A Beginners Guide: How can you buy Bitcoin and other Cryptocurrencies in India?
Important Points to Remember:
In India, the demand for Bitcoin and other cryptocurrencies has exploded in recent years, as has their visibility.
Despite the lack of legislative certainty in India, the Supreme Court of India has prepared the path for Bitcoin and other cryptocurrencies to be widely used.
Binance has also established itself as the market leader in India for purchasing, selling, and trading cryptocurrencies.
Binance provides a lot more to its consumers than just buying and selling, operating as a one-stop shop for all things cryptocurrency.
Bitcoin and other cryptocurrencies are currently gaining popularity in India. New investors and buyers are flocking to the cryptocurrency market in search of simple ways to purchase Bitcoin and other cryptocurrencies.
Since their start in 2009, cryptocurrencies have come a long way. Though still in its infancy, the technology is already proven to be a game-changer in a variety of ways and sectors, with a lot more room to expand and transform how money is handled internationally. India is a large market for Bitcoin and other cryptocurrencies, just as it is for other commodities. India's cryptocurrency sector has exploded, and the nation has become one of the fastest-growing marketplaces in the world.
Investing in Bitcoin and cryptocurrencies has become one of many people's favourite methods of investing in India. To the point that many young people are starting their investment and trading careers with cryptocurrencies. You'll discover how to buy Bitcoin and other cryptocurrencies on Binance, the world's largest cryptocurrency exchange, in India in this post.
What exactly is Bitcoin?
It's crucial to grasp what Bitcoin is before understanding how to acquire it. Bitcoin is the world's largest peer-to-peer digital money, and it has no physical presence. It was founded in 2009 by a mystery creator named Satoshi Nakamoto. A peer-to-peer currency is one that may be exchanged online directly between computers or mobile devices without the use of a middleman such as a bank.
The entire objective of Bitcoin is to allow people and businesses to conduct financial transactions in a safe, secure, and non-interfering way without the involvement of banking institutions or governments.
Bitcoin Growth in India despite regulation uncertainties
Despite the country's legislative uncertainty, Indians are becoming more interested in Bitcoin. According to research firm Chainalysis, India ranks 11th out of 154 nations in terms of Bitcoin and cryptocurrency usage.
The Reserve Bank of India (RBI) prohibited banks from engaging in any cryptocurrency-related activity in April 2018. The Supreme Court of India overruled this ruling in May 2020. On May 31, 2021, the RBI informed banks that its 2018 instructions should not be used to refuse cryptocurrency services to any organisation or investor. Although the previous restriction has been lifted, there is still a lot of ambiguity around Bitcoin and cryptocurrencies because officials have been silent on the matter.
Despite this, Indians have invested close to $6.6 billion in cryptocurrencies as of May 2021. The majority of it has been through Binance and the market is growing larger with each passing day.
How to Buy Bitcoin in India?
Now that we have covered all that you need to know in order to get you interested in buying Bitcoin. We will give you a step-by-step guide on how to buy Bitcoin in India.
To begin with, the best way to buy Bitcoin in India is through the world’s largest cryptocurrency exchange, Binance. Binance accepts a wide range of currencies, including INR, that can be used to purchase Bitcoin and other cryptocurrencies. You can choose to pay for Bitcoin through direct bank transfer, UPI or peer-to-peer (P2P) transfers.
Follow the steps below buy Bitcoin and other cryptocurrencies on Binance:-
1. Create an account on Binance.
The first step is to create an account on Binance by entering your email address and phone number. Binance uses two-factor authentication and sends an OTP whenever a new login attempt is made.
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| Register now |
2. Verify your account and finish the KYC process.
You must verify your account after registering on Binance by navigating to your email inbox and inputting the code when required. The next stage is to finish your Know Your Customer (KYC) process. You'll need to input personal information such as your PAN, full name, date of birth, and address. The next step is to submit a photo of your ID card, which might be a driver's licence, an AADHAR card, a PAN card, a voter ID, or anything else.
3. Fund your Binance Wallet with money.
After successfully creating your Binance account, the following stage in your Bitcoin purchase adventure is to fund your wallet. You may fund your wallet with either your existing coins or fiat cash. Other options for depositing cash and purchasing cryptocurrencies and Bitcoin include bank transfers or peer-to-peer (P2P) transfers from your bank.
4. Buy Bitcoin with Binance.
You've finished the most important steps to buying Bitcoin on Binance. The next step is to acquire Bitcoin after the money have appeared in your wallet. You may either purchase P2P from any of the listed sellers or go with the Express alternatives and input the amount you wish to acquire Bitcoin for (BTC).
The Bitcoin should appear in your wallet once you've completed the transaction. Congrats! You just made your first Bitcoin purchase on Binance.
How to buy cryptocurrency on Binance P2P in INDIA (App)?
READ HERE.
5. Bitcoin and other cryptocurrency trading
After you've purchased your bitcoin and any other cryptocurrencies of your choice, you may begin trading in Bitcoin.
6. Withdraw funds from Binance
When you've made the amount of money you want from your Bitcoin and cryptocurrency investments. Binance provides you with a variety of possibilities. You can keep your Bitcoin if you want to make more money. If you don't want to keep your Bitcoin, you may sell it on the P2P network for a profit or move it to your WazirX wallet via Binance. You may use your Binance credentials to log in to WazirX instead of creating a new account. One of the main benefits of utilising Binance in India is the compatibility between the two wallets. If neither of these options appeals to you, you can sell your assets and have the funds sent straight to your bank account.
Final Thoughts
As you can see, Binance makes buying, selling, and trading Bitcoin and other cryptocurrencies simple. Binance is the ideal destination for every cryptocurrency enthusiast to realise their cryptocurrency aspirations. So, what do you have to lose? Register for Binance using the link below, and begin your trip into the world of Bitcoin and other cryptocurrencies.
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| Click this link to start your account and you will get 20% off your trading fees. |
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