When it comes to Bitcoin, folks become a little conscious of extreme volatility. Bitcoin is an incredible way of investing. The smoothest way to understand Bitcoin is to buy them and try them out. Bitcoin has brought a commotion in the market, with great returns in hand. Due to this, retail investors are moving towards Bitcoin as a new asset for investing.
Previously, Bitcoins were considered a tedious investment and waste of time. But, today, this has completely shifted towards positive aspects. Bitcoin is given leverage and many rising startups are moving towards funding in this cryptocurrency and making Bitcoin investment convenient and easy.
Well, before shifting your attention towards purchasing and investing in Bitcoin, there are few things that you need to know as a bitcoin investor. These are if you are using the KYC (Know your customer) platform, method of payment, and internet connection; cryptocurrency exchanges accounts and personal designation documents.
It's suggested to use a personal wallet of your own aside from the exchange of accounts. Bitcoin can also be specialised as ATMs (requiring government-issued IDs) and via P2P exchanges.
Through this article, we present you the complete instructions and guidance on how to purchase Bitcoin. Cryptocurrency investment is quite interesting and safe. You can start by investing $1 only and see the return results. Let's get started!
Expansion of Bitcoin
A single Bitcoin is worth $54,721 Us dollars as per the last April record. Bitcoin is developing more each day and is taken under consideration by several startups and businesses. It's quite popular for its value that counts in US dollars.
Bitcoins saw a major crash in their values on September 9, 2021, as a result of the sharp sell-off of the cryptocurrencies on September 7, Tuesday. El Salvador officially accepted bitcoins as legal tenders and this event, according to the experts, is directly related to the fall of around 17% of the values of bitcoin. The surge in volume and market activity resulted in a flood of trade orders. This caused service outages at several crypto-exchange platforms like Coinbase. Though the traders are now busy scanning the key technical levels in bitcoin to further assess the direction of the trend, the recent plunge can lead to more disappointments if the key support levels are not held.
Today, more businesses are shifting towards accepting Bitcoin as their legitimate payment across the globe. Some of these are Dell, pizza delivery, Microsoft and some airlines. In some countries such as Australia, Bitcoin has equal worth as its conventional currency.
Therefore, Bitcoin can be used by anyone to make payments around these countries. Bitcoin is developing into a future investment. People are moving towards investing and purchasing more and more.
Now as we know what value does it have, we can move towards the purchasing methods and instructions. Now lets look at How to buy Bitcoin in India.
Step 1: Get a Bitcoin Wallet
Before stepping into the purchasing of Bitcoin, you need to get a Bitcoin wallet that would help you in storing and holding your credit cards and cash. Some wallet options are:
- Online- web-based assistance
- Software wallet (stored in computer's hard drive)
- Vault service (protecting Bitcoin in offline mode) or multi-sig wallet for account protection through several keys.
For regular users, offline services act best for long-term safe-keeping. However, when it comes to complete anonymity and long procedure setups, it doesn't work right.
For investors, all these services would work right as there isn't any regular spending from the wallet. A Bitcoin wallet is very essential for the protection of your investing money.
Now, a question arises, how to choose the right wallet? Well, to answer this you need to know some absolutely secured wallet for everyone. These include, Coinbase, the most secure and widely preferred Bitcoin wallet which comes absolutely free of cost and very handy. It offers several services such as exchange, selling, purchasing and trading Bitcoin. This makes it more demanding and convenient.
The next, Cold storage, provides you with the facility to store your Bitcoin easily in an offline mood. When people do not trust wallets, they prefer cold storage.
The third is Electrum, a very prominent free storage facility within the Bitcoin community. It's considered the best storage options, especially for investors as it is software-based.
Step 2: Account Sign up
Similar to the bank account opening, Bitcoin investment also requires certain data to keep up your account sign in. Cryptocurrency also requires your identity and documents to verify you as a Bitcoin user from your country.
Just as in other apps, signing up requires your email address, OTP and other things, Bitcoin also asks your email address for verification. After this, there would be a green button that you need to click to get started with your account.
However, Coinbase requires your identity similar to a bank. Sometimes this could take a long time for the verification process. Therefore, signing up for your account is the best possible way to purchase.
Step 3: Add a Payment Method
You need to buy some cryptocurrency to move forward with it. You'll have to add a payment method to your Bitcoin account. This is similar to other apps that require your payment method and source such as Uber. Then, you have to enter your credit card or debit card, based on your preferences.
Sometimes the bank such as Scotiabank blocks your transaction through Bitcoin. They intend to block people from spending their money earned by Bitcoin, even when it is legal. However, when your bank cancels your transaction through Bitcoin for purchasing something, you will understand why the usage of Bitcoin is important for everyone.
Step 4: Purchase the Crypto
After the establishment of your account, open it through the app. There you will be introduced to a bunch of different cryptocurrencies. These are specially offered by Coinbase whenever you exchange. Besides, you can sign up for different currencies as well.
Before purchasing cryptocurrency in India you need to keep this in mind, that whatever you shall invest can be lost also. Sometimes your investment becomes half overnight and you wonder where did it go?
Well, this often happens here. Some might be lucky to safely keep their money however, others lose it. So, as being a fresher in a volatile market, you need to understand how it works. And at the beginning, investing more than 1-2 dollars is not your preference.
You can buy Bitcoin in India from several online exchanges like BuyUCoin, Coinshare, Unocoin etc.
Step 5: Cryptocurrency holder
Through this time, you have become a legitimate cryptocurrency holder and became a part of some brilliant minds across the world, who are willing to transform and evolve the financial system and also, change some old traditional social systems. Welcome to the world of Bitcoin.
Who is the richest Bitcoin owner?
Satoshi Nakamoto, the founder of Bitcoin, rumored to own around 1 million Bitcoins.
Is Bitcoin a good investment?
Bitcoin is an extremely risky investment that may or may not pay off.
Is it Legal to buy and sell Bitcoin in India?
It is Legal to buy and sell Bitcoin in India.
Bitcoin is the future of the financial sector. Some society norms need to change, regardless of what they have brought. The world is evolving into every field and sector then why not the financial? Bitcoin offers a safe place for investing your money.
However, it does have some drawbacks but that is pretty usual in normal cryptocurrency. Take a step and invest in Bitcoin, you will understand why it is so important and good. Get started with your Bitcoin.