Bitcoin is, of course, the first cryptocurrency to come into existence. Invented in 31st October 2008, it was based on the white paper submitted by Satoshi Nakamoto. While there was only one cryptocurrency in 2008, now there are more than 5,000 out there.
In a little over a decade, think about the giant leap that cryptocurrencies have taken.
While you are reading this post, there’s probably another cryptocurrency getting deployed somewhere. People have already begun investing lump-sum amounts in cryptocurrencies with amazing returns. As the de facto face of the crypto market, Bitcoin is a worthy investment for the foreseeable future. If you’re wondering how you can buy cryptocurrencies, let’s have a look at how you can get started:
How To Buy Bitcoins in India
There are numerous ways to buy bitcoins in India. They can be bought on exchanges and there are several market places that facilitate transactions directly between people. The method of buying Bitcoin varies depending on your preferences, available options, and capital. But you can use a variety of methods such as – online transactions, cash or even bank transfers – more on that, below.
The preliminary step when buying cryptocurrencies is to get hold of a digital wallet to store your bitcoin and it is mandatory for buying one. After that, you can use any of the above-mentioned methods to buy a bitcoin. There is no restriction on the type of online wallet you use. The various types can be:
- From any exchange platform, or
- From an independent provider
- A desktop wallet
- A mobile wallet or
- It can even be an offline one like a hardware device.
It’s highly recommended you use a personal wallet – either a desktop/mobile one or even a hardware device, for maximum security and safety.
Here are some essential tips on keeping a digital wallet:
- The first and foremost aspect is securing the keys or passwords of your wallet. You can’t lose the key, as it can never be recovered. Losing the key, therefore, means losing access to all your holdings in the Bitcoin wallet.
- The second aspect is to invest according to your budget, as the prices of Bitcoin fluctuate just like stocks. At times you might make a huge profit out of them while during the other times the loss may overshadow your profit. Hence, invest wisely.
How Many Ways Can You Buy Bitcoins?
One of the easiest ways to buy Bitcoin in India is by register on an online cryptocurrency exchange. There are several crypto exchanges available today that are secure and boast of healthy liquidity to allow quick and easy trades. All you need to do is a bit of research on some of the cryptocurrency exchanges ideal for you in order to clearly get the bigger picture. Some exchanges are prone to security lapses and can be unreliable, so you need to be careful. Similarly, you should also research your Bitcoin wallets before getting hold of any of them. Some of the globally renowned cryptocurrency exchanges include WazirX and Binance. They offer both:
- Spot exchange facilities (where you trade in Bitcoins with the market), or
- P2P marketplace functionality – where you directly engage with a single trader for each transaction.
After the introduction of KYC (Know your client) and AML (Anti Money Laundering) norms, most exchanges require your information in order to validate your identity. Only then will you will be able to open your account. The information includes your ID proof, photo, bank account details, proof of address, and so on.
The mode of the transaction can be varied, as these exchanges accept deposits via bank transfers, debit cards or credit cards, UPI, and more. Some even work with Paypal transfers as well. There is a tiny transaction fee for each and every transaction you make and that includes the cost for using the bitcoin network as you transfer your holdings from the exchange to your wallet. The transaction might take some time – from a few minutes to hours – it is entirely dependent on the network traffic that is a part of the transaction.
As soon as your transaction is complete, you will have Bitcoins in your exchange wallet. You can then transfer the funds to your wallet off the exchange.
How To Buy Bitcoin With WazirX
To get started with buying Bitcoin on WazirX, we first begin by registering on the platform, followed by completing our KYC, and then finally depositing funds for our purchase. Here’s a primer:
Step 1: WazirX Account Creation
- Head over to the WazirX website. Click the Sign up button.
- Fill in your email address and desired password.
- Check I agree to WazirX’s Terms of Service. Do go through the Terms of Service first.
- Hit Sign Up to complete.
- Check your email inbox for a verification mail and click on Verify Email to complete the process.. If you haven’t received it, check your spam folder. Or hit Resend Here. After a successful verification, you should see this message:
- If you’d like to change your email address, click on Restart the registration process and start over.
This is the last stage of the registration process. Select your country from the list of options:
You will then be asked for KYC verification.
Congratulations! You now have a functional trading account on WazirX.
Step 2: Depositing Funds
How to deposit Indian rupees on WazirX
KYC verification should be completed before depositing funds
We can make a deposit via UPI/IMPS/NEFT/RTGS. We’ll need to submit our transaction details to WazirX for verification purposes.
How to deposit cryptocurrency on WazirX
Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees on any deposits!
You begin by obtaining your deposit address from your WazirX wallet. Then, you share this address on your holding wallet for transferring your cryptocurrencies. For more details, check out WazirX Support page on depositing cryptocurrencies.
Step 3: Buy Bitcoin
Now you are ready to buy Bitcoin with your deposited fiat money. Let’s explore how easy the process is:
- Visit the Exchange to view the latest bitcoin price.
- Scroll down, you will find the BUY and SELL options on your dashboard.
- Enter your desired price in INR and Amount of BTC you have planned to buy
- Hit PLACE BUY ORDER, and wait for the order to execute
Congratulations! Once the transaction is executed, you should find bitcoins added to your WazirX wallet.