Bitcoin is a new and innovative way of payment in plenty of industries, and it is a revolutionary approach that will be with us for years to come. In India, people between the age of 25 and 40 are spending a lot of time and money on bitcoin, and are trying to mine it (or what is left of it). Do you live in India, or are you simply wondering what is it like to trade this crypto over there? Planning a holiday sometimes soon, and not knowing what to expect? Either way, it may be, keep on reading! Here, we will let you in on all the things that you will want to know.
11 Things to know if you are trading cryptocurrencies in India
1. What is a cryptocurrency in the first place?
Let’s start with the basics. For newbies who don’t know, crypto is a digital currency that you use to secure some online payments or transactions. The most popular kinds are BTC, Stellar, and Etherium. As time goes on more and more cryptos are being brought to the market.
2. Can bitcoins even be used in India?
This is digital crypto that is safe to use anywhere in the world. Some bigger companies are even using cryptos and BTC as a form of giving their employers a bonus, or even a full paycheck. Did you know that over 18 million bitcoins have been mined thus far and already?! This means that there are three more million left to go. In India, BTC was never regulated with any central authority. This means that you can use it freely and without a worry (for now at least).
3. How can you buy bitcoins in India?
Although not as popular or talked about in India, Bitcoin is still purchasable. All you have to do is make and log-in to your UPI account. Go for platforms such as Zebpay and create your account. It is important to understand the basics, as well as to have patience when it comes to trading cryptos. You can get even more details and proper help, visit here for more information and have all of your questions answered!
4. Is it illegal to trade BTC in India?
At the moment, no! However, there was a moment were trading was banned by their bank. In March of 2020, this issue was resolved and BTC was back in the game. Their policy can change from one month to another, which is why you should always stay updated with all the latest news regarding any crypto.
5. How to trade a Bitcoin
You can do this through some of the most popular platforms, such as Coinbase and eToro. Simply place your money online and deposit it onto the account and your e-wallet. Go for a crypto that is not too pricey, and think about either selling it or holding it for a while. If this is your first time purchasing bitcoin rather ask someone for a bit of assistance and some help.
6. What documents do you need to buy bitcoins or other cryptos?
In India, the regulations are pretty much the same as they are in the world. Make sure that you have the following:
- Aadhaar card
- PAN card
- Your bank account
- Proper email address
- Your phone number
Do not rush the process and make sure you fill out all the forms properly before you decide to buy a BTC. Take your time in this case.
7. What is the minimum amount of bitcoins that you can buy?
This can vary since one BTC can be around 26 lakh (at the moment). However, during your initial and starting process, you don’t need to purchase or have the entire BTC since you can mine it little by little. Although there is not a minimum requirement, its maximum goes up to 2 million bitcoins.
8. How can you profit from BTC?
It is important to play it the right way, as well as patiently and calmly. Wait till the price increases and sell it. Do you want to lend your BTC and let the other person own 10% of it for future goods? Try out different methods and tactics before you make your final move or your new purchase.
9. How do you withdraw your money and profit?
The process is the same in India just as it is anywhere in the world. Make sure to go to your nearest crypto exchange place and withdraw the money. You can go for your preferred currency. These exchange places are quite popular in the USA, which means that you might struggle to find some in India, so rather do your research beforehand.
10. Can you transfer your bitcoins to a bank account?
This is not possible, at the moment, and it will probably stay like so. BTC is about decentralization and it doesn’t want to give power to anyone. The government can’t hold your money for you, and it can’t take it away from you, which is a win-win situation for some people! Make sure to spend your BTC wisely and on sites that welcome it since you can’t withdraw it from your bank account.
11. Are there any risks when it comes to BTC
Unfortunately, yes. The most common and often thing is that it can fluctuate in price. You can also experience hacking. On the other hand, you can trace all of your transactions. By using different wallets with each transaction, you are lowering any fault play. Make sure that you’re well-equipped with the needed knowledge, as well as e-wallets before you become paranoid about your cryptos.
Ready for your bitcoin trading?
Since now you know the basics, would you feel comfortable and brave enough to exchange this crypto, as well as shop with it? These 11 key rules will help you understand the basics and will help you understand and picture the exact situation that’s happening in India. Let us know what your experience has been like thus far with different cryptocurrencies, we would love to know!