How to get/ buy bitcoin in India, price, legality everything you need to know

How to get/ buy bitcoin in India, price, legality everything you need to know. After reading this post, you will know how to buy bitcoin in India, its legal status how to use it etc. Keep reading.

How to get/ buy bitcoin in India, price, legality everything you need to know. After reading this post, you will know how to buy bitcoin in India, its legal status how to use it etc. Keep reading. First of all, Bitcoin is a peer to peer based cryptocurrency which can be used as a payment method without any central bank, completely decentralized. Keep reading this post because this will be a long post and will be covering most of the topics about Bitcoin in India. I am not a financial expert and you can not use my advice as the sole reason to buy or sell bitcoin. However, I am sharing the knowledge I have about it.

Is Bitcoin legal in India?

There is few country in the world where Bitcoin is legal. This doesn’t mean it is illegal. Same applies in India also, it stays on the grey line. In a recent release by the RBI, if you hold bitcoin below 3 years, you have to pay a tax of 40% and if you more than 3 years, you have to pay 30% tax. RBI, on several occasions, released warnings about investing in bitcoin. However, RBI does not explicitly said that Bitcoin is illegal in India. Many exchanges continue to operate and continue to emerge in India. There is nothing to worry in terms of legality if you are ready to pay the tax and as long as you are not using for illegal purposes. I am not discussing those nor do I support it in any form.

How to get a Bitcoin wallet in India?

There are two types of bitcoin wallet. One is the online wallet and other is physical hardware wallet. If you are serious about bitcoin and planning to buy for lakhs of rupees, buy a physical wallet. Ledger nano is one of the best. I will give the product links to buy, click on the links below to buy it.

Ledger Nano S - The secure hardware wallet

Second is the online wallet service. Most popular bitcoin wallet are coinbase, Jaxx, Bitcoin.com, Exodus etc. Click on the link to open an account and get your wallet. Don’t forget to save your private keys in offline, somewhere no one knows. This is your key to recovery. Anyone who knows this can steal your wallet. NEVER store the keys online because hackers know what they are doing.

How to get/ buy Bitcoin in India?

There are many ways to get bitcoin in India. First one is to directly buy from an exchange. The second one is to mine bitcoin using bitcoin miners. The third one is cloud mining bitcoin. The fourth one is accepting bitcoin from your friends as exchange or gift. Out of the given one, first one is the simplest one. There are many exchanges here in India. Zebpay, Unocoin, Coindelta, coinsecure are some examples. Zebpay is only available in mobile apps for apple and android phones.

Before buying bitcoins, you need to have a bitcoin wallet just like a normal wallet. PAY ATTENTION here because cryptocurrency is unique and only you have the ability to recover your wallet in case you lost it. It is not like a normal bank account where you can ask the bank in case something goes wrong, remember there is no central bank here in bitcoin or cryptocurrency.

Buy Bitcoin directly from exchanges

Each exchange has wallet address for you but you do not have the private keys. They hold it for you. For every exchange in India and in the world, you first need to sign up and verify your KYC. For India, you will need to upload your bank passbook, aadhar, and PAN card to verify your account. Only after this you can buy and sell bitcoin. My best pick will be Coindelta because the difference between the buy and sell price is low and you can bid in real time with zero fees. Other services like unocoin, zebpay, coinsecure have huge margins. This is how they are making money on their side along with the fees. This is my pick, you can choose your favorite and comment down below. Click on the links below to sign up. Some of the links contain referral links which means I may get some percentage of fees collected from you. It will be great if you join using my link.

CLICK HERE TO JOIN COINSECURE

Coin delta CLICK HERE TO JOIN

CLICK HERE TO JOIN ZEBPAY (You get Rs.100 on your first purchase)

After completing the KYC verification you will need to deposit money either through payment gateways or NEFT/IMPS etc. After that you can buy the bitcoin. It is as simple as that.

Get/ Buy Bitcoin by Mining:

Mining Bitcoin is the way how originally bitcoins are generated. Mining bitcoin can be done using hardware that is specifically designed for mining bitcoin. However, this is not an easy one and you need constant attention to the hardware. They are costly and has maintenance costs as well. Check out the miners below:


My suggestion is to mine with cloud mining. There are people who have the hardware and you rent their hardware by paying a fee. They will do all the maintenance and you will get paid. The most popular site is the genesis mining and hashflare. Genesis mining offers lifetime contract as long as it is profitable while hashflare offers only one year contract. Click on the link below to join now and start cloud mining.

HashFlare

Genesis Mining join Now
Genesis Mining join Now

You can start investing as low as $2.2. For Indians, you can use your debit card in Hashflare. I have tested with SBI and Axis bank. In genesis you have to pay using debit cards or credit cards where international transactions are enabled. Axis debit cards can be used. Both have limited stocks so be fast and buy now. Check out this post to get hashflare promo code: Hashflare Promo Code Review Best Bitcoin Cloudmining site? Use the code “6o89Qe” in genesis mining to get 3% OFF on every order. To calculate your profitability check out Coinwarz.

 

I hope that with this post, you know how to buy and store bitcoin in India. Stay tuned for more updates.

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nssapamcha

Mechanical Engineer by profession. Blogger, technology enthusiasts, gamer, geek by passion.

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