Image Courtesy - The Financial Express
You call it a craze or simply curiosity, people are inclined towards investing in cryptocurrencies these days. For those who are intending to buy Bitcoin in India may want to use the local exchange.
Whether you should invest in cryptocurrencies, is for you to decide, but it’s definitely not for the faint-hearted. While Bitcoin (the primary cryptocurrency in India) price in India has been well consistent over the last 12 months, it’s proven that international transactions have their own set of risks and delays with consistency in money transfer.
So, before you plunge into this new trading fever, you should be well-informed to avoid huge losses. Here’s all you need to know about investing in cryptocurrencies in India.
A Warning
Going as per the economists and investment experts, the feasibility of the Bitcoin as an investment is still doubtful while the suitability of the Bitcoin is questionable. In this uncertain scenario, it’s better you set aside the amount you want to invest in cryptocurrency and that you can afford to lose. Let the amount stay invested for a few months to see if it’s generating the desired ROI.
Start with a Digital Account
You need to hold the cryptocurrency in a digital account and so start with opening the account. The digital account can be available in either form that is either a wallet or an exchange. There are two primary features of the digital account – a public key and a private key. Your cryptocurrencies are secure in the wallet using with the help of these keys.
While a public key function like a bank account number which you can share with others in order for them to transfer the funds to you, the private key is connected to the public key (for the same account) that helps verify a crypto transaction.
Get a Wallet
Image Courtesy - Quora
The next thing you need is a wallet to store your cryptocurrencies. The different types of wallets available are:
- Paper Wallet
- Hardware Wallet
- Digital Wallet
Exchange
It’s the trading centre like the share exchange where you can trade (buy and sell) cryptocurrencies. Bitcoin is the most risky yet highest selling cryptocurrency known to date.
Taxation
Good news is, that there is no official taxation law for cryptocurrencies like Bitcoin in India till now. So, while filing your tax, you need to add the income generated from it under the “income from other sources” tab.
Trading Platforms in India Where You Can Buy Bitcoins
Image Courtesy - Inc42
- LocalBitcoins
- Koinex
- Zebpay
- Coinmama
- Coinsecure
- Bitcoin ATMs
- Copies of Aadhar card, PAN card, and bank passbook. Avoid possible scams like people offering small cash amounts as gifts in exchange of referral links.
- Now, wait until your KYC is authenticated.
- Once the account is authenticated, you can then transfer money into the wallet from the bank account that you provided. NEFT or online transfers are the two options currently.
- You can now invest in the cryptocurrencies of your choice.
- Once done with the purchase log out and log back in again after a while to check the performance of your currency.
Many exchanges in India 🇮🇳 now also offer altcoins like xrp, ETH etc.
And looking at the adoption of steem in india, one can see at alexa that steem is growing very fast in India, I am sure steem will also be offered in india soon.
Happy trading Bitcoins!
How is Bitshares in India? I heard that one India exchange just listed Bitshares.
Bitshares was listed in BuyUCoin even before the announcement by Bitshares themselves . They are even planning for an Airdrop . Prices are somewhat okay though it fell by 50% recently .
oh~good information.
Thanks for sharing with me.
There's so much FUD surrounds cryptoworld and so many conflicting news on the web and if we will not investigate thoroughly, we will be misled.
Its a good.thing we have steemians that shared the truth amidst of fake news. I am just wondering, several months ago India banned bitcoin and anyone caught trading with digital currency will face consequencies, is this true?
NO, it is fake. The govt banned activities related to ponzi schemes and made strict rules regarding that, and in it they also covered ponzi schemes related to crypto, hence the misconception and the media blatantly published that crypto is no longer valid in india.
Hope this helps
in my opinion coindelta is the best exchange in india. i have been using it from the past 6 months, It offers seamless and quality support and one can contact the admins directly on telegram.
one unique feature that no other exchange offers is that you can sell the goods on market rate to the exchange instantaneously, you don't have to place order and wait for its successful execution.
good
NO, it is fake. The govt banned activities related to ponzi schemes and made strict rules regarding that, and in it they also covered ponzi schemes related to crypto, hence the misconception and the media blatantly published that crypto is no longer valid in india.
Hope this helps
Lots of great place for newbies to start with the information in this article.
Didn't a bank ban the purchase of crypto in india?
No the Govt. never banned crypto but they said it is not a legal tender and they've even appointed a committee to study about crypto
Did the gov there in India actually request disclosure / access to hardware crypto wallets?
Not yet
Whats new information in this article? most of you have written is publically available. I think if you can clarify india specific issues, it will be good. Is it still allowed to hold, sell and buy crypto in India. it is not a legal tender as per finance minster,what does that mean?
Not all may be as informed as u. Therefore, it is worth at times to re-emphasise what is known
thank you for this informations
Yes the ball is in our curt . we decide if to invest in crypto or not but if we want to invest,dont invest with your business money. Invest with the money that wont pain if lost
u got it right man
Great post love
it will be very nice
https://freebitco.in/?r=10689239 (for free BitCoin)
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Come after every hour and play as much you play as much you earn
Good Luck
@prameshtyagi Excellent post. Thanks for covering the basics of dealing with cryptocurrency.
Thnx
thank you @prameshtyagi have shared my information is amazing.
Good article dude.
I am using pocket bits :)
Thank u. How is yr experience with them
Its nice.
They also support alt coins.
Only bad thing about it is that you cannot receive alt coins. We can only send.
In case of bitcoin,we can send and receive too.
Good to know that
This post has received a 26.07 % upvote from @boomerang.
Do you know the polish exchange in India BitBay?
Not really. What is the volume?
Even good. Around 10 mln $.
Sneaky Ninja Attack! You have just been defended with a 31.25% upvote!
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I recommend waiting for a while before you start putting your money into crypto. Currently something smells fishy to me. Is Cryptocurrency Exchange Rigged?
Nothing is fishy. This is even best time
It is the best time, I don't disagree, Its the time when all the Big Boys are gonna come in. They're just dropping the price down to a satisfactory level, and there's enough evidence out there where markets have been rigged in ways beyond our common understanding.
Do you think that all the latest occurrences with the policy making, along side banning all crypto ads instead of regulating them is all aimed
Our safety is better in the hands of binance upgrading their security, rather than isolating an entire market from the masses. Really now, what did happen to ad regulations? Everything else seems to be getting regulated.
With all these changes the full global deployment of crypto is simply delayed, I guess so that the banks can have time to enact on a strategy for maximum profitability. Cause let's face it, they can't beat crypto, so their only other option is to join it. And what a better way to join it than to drop the price through the roof!
Personally, I am into cryptos for the long term and I'd say that is 7-12 years. Check this post out
My advice, you need to keep a constant eye, you cannot trust or know the next support that bitcoin is gonna hit before it starts to shoot up. Likewise never forget that bitcoin is the initiator of cryptocurrencies, thus when its affected, everything else is still also affected. This is because it is not yet a mature market. It will mature after everything has been tokenized.
One of the best idea about crytocurrency, digital account, wallet and exchange. Thanks.
I am following you, I like your post,
your post is very interesting, please help upvote for my blog @chukwudbem thank you
Very nicely written article. Thnx
alfanso, please check on this....
2 hours ago Transfer 1.000 STEEM to alfanso https://steemit.com/bitcoin/@onthehook8/bitcoin-could-see-largest-bull-run-in-history-says-market-analyst
I see no vote, no refund
alfanso, please check on this....
2 hours ago Transfer 1.000 STEEM to alfanso https://steemit.com/bitcoin/@onthehook8/bitcoin-could-see-largest-bull-run-in-history-says-market-analyst
I see no vote, no refund
Hi dear I was send 1 steem 3 hours ago but not receive any upvote pls check
Related to cryptocurrencies good information
Thnx
You got a 8.35% upvote from @postpromoter courtesy of @prameshtyagi!
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i wish you listed koinex exchange in the top rather than zebpay as koinex is far better than zebpay . neway well written article
I think we need to make somewhere survey based ranking of Indian exchanges
Very nice article... important information in this post..
https://freebitco.in/?r=10689239 (for free BitCoin)
http://freedoge.co.in/?r=1178803 (for free DogeCoin)
Come after every hour and play as much you play as much you earn
Good Luck
This post has received a 9.31 % upvote from @booster thanks to: @prameshtyagi.
31.65% @pushup from @prameshtyagi
Nice your post
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Come after every hour and play as much you play as much you earn
Good Luck
Very good info....!!
Excelente articulo para todas aquellas personas que tengan un dinero disponible y quieran invertir.
Congratulations @prameshtyagi, this post is the most rewarded post (based on pending payouts) in the last 12 hours written by a Hero account holder (accounts that hold between 10 and 100 Mega Vests). The total number of posts by Hero account holders during this period was 417 and the total pending payments to posts in this category was $5493.86. To see the full list of highest paid posts across all accounts categories, click here.
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I liked this information. Thanks a lot
https://sharkoin.com/?ap=rushofwaves
https://freebitco.in/?r=10689239 (for free BitCoin)
http://freedoge.co.in/?r=1178803 (for free DogeCoin)
Come after every hour and play as much you play as much you earn
Good Luck
has the India government made any regulatory moves?
Committee is set up. But it will move slow that is what I believe
I think I should draw up a report like this for South Africans. It's great to see that you have a patriotic heart for the people of India @prameshtyagi..
Very nice words. I thank u
Pleasure..
I have a cryptocurrency social media page in which many people from all over the globe ask about how to purchase cryptocurrency. This will definitely help my followers from India. Thanks so much for sharing!
Thank u bro
excellent I liked your article very well congratulations
Useful information.
Great blog post, really liked it! Upvoted and followed
Isn't it banned in india to exchange crypto currencies?
Nice Post, we be nice to see India move into the right direction
post you good ,, do not forget to stop in my posting @abrarleo
Pleased to see a Post related to Indian Market which is trending.. But bro Zebpay has already introduced GST for each transaction
That is good move. That means we are moving closer to be more close to the right side of legal system
That's True.. Good initiative by ZebPay.. But have to see how effective it is
Really appreciating!!!but why paper wallet is not as effective as hardware wallet
Both have a their plus/minus but papers may become unreadable after some time.
Means there extinct of reading is less
good
Interesting stuff
Cryptocurrency might just be the greatest invention mankind has ever seen. Only time will tell. One thing is certain, an incredible amount of wealth has been created from crypto. And I do not think crypto is going anywhere for the foreseeable future.
True
good innovation
https://freebitco.in/?r=10689239 (for free BitCoin)
http://freedoge.co.in/?r=1178803 (for free DogeCoin)
Come after every hour and play as much you play as much you earn
Good Luck