selling Bitcoin.
Conclusion
Bitcoin is a decentralised digital currency and it is the most popular cryptocurrency in the world. It has come to be recognised as a great investment option for those looking to diversify their portfolio and increase their returns.
However, it is important to research and understand the risks of buying Bitcoin in India. With the emergence of new exchanges, buying Bitcoin in India has become much easier and safer. With the right knowledge and strategy, investors can make huge profits from buying Bitcoin in India.
Disclaimer
The investment options and stocks mentioned here are not recommendations. Please go through your own due diligence and conduct thorough research before investing. Investment in the securities market is subject to market risks. Please read the Risk Disclosure documents carefully before investing. Past performance of instruments/securities does not indicate their future performance. Due to the price fluctuation risk and the market risk, there is no guarantee that your personal investment objectives will be achieved.