NEW DELHI: Bitcoin is inarguably the most coveted cryptocurrency in the world currently and also the top cryptocurrency in India at 75 percent ownership, according to a recent Kantar survey.
So how do you go about buying them in India? Those interested in buying Bitcoins
must first find a reputed cryptocurrency exchange operating in India, such as ZebPay. These are the steps for buying Bitcoin:
* First, you need to do your KYC, after submitting your Aadhaar card, Pan Card and other documents.
* For purchasing Bitcoins, an order needs to be placed for buying on a cryptocurrency exchange.
* After placing the order, you can directly transfer the amount from your bank account to the crypto exchange to purchase Bitcoin.
* The other ways of making payments are through NEFT, RTGS, debit and credit cards and other digital payment methods used in routine transactions.
* The fourth step is to securely store the bought Bitcoin in crypto wallets provided by the exchange or in other cold wallets.
All these transactions are recorded in a public ledger and the transacted Bitcoin is recorded by the wallet IDs rather than the names of the owners and sellers. There are also some important points to be borne in mind before buying Bitcoins in India:
* You would do well to acquire knowledge of the overall scenario–such as Indian and global crypto market capitals, track bitcoin's share in the market and the movement of the prices of the digital coins and tokens in which you have invested.
- For this Bitcoin owners or crypto enthusiasts can also subscribe to weekly newsletters from crypto portals.
- Unless you are confident of their research, you should invest only in popular cryptocurrencies like Bitcoin and Ethereum.
* You should bookmark frequently visited exchanges and crypto sites to get quick and secure access to them.
* Tweets regarding cryptocurrencies should be considered as indicators of their popularity rather than price-determinants. (For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)