How to Buy Bitcoin in India: A Quick Guide
The year 2024 is continuing to be lucky for the crypto industry who already knows how to buy bitcoin in India. Bitcoin ETF approval was a big win when the world's strongest economy, the USA (United States of America), accepted it. Bitcoin reached its all-time high in the first week of March. The enthusiasm towards crypto investment has been quite visible since the beginning of the year, as the market was predominantly reflecting the greedy side. The acceptance is increasing every year.
Whenever the name Crypto is heard, Bitcoin is the first name that comes to the mind of every crypto enthusiast. Bitcoin has had its journey and is the backbone of the crypto domain. It was the first step towards the introduction of digital currency and managed to achieve success in various aspects. Many beginners or experienced traders in India and other countries are unaware of how to buy Bitcoin in India. As you move forward in the blog, you will get all the necessary information related to Bitcoin, including how to buy it, platforms, benefits, and a lot more.
What is Bitcoin?
Bitcoin was launched in 2009 by a mysterious person named Satoshi Nakamoto. The first crypto is a decentralized digital currency that can be sold, bought, or exchanged without involving any intermediaries like banks or financial institutions.
One thing to keep in mind is that no matter whether you buy Bitcoin in India or any other country, the transaction undergoes verification. The process is called mining. An advantage of it is that investing in Bitcoin can be done at any time of the day. It was the first recognized crypto among all, which sustained its image as the kingmaker of the crypto world.
It has experienced price fluctuations and hard days to achieve the position it has made today. One major acceptance that grabbed everyone’s attention and a big achievement for Bitcoin was accepting it as a legal tender in EL SALVADOR.
The Best Platforms to Buy Bitcoin in India in 2024
Trading and investing are much simpler these days. Initially, people used to be concerned about the complexity of trading and investment and understanding the concepts related to trading. With time, platforms are dedicatedly working towards improving their applications to make it easy for users to understand the process of trading and investment.
Platforms that are continuously working towards improving their user interfaces are-
CoinCRED - It is one of the best crypto exchange in India . It has a vastly large user base and one can start trading with just 100 INR. It is also one of the most secure crypto apps in India.
CoinDCX- It is one of the top crypto exchanges in India. Along with CoinCRED, it is one of the apps that has made cryptocurrency and blockchain popular in India.
CoinSwitch- This platform aims to democratize cryptocurrency investing for all Indians by making it easy, secure, and available to all.
WazirX- One of the very first players in the crypto realm, WazirX has a big hand in promoting digital currencies and its investment mainstream in India.
ZebPay- With its main office in Singapore, ZebPay is among the most well-known and rapidly expanding cryptocurrency exchanges. It is popular for fast and secured transactions.
How to Buy Bitcoin in India?
Bitcoin in India can be bought through various exchanges. One is CoinCred, India’s most trusted and quite widely used crypto exchange platform.
The best way to buy is by depositing INR in CoinCred’s wallet. Users need to adhere to the following steps to experience a smooth process to buy
Step 1: Sign up on the CoinCRED platform
Sign up for your account on the CoinCred platform by filling in the necessary details and creating a secure PIN, which you need to enter every time you access your account.
Step 2: Open your account
Open the application CoinCred and enter the 4-digit security PIN, or log in by entering your email address.
Step 3: Open Market
After opening the CoinCRED application, click on the market, where you will see different crypto exchange platforms listed. You need to select Bitcoin.
Step 4: Buy
After clicking on Bitcoin, the app will further redirect you to buy, where you have to choose the instant limit option.
Step 5: Enter the amount
Enter the amount in INR, which will be converted as per the price of bitcoin, and then by adding money to your wallet, you will successfully buy the bitcoin.
These are the five simple steps that you need to follow to buy Bitcoin through the application of CoinCRED.
Benefits of Buying Bitcoin in 2024
Bitcoin itself has a strong brand name that needs no reason to be introduced. Still, here are some strong reasons why trade enthusiasts should invest in Bitcoin. Some of the considerable reasons are:
High Returns
Bitcoin history speaks a lot about high returns. People have benefited exceptionally well after making investments in Bitcoin. It has often observed price appreciation. Talking about 2024, it is rising every day and also touches an all-time high, which indicates its rising value in the coming days. The demand for Bitcoin among people around the globe has also increased in the past few years.
Store of Value
Bitcoin is a backbone that religiously follows investment and trading. Bitcoin is said to be digital gold, which is viewed as the saviour in times of losses, inflation, and economic uncertainty.
Liquidity
Bitcoin, at present, has a very large and active market with a high trading volume. Liquidity helps make it easy to buy, sell, or trade.
Institutional support
Any big institution or big industry investment signifies the acceptance and recognition of any particular exchange or token. Bitcoin's name is above everyone, as it has been supported by some big financial institutions like Blackrock, Valkyrie, Vanguard, and Fidelity. Investment from traditional players builds validation and helps in developing the potential value of Bitcoin.
Conclusion
Know you know how to buy Bitcoin in India and it’s a win-win investment for those who are looking forward to diversifying their investment portfolio. By keeping in mind the above-mentioned points in the blog, a user can navigate the market for cryptocurrency and manage to make profits. CoinCRED is a trustworthy platform with a low transaction fee that can be a good option to start with. Yet, the Indian government has not accepted it legally, so any user must do proper research and understand the market before making any investment.
