An all-in-all guide to buying bitcoin in India

The value of one’s hard-earned money, particularly in today’s day and age cannot be underestimated. Thus, every day there is research on newer, more innovative ways to stabilize the money earned and to find methods to make them grow. One such method that has taken the world of investing by storm is – ‘cryptocurrency’. Each day it is becoming harder to ignore the impact that bitcoin and other cryptos have made in the market. This method has become the millennial way of investment.

Gaining an insight into the world of bitcoins

Did you know 2020’s top 3 searched keyword was ‘bitcoin’? This shows the exponential manner in which this crypto has earned its name and fame. Essentially, it is a type of cryptocurrency and can also be deemed as a digital currency that can be used to buy goods and services at a global level. The market in which bitcoin exists can be very volatile – the prices are unstable and can fluctuate at a rapid rate with no trends or patterns. Therefore, understanding the BTC to INR ratio before making any purchase and researching adequately about the values would give the users a leg up.

Why investing in bitcoins is a good idea

One of the primary reasons for the surge in investments in this form of cryptocurrency is the transparency of the process. All the transactions are done via an online ledger which ensures complete anonymity to their users. The bitcoin address that one receives upon registering is unique and attached to the person. Even though users all over the world can see the transactions made in real-time, no one would be able to associate the transaction with you!

How can one begin the process of purchasing a bitcoin?

Needless to say, this currency has surely had most people in the country interested. After careful research, if one decides to understand how to buy bitcoin in India, they will be amazed at the ease with which this transaction can happen. There are several mediums through which one can enter into investment in cryptocurrencies, CoinSwitch Kuber is one of the trusted crypto exchange platforms in the country. With more than 3 million users, it is considered one of the most trusted platforms to purchase cryptocurrencies. However, the process of registration and transaction is more or less similar across all these platforms varying in the slightest of degrees.

• Since India is a mobile-first market, most of these platforms have developed apps that can be downloaded into smartphones. Their websites can also be used as a great interface for these transactions.
• Basic procedures such as KYC verification, providing bank details for ease in transferring the required money, and ID proof as an Indian citizen would be the next step. All of this happens almost instantaneously.
• Depending on the interface one is using, they can begin investing in bitcoins of a value as low as INR 100. The platforms would have over 100 cryptos to choose from and one can indulge in due research and purchase the ones they trust to grow.
• Select the cryptocurrency and use the option buy or sell to make the transaction to another user’s address.
• Since it is a form of peer-to-peer trade and decentralized exchange, along with anonymity, it also promises to safeguard the customers. No hacker or virus can trace the money to a specific person.

Things to keep in mind while purchasing bitcoin in India

While this process can be very exciting, especially for first-time users, the beginning of this journey might get slightly taxing. Here is what one would need to know if they are new to the process:

• The first step would be to conduct thorough research on the platform that one is planning on using. Understand how it works to see if the interface suits the needs of the person.
• Check the number of cryptos the site offers and whether it has the ones you are preferring to buy.
• Ensure to stay away from platforms that aren’t secure – for example, if they do not have a KYC verification process, it may not be safe enough.
• Compare the platforms to check for differences in prices and trading fees.

The patterns and trends of the crypto industry have not been fully decoded and analyzed yet. The market is constantly changing and developing and this requires a lot of research and education before one decides to enter this arena. Get an estimate of the risk assessment and personal risk tolerance before trading. Safeguard your assets and investment by purchasing bitcoins wisely through trusted platforms in India.

Disclaimer: For more interesting articles visit Business Times.