How to buy bitcoin in indian

Don’t have a wallet? Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Airtm provides an escrow system, so that value exchanges are fair and are completed as agreed. Visit Coinmama. Mycelium Local Trader helps you find local Bitcoin sellers. The decentralized virtual currency that took the world by storm has witnessed a per cent rise in value in just one year.

How to Buy and Sell Bitcoins in India

With the value of Bitcoin rising exponentially in recent times, many retail investors are getting into the cryptocurrency sector for the first time. While investing at these levels maybe fraught with dangerthe fact is, crypto-currencies are here to stay, and people around the world are only just starting to wake up to that fact. Here in India, much like the rest of the world, the lure of Bitcoins is bug harder to resist for the average citizen, and many have already started dipping their toes into the new but maddeningly confusing world of cryptocurrencies. Even the RBI was said to have been considering launching its own digital currency at some stage, although, the idea seems to have since been nixed. While some global exchanges do let you buy Bitcoins with Indian currency, the process is relatively more seamless on some of the India-based platforms, many of whom let you pay for your digital currencies with Indian bank accounts via online banking, NEFT or RTGS. Once you provide all the details, it might take a few days for Unocoin to get your info verifiedafter which, you should be able to start trading in Bitcoins. Once you get the all-clear, you can transfer money from your bank account ondian Unocoin, and use that for a number how to buy bitcoin in indian reasons, including of course, buying and selling Bitcoins.

Crypto exchanges are facing the music

Bitcoin bridges countries and continents and has the potential to become the new international currency standard. This means that anyone in the world can utilise the Bitcoin platform, in theory. However, things are not quite so simple if live in India. Bitcoin is pioneering an age of decentralised money but governments and central banks still hold regulatory power over most Bitcoin and cryptocurrency exchanges. In recent years, Indian exchanges have been experiencing this influence, mostly in a negative way.

A hostile regulatory environment

Bitcoin bridges countries and continents and has the potential to become the new international currency standard. This means that anyone in the world can utilise how to buy bitcoin in indian Bitcoin platform, in theory.

However, things are not quite so simple if live in India. Bitcoin is pioneering an age of decentralised money but governments and central banks still hold regulatory power over most Bitcoin and cryptocurrency exchanges. In recent years, Indian exchanges have been experiencing this influence, mostly in a negative way. We aim to inform you on the current Bitcoin situation in India whilst also instructing you how to safely and legally purchase your own coins.

As Bitcoin is utilised all over the world, India is naturally part of the digital money revolution. However, way back inthe Reserve Bank of India RBI was sceptical of crypto and warned of the risks surrounding it.

In December of that year, the RBI carried out raids on crypto exchanges. By January ofthe government did a full by releasing a statement to the effect that they were not planning on regulating cryptocurrencies. Fast forwarding to August ofIndian central bankers began talking about the possible regulation of Bitcoin and other cryptocurrencies.

Their argument for regulating cryptos was based on the criminal activities made possible by crypto. Government had only made people more interested in alternative forms of money with their infamous withdrawal of to Rupee notes.

Even with this turbulent past, interest in Bitcoin in the country has still risen steadily. While Indians are likely to remain interested in crypto, their access to it could become greatly limited depending on how current events play. Indian cryptocurrency exchanges have run into some trouble this year. The RBI had issued this ban three months prior. The ban states that financial institutions that are governed by the Reserve Bank cannot provide a service to any company that deals with cryptocurrency.

Therefore, crypto exchanges in India cannot perform fiat-to-crypto or vice versa transactions. The government and RBI intend that this ban will counteract money laundering and any negative impacts on market integrity and capital management.

Even though this ban exists, exchanges and other cryptocurrency companies are finding ways to continue doing business, mostly by avoiding fiat all. For example, crypto-to-crypto transactions are now dominating the volume of Indian exchanges.

Some exchanges have also decided to facilitate P2P trades. In this case, the exchange acts as an escrow service between two traders. Note that similar P2P solutions as now offered by native Indian exchanges have been offered by well-known international P2P exchanges for years.

These exchanges have a proven track record, so their processes may be rather more refined. However, Indian exchanges will likely have larger volume traders among their clients. The good news is that Coinmama still allows you to buy bitcoin with your debit or credit card.

While banks in India are still subject to the ban, it takes time for each financial institution to implement the new regulations within their systems.

Therefore, you can still make transactions via our service. The worst case scenario is that your transaction will be denied. To the best of our knowledge at the time of writing, you will not incur any legal penalties should this occur. In a few moments, the order will be processed and the payment will be approved. Your wallet then needs to be confirmed. In approximately 10 minutes, you will receive your bitcoin.

After a further 10 minutes, your Bitcoin transaction should appear as confirmed on the blockchain. Note that during times of especially high traffic, your transaction may take longer to confirm. Bitcoin in India has had a rocky past and now faces an uncertain future with the newest ban.

While the government in India is pursuing regulation with the stated aim of decreasing financial crime, it may come to realise that this latest ban was a step too far.

This is what happened in South Korea, at. Bitcoin and other cryptocurrencies are here to stay, whereas regulation tends to change based on legal and political factors. For now, you can still invest in Bitcoin using Coinmama, although this window of opportunity may be closed in future.

Coinmama Dec 29, Coinmama Nov 13, Coinmama Oct 31, Coinmama Oct 30, When you make an investment, knowing when to sell is as important as when to buy. But when is the right time to sell Bitcoin? We take a look at three strategies. Steven Hay Oct 15, Steven Hay Oct 10, We explore 3 more countries that impose minimal taxation and take a lenient regulatory stance on cryptocurrency. Coinmama Oct 3, When the BTC price changes dramatically, analysts are quick to give their opinion.

But which Bitcoin price predictions can you trust? Steven Hay Sep 22, While data regarding the Bitcoin price and market is readily available, what about the human element?

In this article, Coinmama takes a look at who uses Bitcoin. Steven Hay Sep 15, What is a Bitcoin Whale? Coinmama looks at holders of large amounts of crypto, most of whom were smart enough to buy Bitcoin in its early days. Steven Hay 23rd July Happy Birthday Bitcoin! When to Sell Bitcoin: 3 Investment Strategies Coinmama Oct 30, When you make an investment, knowing when to sell is as how to buy bitcoin in indian as when to buy.

Bitcoin Tax Havens Revisited Steven Hay Oct 10, We explore 3 more countries that impose minimal taxation and take a lenient regulatory stance on cryptocurrency.

Coinmama Oct 3, When the BTC price changes dramatically, analysts are quick to give their opinion. Who Uses Bitcoin? Steven Hay Sep 22, While data regarding the Bitcoin price and market is readily available, what about the human element? Share on.

A hostile regulatory environment

Depending on your requirement, you can choose a wallet. Next Story Media baron or politician, nobody immune from probe: Piyush Goyal. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading. Buy Bitcoin Worldwide is for educational purposes. Industry estimates suggest that there were five million cryptocurrency users in India in January this year spread across 10 exchanges. Users select amounts of currency, as well ohw a method. Sandeep Goenka, CEO of Zebpay, one of the largest bitcoin exchanges in the country had said, «Indians are enquiring about bitcoins as an alternative and safe investment option. Indain addition to selling Bitcoin, Coinmama sells 7 other cryptocurrencies, including Ethereum, Litecoin, and Ripple. However, users may advertise trades for whichever payment method they prefer. Coinmama Popular. Unocoin, another India-based exchange, lets you trade Bitcoins. Tweet Youtube. Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Mycelium Local Trader helps you find local Bitcoin sellers. Currently, one bitcoin can be exchanged for approximatelyHow to buy bitcoin in indian Rupees, the local currency of India.