Hey peeps, today we will be telling you how to buy Bitcoins in India. The entire process can take up-to 3 days to set up the environment. There are three things we need, first is a Bitcoin wallet where you will be purchasing Bitcoins. Second is an Exchange where you need to invest some Bitcoins if not all. Finally you need another wallet which allows you to exchange cryptocurrencies with INR.
We will first set up the wallets and exchange, and then proceed to buy Bitcoins in the next part.
Part 1: Setting up the requirements
We need a Bitcoin wallet which will be used for purchasing and storing Bitcoins. There are so many wallets out there but to use them you need to buy at least Rs 3000+ worth Bitcoins. Besides that, you will be asked for eKYC verification which can take few hours to days before you begin buying Bitcoins. In order to get rid of this lengthy procedures we recommend you to use Paxful. The advantage of using Paxful is that you can buy Bitcoins of any amount. There’s no minimum limit like other wallets. It also offers tonnes of Payment methods like BHIM UPI, IMPS and many more.
- Create an account on Paxful through this link
- Now sign in, and head towards your profile and verify your mobile number(mandatory for trading)
You have successfully setup Paxful account. Now let’s create an account on Exchange
If you are buying Bitcoins and you want increase its value then you need an Exchange. In the Exchange there are many other cryptocurrencies like Ethereum, Litecoin, Poecoins, Lendcoins etc. Cryptocurrencies are very volatile which means prices keep changing every few seconds, for example: Bitcoins value changes ±$50 every moment. Storing Bitcoins in wallet is of no profit until you invest. We will exchange Bitcoins with other crypto’s to make some profit. For example, if we have 0.5 BTC and exchange it with Etherium that’s currently priced 0.005 BTC then we will have 100 Etheriums. If by chance Etherium prices go high and Bitcoins fall then we can again exchange them with Bitcoins to get some more Bitcoins.
Sounds pretty difficult to understand right? Don’t worry, its very simple and you will understand it soon when we will exchange Bitcoins. Let’s list out the steps to get your account on KuCoin.
- Sign up KuCoin through this link.
- Go to Settings and enable Google 2-step
Exchanges are highly prone to hacking and we recommend you to use Google 2-step authentication.
KuCoin recently announced that they will soon shut down new registrations, so get your accounts registered fast. Last but not the least before we start purchasing Bitcoins, you need another wallet if you want to withdraw Bitcoins and convert them to INR. This step is crucial to withdraw your profits.
We will be using Buyucoin to transfer Bitcoins into your Bank account in INR. There’s a huge surge in registration of account on Buyucoin and it will take some days to get your account verified. Aadhar, PAN card and Bank account is a must for withdrawing Bitcoins. Though RBI hasn’t stated Bitcoins as illegal, but to prevent money laundering all such Wallet users must have a valid document as discussed above. Buyucoin is strict about registration, try to get your account verified in first attempt itself as if it gets rejected it will take even more days to get the account approved.
Buyucoin also allows users to purchase Bitcoins, Ethereum, Dogecoins, Ripple etc. There are minimum units that you should purchase while buying or selling cryptos so we don’t recommend you to use this wallet. However there’s no such limit on withdrawal.
- Create an account on Buyucoin through this link.
- Enable two factor authentication
- Go to KYC and upload all necessary documents
- Wait for the account to get approved
Viola!! You are all set to purchase some Bitcoins.
- We have hyperlinked all sites and we recommend you to register through them only. A recent scam was bought to highlight where users being redirected to fake Bitcoin wallets. The scammer was using Google AdWords to appear in Google search results.
- If you only want to buy Bitcoins and invest then you need not register on Buyucoins. But if you want to withdraw then Buyucoin is the best.
- You can also use Zebpay as an alternative for Buyucoin but there’s a minimum withdrawal limit.
- We are using Kucoin because it shows all Cryptocurrency value in INR.
- You can follow the same steps for purchasing other cryptocurrencies like Ethereum.
- Read T&C of all sites.
That’s all folks, hope you found this useful. In the next how to tutorial we will purchase some Bitcoins. As soon as the next part is up we will add the link here. Stay tuned!
Found some mistakes or have queries? Let us know in the comments.