“Aapne bitcoin liya kya?”Have you seen this ad? You must be curious about what bitcoin is? What is cryptocurrency? And how to buy cryptocurrency in India? In this article, you will get answers to all your questions about how to buy cryptocurrency.
Why is cryptocurrency so popular?
What is cryptocurrency?
What are the types of cryptocurrencies?
Where can you buy cryptocurrency in India?
How to buy cryptocurrency in India legally?
Why is cryptocurrency so popular?
Nowadays, Bitcoin and other cryptocurrencies are gaining popularity. But why? The Covid-19 pandemic caused a worldwide financial crisis. Interest rates on investments like stocks and bonds began fluctuating. Due to this people started investing in cryptocurrencies.
Since 2020, cryptocurrency prices have reached new highs. It is attracting people of all ages. Cryptocurrency in India increased from $923 million to $6.6 billion. According to Chainalysis, India ranked 11th out of 154 countries in cryptocurrency adoption. It has become an important part of investment portfolios. It balances an investment portfolio.
What is cryptocurrency?
Cryptocurrency is a combination of cryptography and currency. The currency that uses cryptography to make transactions. Cryptocurrency is a type of digital money. It uses blockchain technology. Blockchain is a decentralized network made up of many computers. Cryptocurrency is not a physical entity. It is a computer-coded program. And it is neither controlled by a central authority nor by a bank.
What are the types of cryptocurrencies?
There are two categories of cryptocurrencies.
Coins – Each digital coin has its own blockchain. It is like traditional money. You can store them. You can also use it for trading. For example, Bitcoin and Litecoin.
Tokens – Tokens are digital currency and programmed on the existing blockchain. They’re part of a software program. For example, Ether.
There is also a type known as an altcoin. It is a shortened form for ‘alternative to Bitcoin.’ They are a modified version of bitcoin. For example, Namecoin and Peercoin.
Where can you buy cryptocurrency in India?
In the stock market, investors trade stocks. Similarly, there are cryptocurrency exchange platforms for currencies. You can buy or sell currencies there. You can trade cryptocurrencies with digital currencies. These platforms keep their users’ data private. They are very easy to use. There are many platforms where you can buy cryptocurrency in India.
1. WazirX
It is one of the best platforms in India. WazirX has a website, mobile app, Windows and Mac app. It has a KYC system that verifies the customer’s identity. (Checkout Wazirx)
2. CoinDCX
It is a user-friendly platform. Here you can explore many currencies. This platform supports bank transfers, UPI, and IMPS. (Checkout CoinDCX)
3. CoinSwitch Kuber
This platform is ideal for beginners. It is also very user-friendly. You can get the best cryptocurrency exchange offer. Here also you have to complete the KYC process. (Checkout CoinSwitch Kuber)
4. Giottus Cold Wallets
This website offers protection from cyber theft. Here you can instantly deposit and withdraw rupees. They have a collaboration with Bitgo. (Checkout Giottus Cold Wallets)
How to buy cryptocurrency in India legally?
To begin, simply follow these steps –
- The first step is to research cryptocurrencies. There are more than ten thousand cryptocurrencies available in the market. Most popular and widely used are Bitcoin, standalone, Ethereum, Polygon, etc.
- Decide which exchange platform is good for you.
- You have to create an account on the website of the exchange platform. Then sign in to your account.
- Most of the platforms use the KYC system. KYC means ‘know your customer’. This process verifies the customer’s identity. KYC details include name, address, DOB, and Aadhar Card, and PAN. Then you will get an identity verification message.
- And here you go. You can start buying cryptocurrency. Now you will have regular updates on the crypto values.
Cryptocurrency can be profitable if you plan properly. If you are a beginner, decide how much you’re going to invest in it. Research before investing your money in a particular currency. Set your investment goals. Understand your risk tolerance.
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