Bitcoin carries a different meaning for different individuals. To some it is a future of freely moving currency untied to any central bank in the world, while to others Bitcoin is purely a digital entity characterized by questionable value and dubious origin. Bitcoin has been a part of this fast-growing technology world since 2009 when a person or persons under the pseudonym Satoshi Nakamoto introduced a unique network to the internet world that now hosts a digital currency. Bitcoin is a cryptocurrency or digital asset that uses the rules of cryptography for the regulation and generation of units of currency.
Though the hype surrounding Bitcoin had taken over the world, RBI (Reserve Bank of India), in June 2018, restricted RBI regulated entities to support the buying and selling of Bitcoin. This led to a panic among bitcoin holders. RBI’s announcement has led to numerous banks withdrawing their support from many of the top exchanges of the country that has resulted in a halt in cryptocurrency trading and holding among investors and traders. But now the Indian cryptraders are excited and overjoyed as the Supreme Court of India lifted the crypto ban on March 4, 2020, which marked as an epic day for the Indian crypto enthusiasts.
In such a situation, the most important question is how to buy bitcoin in India after the ban, which took place on March 4, 2020. An answer to this question is a P2P (peer-to-peer) trading exchange platform that enables one to purchase bitcoins in India even after the ban by RBI. A P2P exchange supports the most popular payment methods and allows individuals from different countries to purchase Bitcoin for their local currency. A cryptocurrency start-up in Finland known as LocalBitcoins.com is one such platform that lets you buy Bitcoins in exchange for your local currency. In India, this company has operations in many of the major cities of the country such as Mumbai, Hyderabad, Kolkata, Delhi, Ahmedabad, Chandigarh, Pune, Guwahati, and many more. Now, you can convert INR to BTC easily.
WazirX is another bitcoin exchanging platform and is on its way to becoming India’s most trusted cryptocurrency exchange platform. The exchange allows the customers to buy, trade as well as sell Bitcoin, Litecoin, Ripple, Ethereum, and many other cryptocurrencies in India. WazirX follows the KYC norms, has a mobile application for both Android and iOS users, and also claims to provide multiple hundred transactions per second.
The way these P2P exchanges work is that the buyer selects the price from the order book and places a buy order. The exchange will take the Bitcoin from the seller and move it to an escrow account. The buyer will then transfer the money to the seller. This can be done in cash or via various other payment methods. Once the payment is transferred, the seller will confirm and Bitcoin will be transferred to the buyer. In case of a dispute, most reputed exchanges have an arbitration mechanism.
At first, this seems like an imperfect system but it works well in India.
You can buy BTC in India by going to this page, after which you will come across this window. On the left converter tab, you choose INR and put the amount of INR you want to invest in converting into Bitcoin. You can choose the crypto you want to convert into, in the right-hand tab. You have to put the Bitcoin address, where you will receive the amount once the transaction is complete. Click on “ Continue”.
Then you will get this window, where you have to fill in the details to finish the KYC (Know Your Customer) process, which won’t take more than a couple of minutes. After verifying the details, click on “I agree to the terms and conditions” and click on “Pay now” button. Your transaction has been completed. Now, just relax till you receive Bitcoin in the given address.
Though the ban of RBI on Bitcoins came as a massive blow to this virtual currency platform before, the Supreme Court of India waived off the ban. Thus, indicating that Bitcoin is legal in India and one can sell or purchase these Bitcoins through certain specified methods only. One can buy Bitcoins with the use of NEFT or other modes of bank transfers at many great exchange platforms. Most of them are easy to use and have great support to get a newbie started. All these trades are legal and nothing in the RBI circular says otherwise. All these exchanges pair popular cryptocurrencies with Indian Rupees and follow the KYC norms that help the government track the transactions.
Yes, it is absolutely legal to buy Bitcoins in India as the Supreme Court of India has recently lifted the ban on crypto trading.
Considering the updates, and the innovations, with the halving intact, Bitcoin price might surge up to $23K.
There are multiple secure Bitcoin wallets based on the device or the functionality.
Bitcoin is considered as one of the top assets, hence it will always remain noteworthy and powerful.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like KuCoin, IDEX, Changelly, Cryptopia, ChangeNow and Changer without creating an account on them. If you are interested in buying cryptos, do give it a try!