Bitcoin rate across the globe is touching the sky and more and more investors want to take advantage of it. Though, some experts are saying that it’s too late to invest in Bitcoin, however, many are predicting that it’s just the beginning. Experts like Bobby Lee, BTCC’s co-founder and CEO, are predicting that one bitcoin value may hit $5000-$11000 by 2020 (source link). Many Indian investors are showing interest in bitcoins and many bitcoin startups companies like Unocoin, Zebpay, have made bitcoin buying and selling easy for Indians. These bitcoin startup companies allow all sizes of investors to start bitcoin trading for example you can buy bitcoin of any amount say Rs.1000 or $20 to any amount. In this tutorial, I’ll be discussing on how to buy bitcoin in India. If you belong to some other country then steps will be same just you’ll need to find best bitcoin exchange of your country.
For individuals, who have some money and want to invest in bitcoin, it (buying and selling bitcoins) is somewhat confusing. They want to start bitcoin trading but don’t know how to do so. Following questions may come into someone’s mind while thinking of buy bitcoin –
How to buy bitcoin in India?
Where to buy bitcoin?
What are the trusted bitcoin companies in India to buy bitcoin?
and the like.
Here in this post, I’ll be clearing your doubts and will be providing you all necessary information that you will need to start bitcoin trading.
So let’s get started, first let me tell you bitcoin is a form of cryptocurrency or electronic currency; in which, to do financial transactions you don’t need any third party for example currently, to send money to someone you need a financial institute like bank but if you use bitcoin then you don’t need anyone.
Bitcoin trading is very easy but there’re some risks associated with bitcoin trading, and you should be aware of them. First bitcoin future is still in uncertainty like there’s no law to control bitcoin currency. Recent China’s move is an example. China has recently shut down its bitcoin exchanges due to which bitcoin price has fallen drastically. Although, bitcoin price is rising again but my concern is here, “What if all countries announce that bitcoin trading is illegal?”
Let alone. We’ll cover pros and cons of bitcoin trading in another post and above are the probabilities only. However, you’d be aware of them. Bitcoin trading is risky like Stock Intraday but it can give you very higher returns even it can make you millionaire. Some experts are advising buy at least one bitcoin because they think bitcoin price will hit $25,000 to $50,000 by 2025 (but no guarantee). I want to advise you if you’re willing to invest in bitcoin then be ready to tackle with the consequences associated with it. Also diversify your funds don’t invest all your money in bitcoin.
Bitcoin is not for faint hearted. It’s true only one bitcoin can make you millionaire, but at the same time it’s also true that your bitcoin’s value can become zero.
Now let me answer your queries briefly.
How to buy bitcoin?
There are two ways to invest in bitcoin: Bitcoin Mining and Bitcoin Trading. Bitcoin mining is more sophisticated and require more skills along with more investment but returns are way high. In bitcoin mining, you need strong internet connection, suitable hardware (normal computers are not sufficient), and 24*7 power supply along with backup. This way bitcoin mining becomes more difficult for a layman. The advantage of having bitcoin miner machine is that you can help others to mine bitcoin using your bitcoin miner and in returns you can get rewards in the form of bitcoin. Although you can buy bitcoin miner machine to start bitcoin mining but it’s all a bit complicated for a non-techie.
On the other hand, bitcoin trading is suitable for small and medium investors because you don’t need to do anything from your side apart from making transactions. No computer hardware running cost, no skills required! In bitcoin trading, bitcoin exchanges, who own bitcoin mining machines, allow everyone to invest in bitcoin and in returns they charge you a small or reasonable fee. Currently there are many bitcoin exchanges out there to buy bitcoin like Coinbase, Zebpay, Unocoin, LocalBitcoins etc.
Where to buy bitcoin?
First you will need to decide whether you want to start bitcoin mining or bitcoin trading. If you want to mine bitcoin then I advise you gather more information on this topic by watching videos on Youtube or reading articles related to it. Yes, it’s not so difficult, but not easy too. You can find many resources on internet to start bitcoin mining. Once you’re confident then just buy a bitcoin miner and start bitcoin mining.
Similarly, if you want to invest in bitcoin through a bitcoin wallet company then research and find a list of best bitcoin wallet companies. Here I want to say that read more and more articles to find best bitcoin wallet companies, and then choose companies those are recommended by many.
It (finding a best bitcoin wallet company) is like doing a science experiment in a laboratory; in which scientists repeat the same experiment again and again to obtain a precise or average value. You’re also doing the same by reading several articles, probably many of them would be biased, you can pick a good one which is recommended by many.
Procedure to buy bitcoins through a bitcoin wallet company or exchange –
- Read more articles pertaining to the topic and make a list of best bitcoin wallet companies.
- Pick one or two bitcoin wallet companies that are recommended by many.
- Check their background; if possible try to read customer reviews (very effective way but you need to read many to come on a decision).
- Once you decide from whom you want to buy bitcoin, create a bitcoin wallet account on that bitcoin exchange (don’t worry, next I’ll tell you how to create a bitcoin wallet account).
- Complete your profile by entering your residential and contact details.
- Upload documents (JPEG or PDF format) like PAN card, Aadhaar card, and an address proof, to verify your identity.
- Wait till your account gets verified; it takes 2-3 days.
- You can start buying and selling bitcoins once your bitcoin exchange verifies your account. To do so, first you’ll need to add money to your bitcoin wallet by using internet banking or mobile banking service.
- After adding money to your bitcoin wallet, you can buy bitcoin.
- You can sell bitcoin anytime. There’s not minimum or maximum time limit for instance let’s say you’ve bought 1 bitcoin at the rate of 3Lacs or $5000 and after few hours its price reaches to 4Lacs or $7000 then you’re free to sell your bitcoin. It’s totally up to you whether to sell it or hold it to earn more profit.
What are the best bitcoin wallet companies in India to start bitcoin trading?
Currently, there are many renowned bitcoin exchanges in India from whom you can buy bitcoin. To find a best bitcoin wallet company, you’ll need to put some extra efforts from your side. Like I said read more and more articles, it will help you find a best bitcoin wallet. Start from here. Here are some best bitcoin wallet companies to buy bitcoin in India –
- Unocoin– Click here to know how to buy bitcoin from Unocoin. Sign Up and Get Rs. 200 Free Bitcoin.
- Coinbase- Currently Coinbase is not allowing Indian users to buy bitcoin but it’s trying hard to start its business in India. It’s an international bitcoin exchange which allows you to buy bitcoin along with other cryptocurrencies like Ethereum, Litecoin. Sign up on Coinbase.
- Zebpay- Another India based bitcoin wallet. It helps you buy bitcoin through its Bitcoin wallet app. Click here to know how to buy bitcoin from Zebpay. Sign up to get free bitcoin worth Rs. 100.
- LocalBitCoins– LocalBitCoins is also very famous for bitcoin trading. Sign up on LocalBitcoins.
- Coinsecure – India based bitcoin exchange to buy and sell bitcoin in India.
You can do some more research to find more bitcoin companies in India. You’re advised to read top 4 trusted bitcoin exchanges in India to buy and sell bitcoin.
Disclaimer: Above list of bitcoin wallet companies is for information purpose only. Please verify these bitcoin companies before starting bitcoin trading. We’re not associated with these companies so we cannot hold any financial or legal responsibility.
As per current scenarios, bitcoin has potential to give you high returns. A smart investor knows how to diversify his/her funds and does a thorough research before starting a new investment. You should start bitcoin trading but just remember don’t put all your eggs in one bucket.