How to buy Bitcoins in India? And What is the Minimum Amount to Invest? - Groww
However it still remains volatile, and on January 11, we saw Bitcoin sliding 26 percent in its biggest plunge since March Although Bitcoin can seem like a great investment, it's important to do your research before you take the plunge. Experienced investors who know what they're doing won't need to be told this, but for beginners, it can be quite risky. It is necessary that you find the right places to make this investment and understand the legal and tax implications regarding investing in Bitcoin , before you start investing. We can't give you legal advice but here's what we've been able to learn, to get you started in Bitcoin.
Unocoin is an Indian-based exchange. Online exchanges like these will allow you to buy, sell, and hold Bitcoins.
Terms and Conditions
You can also do person to person Bitcoin trading using LocalBitcoins — it uses escrow protection to keep the transaction secure. It is generally better to use an exchange that allows its users to also withdraw their Bitcoins to their own personal wallet for safe keeping — there are exchanges that do not allow for this. And it goes without saying, but let's say it anyway — when creating an account on online exchanges, it is important to use safe Internet practices like using two-factor authentication and unique and strong password.
This process involves verifying your identity using your government-issued ID cards like an address proof, PAN card, and your bank account details. Once you place an order, you can purchase Bitcoin using digital payment methods. You can start your Bitcoin investment by chipping in as low as Rs. In , the RBI barred regulated entities such as banks from dealing with Bitcoin. This threw the market into a tailspin.
The technology is not ready. It is not illegal to buy and sell bitcoins in India. There is no law in India declaring it illegal. The RBI knows we exist and we have corresponded with them. We do trade worth more than Rs core a month. We deal with bank accounts and we are a registered company. What can Indians buy with Bitcoin today?
Are service providers, utilities and e-commerce companies accepting Bitcoin? Typically, in a trade of any commodity or foreign currency, 98 per cent are traders speculating on the potential future value and 2 per cent is for goods and services, to buy and sell goods. People are buying and selling based on news and assumptions.
They speculate whether they will make a profit in the future. This is fine as it provides liquidity to that asset. Likewise, there are people speculating on the future value of Bitcoin. In India, there are very few merchants who accept Bitcoin.
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So you can buy a Dell laptop with bitcoins or make a hotel or airline reservation and pay in Bitcoin. It does not make sense for Indian e-commerce companies to start accepting Bitcoin yet as few Indian consumers own bitcoins. Zebpay stocks vouchers from different service providers and if you own bitcoins, you can top up your airtime, for instance, using these pre-paid vouchers.
You can purchase these vouchers in bitcoins from us. We do more than Rs 50 lakh sales per month, and we are doing this to grow the community. This number doubles every 3 or 4 months.
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When do you see widespread use of Bitcoin to the extent that people are using e-wallets these days? It is at its peak now.
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It has been the best performing asset since it was invented. In China and the US, the trade in Bitcoin is worth billions of dollars. In India, we do a turnover of Rs crore a month. We are adding 1 lakh users every month. This will increase exponentially and you will see 10x growth every year. How do Bitcoin exchanges factor in taxation and prevent people from bypassing tax payment on transactions?
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This comes from self-regulation. We track all transactions on our exchange to ensure that all users comply with taxation norms. In the last week of March we ensure that all the rupee amounts you have in Zebpay are credited back to your bank account. This ensures that you declare all profit and loss on your bitcoin trade on Zebpay. There are three types of wallet:.
Online websites called cryptocurrency exchanges allow one to exchange local currency for virtual money.
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A person can make payments through bank transfer or credit card. One has to first register themselves with their full information, verify their identity and undertake a two-step verification for security purposes. Once the account is set up, one can start buying cryptocurrency on the exchange.
Coinmama: Allows customers to purchase Bitcoin with a credit or debit card from almost every country. They charge a 6 per cent fee on each purchase.