How to Buy Bitcoin in India | What is Bitcoin?
The price of bitcoin has been steadily rising. And this is why bitcoin has recently become so popular among us. But Indians are not lagging behind, but Indians are trying their best to establish bitcoin as a trading investment instrument.
A few years ago, buying bitcoin in India was a little difficult. But today the situation has changed a lot and buying bitcoin has become quite easy.
In this article, we are all starters bitcoin buy to help, bitcoin is, how to buy, where to buy, the Indian government policy, etc. What matters will be discussed in detail. So let’s answer each question one by one.
What is Bitcoin?
Bitcoin is a cryptocurrency. And a digital transaction method. Bitcoin is like any ordinary coin, but not physically available. This means that you will see Bitcoin online or in the binary system but you will never be able to hold bitcoin in your hand. bitcoin runs perfectly through an electronic system. Bitcoin can be instantly transferred anywhere in the world. The world’s first Bitcoin decentralization ( decentralized ) digital currency. Bitcoin is not regulated or subordinated by any government or organization.
How to buy bitcoin in India?
In India, you can buy Bitcoin through some trusted Bitcoin apps. There are many such apps in India. The names of some of the apps I am saying here for example wazirx, Zebpay, UnoCoin, CoinSecure, coinswitch kuber etc. You need to find out what is the best platform to buy Bitcoin. Because we will not give you any suggestion. You will invest from the platform you like.
What is the minimum investment to buy bitcoin in India?
At present, the value of a bitcoin in Indian currency is around Rs 45 lakhs. Even a month ago, it was worth Rs 30 lakh. Prices have risen 35% in just one month. But you don’t have to buy a whole bit of a coin to start investing. You can also start investing by buying a small portion of Bitcoin. However, most of the platforms have fixed a minimum amount of Rs 500. Bitcoin here to find out the latest prices Click can do.
What are the legal procedures for buying Bitcoin in India?
First of all, you have to do KYC ( know your customer ). And for that, you have to submit your PAN card and a valid certificate from the Government of India. Moreover, you must have a bank account. Ensure that PAN card and bank account belong to the same person. The KYC process usually takes two to three days to complete. Then you are ready to invest in Bitcoin.
How to set up Bitcoin Wallet?
Different cryptocurrency platforms ensure that you have a bitcoin wallet. Which allows you to buy Bitcoin and store it in your wallet. They provide you with a wallet when you sign up on a platform and your wallet is set up automatically.
Do you have to pay tax on the profit that comes from bitcoin?
According to the tax system of the Government of India, tax is levied on any profit earned from any investment. Then you must also pay taxes. You will have to pay 30% profit tax on investments below 3 years. And 20% tax over three years.