How to Buy Bitcoin in India
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| Bitcoin the world’s biggest cryptocurrency, has had a multifold rise in its value since its inception in 2009. |
Just since the start
of the year, it has shot up over 120%. While the asset class has had setbacks,
digital currency has remained popular across the globe, so much so that the
global central banks are now researching and mulling on ways to bring digital currencies
into the mainstream. Institutional adaptation is among the biggest reasons why
Bitcoin has risen exponentially . Owing to the inflation scenario across the
globe. Bitcoin is considered to be a safe haven asset. The recent debut of
Bitcoin ETF (Exchange Traded Funds) on the New York Stock Exchange also
resulted in a surge in Bitcoin prices along with a record-breaking October for
the stock market in general. Besides, much of Bitcoin’s rise followed the
decision by PayPal – Which has 350 million users – to allow crypto payments.
These factors have aided in Bitcoin prices reaching an all-time-high of
$68,641.57 on 9th November 2021.
As per news reports,
a legal framework to govern crypto currencies is in the works in India. This
will be in contrast from the earlier stance taken by the authorities to
announce a complete ban on cryptocurrencies. Prices of cryptos jumped sharply
in India following the lifting of an RBI ban last year. Although India does not
yet have any legal framework to govern cryptocurrency, it is among the fastest
growing crypto markets in the world.
As per a news report,
an estimated 15 to 20 million Indians have invested in cryptocurrencies.
Experts have predicted that the asset class may gain further owing to the
heightened inflation environment worldwide.
Similar to a bank
account, a blockchain wallet is used to store Bitcoins. They are considered to
be secure since they are cryptographically signed. WazirX’s wallet runs on the
same concept Moreover, it is integrated with global exchanges.
Choosing a Bitcoin Exchange
Your investing journey could be a lot smother if you research the platform you would use for cryptocurrency trading. Among the factors that you must consider are the ease of usage, a smooth interface and support for trading pairs. Apart from these indispensable requirements, you should look for a platform which charges a minimal trading fee. Otherwise, the gains you might make with a bitcoin trade will diminish.
One should also consider if the exchange has released its order
book as this ensures transparency. An order book is essentially a list of buy
and sell orders that are offered on the exchange platform. A strong order book
is only an additional validation for the exchange and indicates that it has
sufficient liquidity for investors when it comes to exiting the cryptocurrency.
Another important point to go through before choosing a platform is the
security aspect of the platform. You might want to avoid platforms that do not
have a KYC protocol in place. A KYC system helps ensure that financial crimes
can be prevented of dealt with.
Here’s how you can trade crypto on WazirX
If you too have
started to see value in investing in cryptos, you just have to find a reputable
platform to help you just have to find a reputable platform to help you invest
in the crypto of your choice. WazirX is one such platform which provides its
users a seamless and secure way to trade in cryptos in India. The first step
involves downloading the WazirX app available on Playstore.
With the funds in
your account, you can start buying cryptocurrencies by clicking on the
‘exchange’ tab. Finally, you can choose the number of cryptos you want to
purchase and press ‘Buy’.
Following the
purchase, you will be able to see your holdings in the ‘Funds’ option. WazirX
offers several cryptocurrencies to trade on its platform including Bitcoin (BTC),
Ethereum (ETH), MATIC, Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), Bitcoin
Cash (BCH), Litecoin (LTC), and Tron (TRX).
Ease of trading with WazirX
What makes trading
and investment in Bitcoin with WazirX user-friendly is the fact that even if a
Bitcoin is priced at around Rs 52-53 lakhs, one can buy a fraction of it at
just Rs 100. Similar to Bitcoin, You can also buy other cryptocurrencies such
as Ethereum, Litecoin, and Ripple.