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A Beginners Guide: How can you buy Bitcoin and other Cryptocurrencies in India?

2021-08-05

Key Takeaways:

  • The demand and visibility of Bitcoin and other cryptocurrencies have grown exponentially in India over the past couple of years.

  • Despite no regulatory clarity in India, the Supreme Court of India has paved the way towards the mass adoption of Bitcoin and other cryptocurrencies. 

  • Binance has also emerged as the industry leader in India to buy, sell and trade cryptocurrencies. 

  • Along with buying and selling, Binance offers a lot more to its users, acting as your one-stop shop for all things cryptocurrency. 

Bitcoin and the other cryptocurrencies are becoming all the rage right now in India. New investors and buyers are being added to the cryptocurrency market, looking for easy ways to buy Bitcoin and cryptocurrencies.

The world of cryptocurrencies has come a long way since their inception in 2009. The technology, though still in its budding stage, is already proving to be a game-changer in so many ways and industries, with a lot more potential to grow and revolutionize how finances are carried out globally. India, like in the case of other commodities, is also a huge market for Bitcoin and other cryptocurrencies. The cryptocurrency market has bloomed all of a sudden in India and the country has emerged as one of the fastest-growing markets. 

Investing in Bitcoin and cryptocurrencies has become one of the preferred modes of investment for many people across India. So much so, that many youngsters are beginning their investment and trading journey through cryptocurrency. In this article, you will learn how to buy Bitcoin and other cryptocurrencies in India on the world’s largest cryptocurrency exchange, Binance.

What is Bitcoin?

Before learning how to buy Bitcoin, it is important to understand what Bitcoin is. Bitcoin is the world’s largest peer-to-peer digital currency created in 2009 by a mysterious developer, Satoshi Nakamoto, and has no physical existence. A peer-to-peer currency is one that can be exchanged between computers or mobile devices online directly without the need for an intermediary like a bank. 

The entire purpose of Bitcoin is to facilitate financial transactions between people and entities in a manner that is safe, secure, and without any interference by financial institutions and governments. 

Bitcoin Growth in India despite regulation uncertainties

The interest in Bitcoin among Indians has grown despite there being regulatory uncertainties in the country. India ranks 11th out of 154 countries when it comes to Bitcoin and cryptocurrency adoption according to data firm Chainalysis.

In April 2018, the Reserve Bank of India(RBI) restricted banks from engaging in any cryptocurrency-related activities. This decision was overturned by the Supreme Court of India in May 2020. On May 31, 2021, RBI stated to the banks that its 2018 orders should not be cited to deny any institution or investors cryptocurrency services. The earlier ban was completely nullified, but uncertainty still looms over Bitcoin and cryptocurrencies as there has been complete silence by authorities over the subject.  

Despite this, Indians have invested close to $6.6 billion in cryptocurrencies as of May 2021. The majority of it has been through Binance and the market is growing larger with each passing day. 

How to Buy Bitcoin in India?

Now that we have covered all that you need to know in order to get you interested in buying Bitcoin. We will give you a step-by-step guide on how to buy Bitcoin in India. 

To begin with, the best way to buy Bitcoin in India is through the world’s largest cryptocurrency exchange, Binance. Binance accepts a wide range of currencies, including INR, that can be used to purchase Bitcoin and other cryptocurrencies. You can choose to pay for Bitcoin through direct bank transfer, UPI or peer-to-peer (P2P) transfers.

Follow the steps below buy Bitcoin and other cryptocurrencies on Binance:-

1. Register yourself on Binance

The first step is to register on Binance using your email and phone number. Binance provides two-factor authentication and sends an OTP every time a new login is attempted.

2. Verify your account and complete KYC

After you’ve registered on Binance, you will need to verify your account by going into your email inbox and entering the code when prompted. The next step is to complete your KYC. You’ll have to enter your personal information, including your PAN, Full Name, Birthdate and Address. In the next step, you have to upload a photograph of your ID card, which can be a Driver's Licence, AADHAR card, PAN card, Voter ID, etc.

3. Deposit funds into your Binance Wallet

Now that you’ve successfully created your Binance account, the next step in your journey to buy Bitcoin is to add funds into your wallet. You can choose to deposit either your existing cryptocurrencies or fiat currency into your wallet. Other methods of depositing funds and buying cryptocurrencies and Bitcoin are to buy them directly through bank transfer or through P2P transfers from your bank. 

4. Buy Bitcoin on Binance

You’ve now completed the major steps to buy Bitcoin on Binance. Once the funds are reflected in your wallet, the next step is to purchase Bitcoin. Once here, you can either choose to buy P2P from any of the listed sellers, or you can go for the Express options and enter the amount you want to buy Bitcoin (BTC).

Once you’ve completed the transaction, the Bitcoin should reflect in your wallet. Congrats! You’ve just bought your first Bitcoin on Binance. 

5. Trading in Bitcoin and other cryptocurrencies

Once you’ve bought your bitcoin and any other cryptocurrencies of your choice,the next step for you is to start trading in Bitcoin

6. Withdraw funds from Binance

Once you’ve made your desired amount of profits on your Bitcoin and cryptocurrency investments. Binance presents you with multiple options. You can choose to hold onto your Bitcoin for more gains. In case you do not wish to hold, you can sell your Bitcoin on the P2P network for a profit, or transfer them to your WazirX wallet by connecting it to Binance. You can log in to WazirX using your Binance credentials without having to create a new account there. The interoperability between the two wallets is one of the chief advantages of using Binance in India. In case you wish to do neither of these, you can sell your holdings and get the money transferred to your bank account directly.

Closing Thoughts

Thus, as you can see buying, selling, and trading Bitcoin and other cryptocurrencies simple on Binance. And for each and every cryptocurrency enthusiast, Binance is the perfect place to make their crypto dreams come true. So, what are you waiting for? Follow the link down below, register yourself on Binance and begin your journey into the world of Bitcoin and other cryptocurrencies.