2017 was the breakthrough year for the crypto market, especially Bitcoin. And, this might just be the beginning! May be, the trend would continue this year.
Bitcoin buzz has gripped India of late. A few years ago, buying Bitcoin in India was not easy. Not anymore though. Here’s a step-by-step guide to buying Bitcoin in India.
1. Choose a Bitcoin wallet
The crypto currencies can be bought online at virtual stores, referred to as a “wallet”. There are several crypto wallets that boast different features, platforms they can be used on, security, and more.
What are some trusted sources to buy Bitcoin in India?
You can look for digital currency exchanges and Bitcoin apps to buy Bitcoin. There are quite a lot of them for you to choose from. Zebpay, Coinbase, Unocoin and Bitxoxo are some of the noteworthy Indian digital currency exchanges.
Using a bank account, you can buy Bitcoins through Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) or Real-time gross settlement systems (RTGS). Besides, you can buy Bitcoin from International digital exchanges using your Credit Card, Debit Card, Wire Transfer, Paypal and Skrill.
2. Create an account
After choosing a Bitcoin wallet, the next thing is creating an account by registering on the selected Bitcoin provider. With an account, you can store your Bitcoin and trade in Bitcoin.
What is the legal procedure to invest in Bitcoins?
To invest in Bitcoin in India, one is required to get his or her KYC (Know Your Customer) verified. For the same, one has to submit his or her PAN card and a valid address proof. The next thing is linking all the officials document to the bank account. The verification takes about 2-3 working days.
3. Start buy/ sell
Once you are done with legal formalities, you will be directed to the exchange and provided with the rate at which you can buy the Bitcoin.
What is the minimum amount you can invest in Bitcoins?
The value of one Bitcoin is $15,346.10 – an equivalent of nearly 10 lakh INR – as per the information on the coinmarketcap website. However, you don’t have to buy one Bitcoin to begin investing with. One can buy a part of the Bitcoin. 500 INR is the minimum amount that is needed to start investing in Bitcoins at most digital exchanges.
Are the returns from Bitcoins taxable?
As per the government of India regulations, any returns obtained from investments are taxable. Bitcoin investments are no different.