March 4th, 2020, the Supreme Court of India struck down a circular issued by the Reserve Bank of India (RBI) that directed Indian banks not to deal in cryptocurrency transactions. This decision came as big news for every cryptocurrency fans in India and also the rest of the world. Now, 1.3 billion Indians have access to buy cryptocurrency, which will potentially help Bitcoin's price to rise again.
Hearing this, many Indians might want to buy Bitcoin and see for themselves what the hype is all about!
Before You Buy Bitcoin, You Will Need a Wallet
A wallet is where you keep your Bitcoins! Choose the one that is best for you. Keep in mind that cryptocurrency has no regulations, so you will need to think about how to keep your Bitcoins safe by your self. It is always a trade off between convenience and safety, so choose wisely!
You can download a mobile wallet from any App store. These are free and easy to use. However, mobile phones are always online and easier to hack. Most people do not keep the majority of their crypto on the phone.
Examples of mobile wallets: ELLIPAL Wallet, Mycelium Wallet, Trust Wallet
Most people store the majority of their crypto in a hardware wallet. It is a device that stores Bitcoins offline and is the most secure method. It requires you to buy the device, however, but for people with a significant amount of crypto, it is worth it.
A hardware wallet that we recommend is the ELLIPAL Titan Cold Wallet.
An exchange is where you trade and buy crypto. They also provide a wallet for you. However, an exchange wallet is the least secure place of all because if the exchange gets hacked or closes down, you will lose all of your cryptos. It is entirely out of your hands.
Buying Bitcoin in India
Exchanges are the most commonplace to buy Bitcoin and other currencies. Search on Google: "Buy Bitcoin India" and many exchanges should show up. Before you can buy, you will need to identify your identity (KYC), so be sure to read the instructions carefully.
Example of exchanges in India: WarzirX, Unocoin, Bitbns.
Buying with Credit Card
You can buy a certain amount of Bitcoin using credit cards. It is fast, and you don't need to verify your identity. The only downside is that the fee will be higher.
Multiple Payment Options
Instead of buying it through a system, you can try buying Bitcoins from someone who wants to sell. Try to look around Localbitcoins.com and see what people have to offer. Options include cash, PayPal, wire transfer, and more. However, do it at your own risk, study it thoroughly before completing a deal.
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