Ever wondered how to buy bitcoin in India legally? In December 2017 Bitcoin price touched USD $19000+ or around INR 14,00,000 per bitcoin. Now it is around 3,50,000 rs per bitcoin.
If you have wondered how to buy bitcoin in India safely then this is the best time to invest in bitcoin. Experts around the world are predicting a conservative number of the bitcoin to reach $50,000+ during the next bull run.
Which is around 10x from now as bitcoin is hovering around $5000 per bitcoin.
Investing in bitcoin and other coins and tokens are the best things you can do in 2019. Cryptocurrency market has been through an extended bear market from early 2018 till mid-2019. It has been estimated that bitcoin should show positive movement in prices.
The people are bullish in bitcoin because of mass adoption of bitcoin around the world. The usage of cryptocurrency in legal tender used to purchase sell items are increased a lot.
Learn More about Bitcoin?
Before moving directly to purchasing bitcoin you should know more about bitcoin
What is Bitcoin?
Bitcoin is a virtual currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
Just like USD has a symbol bitcoin also has a symbol ₿.
Bitcoin was developed by a mysterious person called Satoshi Nakamoto. The concept of Bitcoin came into existence when Satoshi Nakamoto has published a research paper on bitcoin with name Bitcoin: A Peer-to-Peer Electronic Cash System.
Satoshi also introduced the source code of bitcoin in January 2019 on GitHub
How Bitcoin Works?
Bitcoin is a P2P cryptocurrency which works on proof-of-work method. It is a transferring of value between two wallets. when a person sends money from one wallet to another it sends the data like sender-receiver wallet address signature with the transaction which is confirmed by the sender. The transaction with details sends to the network for other miners to verify it. When a transaction is confirmed by multiple miners then it is confirmed and bitcoin is transferred to the receiver. It takes about 10-20 minute for a transaction to complete because each block is completed every 10 minutes.
This is not complete information about how bitcoin work but I tried to make it in simplest form.
Is bitcoin safe to invest?
No investment is safe to be done other than your banks because the current value of any investment is not always positive. Investments like Bonds, FD, bank account are considered the safest. That too because the bank takes gives assurance for interest. Whereas investment in Real Estate, Stocks, Mutual funds, Cryptocurrencies are way riskier. But they can also provide much more return as per the risk.
FD’s, Banks gives interest around 4-6% per annum. Whereas a mutual fund has an annual return of 15%+ in the long term.
Same is with bitcoin it is a lot volatile than mutual fund but in the last 10 years has shown much more potential in returns.
Nifty has given 250% interest in last 10 year from 2009 till 2019. But bitcoin has in 2010 was at $0.05 per bitcoin and it has touched $19000
If you invested $100 in 2010 in bitcoin you would get 2000 bitcoins.
The high price of bitcoin was $38,000,000 this is 100% highest in any investment.
Current price of bitcoin is $5000 this means your $100 will become $10,000,000.
This does not include trading in bitcoin and forks. In 2017 Bitcoin had hard fork means you have also got 1 BCH and BCD coin for every bitcoin you hold. Then in 2018 BCH again forked and you got 1 BCHSV and BCHABC for each BCH you hold.
Hope how much you have earned and the next prediction is over $50,000.
Is it late to invest in bitcoin?
According to a saying the best time to invest if on the first day and today. It is never late as bitcoin is still in very early stage and have a lot of scope of growth. According to some experts they have already predicted bitcoin price in the next few years.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Anthony Colón Jr, Founder and CEO of Bitcoin Air
Bitcoin will reach “$5400-$6000 by years end, with a slow quiet creep to $8000-$9000 over 2019 and a full year of Bull Run for 2020 up to $25,000-$30,000 BTC.”
Tim Draper – Venture Capitalist
Tim Draper has predicted a $250,000 BTC by 2022. Later He had made new prediction to reach bitcoin $25000 in 2019 & 2020. Which is 5 Times higher then current price.
There are many more who did predictions, Hope they get true as this industry is over 120 Billion it has to flourish.
Is Bitbsns wallet the safest option to keep coins?
No, Bitbns is an exchange with high-security but it is still connected to internet news like mt.gox should not be forgotten. The best way to store crypto is to use a hardware wallet. I will make a new article on that also and add a link here.
How many Crypto Currencies bitbns supports?
As of now, bitbns supports over 50+ altcoins in bitbns.
How to Buy Bitcoin In India Legally?
There are many exchanges to purchase bitcoin. But I trust only one exchange for now. The big exchange like Zebpay has shut their business in India. The best exchange in India now to buy bitcoin in India is Bitbns.
I prefer Bitbns because you can safely buy or sell bitcoin here and you can also purchase many other altcoins in this exchange. The team of Bitbns is hard working they are continuously adding new alt coins different pairs to buy the coin.
Bitbns is the first in Indian exchanges to come up with P2P buy sell method.
Signup on Bitbns
- Open Bitbns
- Fill The registration form to signup. Make you enter correct details as this will be checked by a code.
- Click agree Terms and conditions and click register.
- Enter the OTP you received on Mobile and click Verify.
- Your Signup Is done Now you have to complete your KYC.
How to Complete Bitbns KYC?
This confirms your details it is required for every exchange.
- PAN CARD
- AADHAR FRONT SIDE
- AADHAR BACK SIDE
- YOUR BANK DETAILS
- Tap Verify Button in top right side of screen.
- Tap Start Filling.
- Enter your correct PAN card details and scanned documents.
- Tap Submit
- Enter Aadhar details and upload scanned copy of Aadhar.
- Enter your bank account details. (check it twice difference in details will get transaction errors).
- Tap Submit.
That’s It you are done in 24-48 hrs your KYC will be done you might also get a call from Bitbns to confirm you have registered. All the above process need to be done for once only.
Now you can But Bitcoin on bitbns in INR Using P2P.
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How to Add money in BitBns Wallet?
To add money in Bitbns you have two options
- Payments by UPI
- IMPS payments
I prefer UPI payments as they are easy to do.
Link UPI in bitbns
- Open Bitbns app
- Click on profile icon in top right
- Click submit UPI details
- Enter your UPI ID from Bhim Or any other app like XYZ@UPI
- You are done.
Deposit in Bitbns Wallet
- Click on the wallet in the bottom right corner
- Click add money
- Click UPI/Bank P2P (if you are above 1 Lacs + then select Bitbns select).
- Enter the amount you want to add in the wallet (amount should be multiple of 1000 only)
- Click Deposit.
- You will get some people who want to withdraw money now you have to send amount to them.
- Click on the complete transaction.
- Click copy comment or manually copy the comment.
- Click on the open app.
- Enter BHIM 4 Digit Password.
- Enter the comment and complete transaction.
- Now Copy the transaction ID and paste it in BITBNS (Enter Correct transaction ID because This will help you verify you have sent money).
- Wait for the receiver to confirm and money will be added in your wallet.
If the user doesn’t respond for long then you can chat with the receiver or you can raise a dispute and send the screenshot of payment to bitbns in the form they will confirm your transaction.
Now you got the money ready to buy bitcoin. You can buy any altcoin or bitcoin. To know about bitbns trading fees
How to trade Bitcoin in India using Bitbns?
- Click on trade button in the bottom.
- By default, you will see bitcoin but if you want to buy any other coin like Ripple or Litecoin, etc. then you can use the drop-down menu.
- Enter the rate at which you want to buy.
- Enter the quantity you want to buy or enter the amount in rupees you want to buy it will fill bitcoin automatically.
- Your trade will be completed when the price reaches the level you have ordered bitcoin.
- Congratulation on your first cryptocurrency investment.
Same like that you can sell the bitcoin just by entering the desired rate and quantity of bitcoin in the sell section and create an order.
This is not sponsored video it is just based on what I think about this exchange and I trust this exchange.
I am not a financial advisor you have to you your own research to invest in bitcoin or not. I have just shared the history and what I think about the future of bitcoin.
Please leave feedback and ask us any question which you need help with like any tutorial. I will be happy to make an article for you. Don’t Forget to Share On your social media.