You can try, but it is near impossible to ignore cryptocurrencies. The Bitcoin fever has been growing in the last few years and has recently caught up with Indians as well. Since the Supreme Court gave its blessing to cryptocurrencies in March 2021—allowing banks dealing with cryptocurrencies to operate without trouble—the number of Indians buying Bitcoin and other digital currencies has shot up like never before. Read on if you, too, want to join the cryptocurrency bandwagon.
What are cryptocurrencies?
Cryptocurrencies are not like your normal ₹100, ₹200, and ₹2000 notes. Firstly, they can’t be touched as they exist digitally and are bought and sold online. So, physically, they have no meaning. But, value-wise, cryptocurrencies are like normal money. They possess a certain value and you can use them to buy things. They can be viewed as a form of digital asset that isn’t controlled by anyone. They are based on a network that is distributed across a large number of computers.
There are many different kinds of cryptocurrencies today. Bitcoin is the most popular and accounts for nearly 70% of the cryptocurrency market.
How to buy cryptocurrencies in India?
Before we get into how you can buy cryptocurrencies, like Bitcoin, in India, we feel it is important for you to understand that the cryptocurrency market is extremely volatile. It fluctuates at a rapid pace every day, and every hour, which might be a problem if you have a low-risk appetite. If you can bear the volatility, however, here is how you can begin investing in cryptocurrencies in India.
You need to first register yourself with a crypto exchange. You can think of them as a stockbroker of sorts, the only difference is that they help you buy cryptocurrencies instead of stocks. They exist in the form of apps and websites, which makes investing in cryptocurrency really easy. In India, you can buy Bitcoin, Dogecoin, and other cryptocurrencies through exchanges like Coinswitch Kuber, WazirX, CoinDCX, and many more.
Steps to buy cryptocurrencies in India
Here is a step-by-step guide to buying cryptocurrencies in India:
- Go to the Play Store or App Store and install a reputed Indian cryptocurrency exchange, such as Coinswitch Kuber, WazirX, CoinDCX, or Zebpay. Each of them has its own way of operating, so ensure that you do your research before choosing.
- After downloading the application, you must set up your account by registering and verifying your KYC. Without KYC, you cannot proceed. Also, enable 2-factor authentication as it keeps your application and digital wallet secure.
- Now add your bank details/UPI details to the application. It usually takes a few minutes. Once that is done, you can add money to your digital wallet at light speed.
- That completes the registration process. You are now free to buy cryptocurrencies. To buy your first currency, deposit some money in your wallet. After doing that, choose which digital currency you want to invest in. Bitcoin, Etherum, Dogecoin, and Binance Coin are some popular options. When you’ve decided the coin you want to buy, place the buy order at the price you want.