How to buy Bitcoin in India?
Bitcoin, Bitcoin Bitcoin, is what everyone has been talking about from your favorite news channel to your friend Dinesh, who only talks about Cricket is now is an expert on Bitcoin. The increase in a discussion can be attributed to a sudden boom in the prices of Bitcoin hitting its all-time high at $19,666 or ₹14,50,000+ or just people wanting to learn more about CryptoCurrencies as an investment after the Supreme Court lifted the Crypto ban imposed by RBI earlier this year and the lockdown made people more aware of investment opportunities.
Even though a bunch of people have invested in Bitcoins and are very much profitable currently, a lot of us have very little idea of what Bitcoin is and how can someone buy it.
This post answers all your questions related to Bitcoin.
What is Bitcoin?
Bitcoin (BTC) is a digital currency, which is used and distributed electronically.
Bitcoin is a decentralized peer-to-peer network. No single institution, person, or government controls it.
Bitcoins are limited in supply, and can’t be printed. Only 21 million Bitcoins will ever be created.
The minimum amount needed to buy Bitcoin?
A lot of people have messaged me, “Dheeraj, we don’t have 14 Lakh rupees to buy a Bitcoin”
But hey, you don’t need lakhs of rupees to buy Bitcoins, you can buy fractions of Bitcoins. The minimum amount you need to buy Bitcoin is like ₹100 to ₹1000 depending on which exchange you buy it from.
Are Bitcoins Taxable?
According to the government of India, any returns on investment are taxable as Capital Gains.
Please consult your C.A. on how taxation works on Capital Gains, ask them about Short Term Gains and Long Term gains.
Where to buy Bitcoins?
If you would have asked a few years back how to buy Bitcoins, I’d tell you it’s a tedious process, but in recent times it has become very easy thanks to the following.
These are my favorite places to buy Bitcoin Currently in India.
- WazirX: Mumbai-based exchange one of the most popular ones in the country. WazirX is backed by the Chinese Crypto Giant Binance. You can buy Crypto through bank transfer, UPI, IMPS, NEFT & RTGS.
- B21.io: A new player in the market but an experienced team, quickly gaining trust in the market as they have simple to use UI and easy to manage your portfolio with different coins. Payment methods are Bank Transfer, UPI, Credit, and Debit Cards.
- Zebpay: Zebpay in my opinion made buying Crypto pretty popular as users could just use their mobile number to create wallets. They are back after the Supreme Court lifted the ban and still are a good way to buy Crypto. The payment methods are UPI, Bank Transfer, Net Banking, IMPS.
- UnoCoin: Oldest Crypto Exchange in India. Bank Transfer & UPI available to buy Crypto. Payment methods include Bank Transfer, UPI, IMPS.
- CoinDCX: India’s largest Crypto exchange, you can buy 100+ cryptocurrencies instantly. Payment methods are Bank Transfer, UPI.
- Nuo Exchange: Simple app allows you to only buy Bitcoin without much hassle. Payment methods are Bank Transfer, UPI, Mobikwik, Debit, and Credit Cards.
You should try to understand what the hell is the fuzz all about and consume more Crypto Content, and I suggest doing this by
- Internet of Money: by Andreas M. Antonopoulos
- The Bitcoin Standard: The Decentralized Alternative to Central Banking: by Saifedean Ammous
- Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond: by Chris Burniske and Jack Tatar
- Digital Gold: The Untold Story of Bitcoin: by Nathaniel Popper
- History of Bitcoin: Wikipedia
- Bitcoin for Beginners: Playlist
- Bitcoin in the Boardroom: Michael Saylor on why his publically traded company owns Bitcoin on What Bitcoin did Podcast.
- What is Bitcoin? Bitcoin Explained Simply for Dummies
This post isn’t financial advice. Do your own research before making any investment decisions.