It is obvious that buying Bitcoin is confusing for beginners. This is a general issue but when it comes to India then there are certain other things that get included. RBI (Reserve bank of India) ordered to stop dealing with cryptocurrencies on 6th April 2018 but the same was amended by Supreme Court on 4th March 2020.
According to SC the circular issued by RBI was unconstitutional. So, the Bitcoin plot remained uncertain but now things are back on track and it is possible to buy Bitcoin in India. CoinDCX is the first exchange which is based in Mumbai that has integrated direct bank transfers.
Buy Bitcoin using Bank Account
You can buy/ sell Bitcoin in India using below exchanges. All you need is a Bank account. Make sure some exchanges ask for KYC before you buy bitcoin from them and all your purchases are monitored by IT Department.
The above-mentioned exchanges also provide bank transfers and provide deposit facilities as well. Please make sure that you don’t leave a large amount of Bitcoin in exchanges. In the past, many bitcoin exchanges were hacked and users have lost all their investment. We recommend you to use a hardware wallet like trezor or ledger nano S or paper wallet to secure your bitcoin.
Buy Bitcoin Using Cash
There are 2 popular platforms to buy bitcoin using cash or direct bank deposit and this does not involve exchange. If you buy bitcoin from the exchange then you need to send money to exchange and exchange will credit money in your exchange account and you can purchase bitcoin directly from the market.
Using LocalBitcoins and Paxful you can buy directly from buyer and they will either deposit money directly in your bank account or if both people are from the same city then you can also deal in cash ( dealing in cash in unknown places is very risky)
Buying Bitcoin via LocalBitcoins
This startup company belongs to Finland and it is a P2P (person to person) trade exchange that provide sample payment methods to the users. People from any place including India can use this platform to buy Bitcoins. The company is also operational in many major cities of India like Chennai, Delhi, Kolkata, Pune, and many others. As stated there are ample payment methods, therefore after the confirmation of payment, the Bitcoin gets deposited in the local coin wallet of the user.
Buying through Paxful
Paxful is a completely P2P model and here the buying and selling can be performed directly online. Buyers and sellers can actually interact with each other and trade Bitcoins. The company was established in 2015 and now it operates across the world. The sellers who are available on Paxful have more than three hundred types of payment options.
These options include Paytm, BHIM UPI, G PAY and many other online transfer modes. No fee is charged by the website for trading but the amount Bitcoin is a bit higher on Paxful.
Conclusion- Above mentioned are the most trending and legit ways to buy/purchase Bitcoins in India. These are easier
and can be used by anyone.