June 16

The Simplest Guide to Buying Bitcoin in India

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Since the launch of Bitcoin in 2009, this cryptocurrency has witnessed meteoric growth. Although it took time to pick up in the crypto market, it succeeded, especially in 2013 and early 2021. Even if you’re not an active investor, you must still have heard about this top cryptocurrency because of its popularity, demand, and market capitalization. For those who don’t know, Bitcoin was one of the earliest launched cryptocurrencies in the market that aimed at changing the present financial system. It aims at becoming the currency of the future.

Suppose you want to transfer some money to someone in another country. In that case, you can choose to transfer Bitcoin of an equivalent amount, and the recipient can withdraw it by converting it into their native fiat currency. As Bitcoin is fast, secure, and cheap, its adoption is gaining peak heights. It is one reason why many people have started showing interest in buying cryptocurrency in India. If you, too, want to start your crypto trading journey with Bitcoin, this guide is here to help you. We’ve curated the only guide you’ll need to purchase Bitcoin in a few easy steps. So let’s quickly take a look at the steps mentioned below.

  1. Choose a Crypto Exchange
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One of the first and most essential steps of beginning Bitcoin trading is selecting the ideal crypto exchange. A crypto exchange is a place that connects crypto buyers and sellers, facilitating trade in a relatively secure environment. As incidents of Bitcoin hacking have been noticed in the past, you must pick a crypto exchange known for its robust security. As not every crypto exchange platform supports all cryptocurrencies, select the ones with the highest list of supported cryptocurrencies, including Bitcoin.

The world has various crypto exchange platforms, each with its unique set of features. If you don’t want to take any chance, always do a little research about the platforms you’re planning to begin trading with. Check if they have been in the news in the past for security breaches, hacking, etc. If all you find is positive information, take it as a green signal and pick it over others.

  1. Get the Account KYC Verified
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Due to security reasons, you cannot begin crypto trading on any popular exchange platform without getting your account verified. Most exchange platforms require your ID and address proof to verify your account. Depending on your country, you can upload relevant documents for instant verification. For example, if you live in India, you can upload your PAN card, Aadhar card, passport, or driving license to verify your identity.

In some cases, the account verification process can take some time. Experts often use this as an essential factor while picking exchange platforms because exchanges that allow anybody and everybody to trade without verifying their identity can often be shady.

  1. Place Your Bitcoin Order
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Once your account is verified, you can buy Bitcoin from your account. You will have to visit the platform’s dashboard and navigate your way to the section that lists all the cryptocurrencies available for purchase. If you’re wondering how to buy Bitcoin? you just need to hover over to Bitcoin and click on purchase. You will then be asked to enter the amount that you want to invest. Once you’ve entered the amount and made the payment, you’ll receive the purchased Bitcoin in your wallet.

Every exchange platform has an online wallet that stores its customers’ purchased or owned cryptocurrency. Since not all exchange platforms are blazing fast, you have to wait for some time for the purchased Bitcoins to reflect in the wallet.

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Store Bitcoins in Secure Wallets

Even if you’re a beginner, you can consider storing your purchased Bitcoin or other cryptocurrencies in a wallet outside of your crypto exchange. Since there have been instances where hackers managed to break in and steal cryptocurrencies from various exchange platforms, many people don’t feel comfortable keeping their cryptocurrency in the exchange platform’s wallet. As a crypto investor, you can choose to store your purchased Bitcoins in a hot wallet or cold wallet exclusively owned by you.

Buy Bitcoin in a Hassle-free Way

With the wider acceptance of cryptocurrencies, more people are now inclined toward adding these new asset classes to their investment portfolios. The best part of investing in cryptocurrencies is that it is very simple and requires a few steps. If you have always wanted to own Bitcoin but couldn’t do it for some reason, you can do it following the steps mentioned in this guide. However, always remember that investment in Bitcoin is highly volatile, so invest wisely.

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Buy Bitcoin in a Hassle-free Way, Choose a Crypto Exchange, Get the Account KYC Verified, Place Your Bitcoin Order, Store Bitcoins in Secure Wallets, the simplest guide to buying bitcoin in india


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