Bitcoin is an innovative form of decentralized currency and a cutting-edge payment system that is internet specific. Bitcoin is formed from two words “bit” and “coin”. In computing and digital communications, the bit is the smallest possible unit of information and a coin is a tiny, flat, typically spherical, piece of metal primarily used as legal cash or a means of exchange. Bitcoin has grown astronomically. It was launched in 2009, and since then its price has increased drastically. Despite its incredible highs, it has also had extremely low lows. So should we not invest in bitcoin don’t worry here is the answer.
Should we invest in Bitcoin?
Some people believe that the price of bitcoin will start falling from here but according to some analysts, it will reach $100,000 in the future. Definitely, it’s a risky place to invest. So, one must have enough patience and a strategic mindset while buying it. If invested wisely can give you huge returns but keep in mind to invest only the amount that you can afford to lose. So if you want to invest here’s how to purchase your own Bitcoin in India.
How to buy Bitcoin in India?
To invest in bitcoin, one needs a secure Internet connection, a cryptocurrency exchange account, personal identification documents (just for the Know Your Client (KYC) platform), a payment method, and a wallet that isn’t part of the exchange account. Here are a few simple steps for buying bitcoin.
Complete your KYC procedure
Investors need to submit some of the basic documents of their own such as Aadhar card and PAN card as proof of their identification and for verification of details.
Select a Crypto Exchange
One must make an order for their purchase on a cryptocurrency exchange in order to purchase bitcoin. So here are some key factors to consider while selecting a crypto exchange
- For several reasons, security is the most crucial aspect to take into account while entering the cryptocurrency world. The security of the exchange, various exchanges may put differing emphasis on various factors. In order to keep money secure at the account level, look for security measures like two-factor authentication, whitelisting, and cold storage.
- Second important factor you need to consider is fees. Try to understand the fees of different features and options on different platforms. Select it according to your investing style
- What cryptocurrencies can be exchanged? Select wisely although you would be able to find bitcoin on almost every platform but there are a lot of other cryptocurrencies that you might not be able to find on certain exchanges
Select a payment option
After selecting the right crypto exchange next, you have to select the right payment option for you. Bank transfers, online banking, Mobikwik, or UPI are all options for funding your account. For specific funding alternatives, some platforms may impose higher transaction costs. After selecting deposit some funds in the selected cryptocurrency exchange.
Place an order
Although the process of placing an order differs on different platforms but some basic steps remain the same. Click “Trade” after typing “BTC” or “Bitcoin” into the search box on your screen. Enter the amount you want to invest and when the transaction is complete you will own no. of bitcoins or part of bitcoin (if not purchased whole).
Although the purchase is complete there is one more thing we need to keep in mind after purchase we need to keep them safe and sound. So there’s an additional step
Store them safely
The best and most secure option to store digital assets is in Bitcoin and cryptocurrency wallets. Coins you purchase via cryptocurrency exchanges, applications, or stock brokers are stored in a wallet under their custodian wallets.You can move it to your personal hot (online) or cold (offline) wallet if you want to keep it there as they are a much safer option than a custodian wallet. If you choose to stick to a custodian wallet make sure that they can be trusted and keep a check on security measures they are taking.
Ruchi Arora is a writer at trickyfinance covering various topics related to finance and cryptocurrency. This includes the latest news, events, reviews and various other information. Besides writing, she has a huge interest in designing and sketching.
