Bitcoin is among the top Cryptocurrencies for investment. A guide to buy bitcoin helps investors in many ways. It has an impressive record of giving high returns. This cryptocurrency comes with fantastic blockchain technology. In this technology, the digital ledger is shown as a chain of blocks. It helps to record transaction information very safely. This advanced technology makes Bitcoin more safe and secure.
Bitcoin has the highest volume of transactions among all Cryptocurrencies. Almost every crypto exchange offers trading and investment in Bitcoin. A considerable number of the transaction are recorded vie Bitcoin every day. This global cryptocurrency is accepted as a payment method. Many international companies, including Microsoft, allows Bitcoin for payments.
Steps To Open A Bitcoin Trading Account
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Bitcoin trading account is the primary way of investing in Bitcoin. Every investor must have a Bitcoin trading account for trading or invest in Bitcoin. There are various platforms for opening a Bitcoin trading account. You have to compare and choose your most preferred trading platform for opening an account. The steps for opening a Bitcoin trading account are mentioned below.
i. Sign up: sign up is the primary step for building a Bitcoin trading account. You can find a signup option in the front interface. You can start your account both by the website or an installed application.
ii. Details filling: Filling the details is a mandatory procedure. You have to fill in your details for opening a Bitcoin trading account. It requires an email address. You have to give a strong password for opening the account. Your given password must contain capital, small letters. A strong password will help you in getting is prior security.
iii. Email verification: This step will verify your email address. An OTP is received to your email for confirmation. Copy that OTP and paste it into the application or website. This step will help in verifying that the email mentioned above belongs to you.
iv. Security setup: It is a crucial step for better security. In this step, you have to allow several security features. Mainly two types of security features are offered by the app. Authenticator app is the primary permission found primarily on every platform. Security on mobile SMS is the second security feature.
You have to allow these security features for a better experience. These security features are highly safe. It protects your account from hackers.
v. Country selection: This is a significant feature given by several platforms. An international crypto-exchange provides this feature. You can find a long list of countries. You have to choose your country from that list.
vi. KYC: After country selection, the KYC option will be shown. You can start your trading account both by doing KYC or skipping this step. You will be enriched will several more features in KYC mode than without KYC mode.
If you opt for KYC, you can enjoy services like Deposit, Trade, Withdraw, P2P. Although you can get only deposit and trade features if you are opening an account without KYC.
vii. Details filling in KYC: If you opted for an account with KYC, you must fill in some details. A list will come on your screen. You have to fill in the details in the given boxes. The full name as appearing has to be filled according to the KYC documents. You have to fill in your accurate date of birth. The date should be taken from any vital record.
Your full address has to be filled in. This address should match the address given in the KYC documents. A scanned copy of your KYC documents will be required. You have to upload this scanned copy to the website. You have to upload your selfie to complete this process.
Steps To Buy Bitcoin In India
Buying a Bitcoin is a simple process. You must have a trading account for Bitcoin purchases. There are two significant ways steps for purchasing Bitcoin. These steps are mentioned below.
1) Money Transfer to a Trading Account
You must have Bitcoin before you start trading it. You can quickly transfer a currency into Bitcoin via a trading platform. You can convert the currency of your country or any currency and enjoy a reasonable exchange rate. You have to deposit that currency in your account for conversation. Using that money, you can choose Bitcoin and purchase it.
You can use various methods for depositing money. Every platform offers a wide variety of depositing options. The excellent choices in this process are IMPS, UPI, RTGS, and NEFT.
The money deposit must be on limits. Every platform offers a minimum deposit amount. You have to meet that amount on minimum essential for depositing. Majorly ₹100 is the lowest amount provided for depositing.
You have to open the website and click on the deposit/ fund option. Afterward, you have to choose to deposit currency. Your account should be linked with your trading account. It will help in the easy and safe transaction.
2) Purchase of Bitcoins from Bitcoin Exchange
Your account will be credited with money from the previous step. This step will help in exchanging that currency into Bitcoin. In this step, you have to log in to your account. Thereafter, you have to go to the exchange and select your deposited currency. You can deposit currency like INR, YEN, USD, and many more.
Now, you will see an interface. This interface contains a spot marketplace for all Cryptocurrencies. You can see the Cryptocurrencies which you can buy from your deposited currency. You have to select Bitcoins/INR pair. Bitcoin is named as BTC on all platforms.
Thereafter, you can see the price chart. This chat contains the order book details and the order entries. This interface includes the option of buy and sell. You have to choose to buy and enter amount details and place an order. After placing the order, your account will be debited by currency, and Bitcoin will be credited.
Where To Store Your Bitcoins?
After purchasing Bitcoins, you have to store them safely. It can be quickly and safely stored in a Bitcoin wallet. Bitcoin wallet is a safe platform used for storing Bitcoin in a highly secure way. Trading exchanges are not much confident. You have to face is a high risk of hacking if you leave your Bitcoins in the crypto exchange.
You can find many advanced security options and user-friendly interfaces in these wallets. You can choose over numerous Bitcoin wallets for storing Bitcoins. The list of top Bitcoin wallets in India is mentioned below.
India is among the top crypto markets. You can find a large number of Bitcoin wallets in India. A list of top Bitcoin wallets is mentioned below.
WazirX is among the top Bitcoin wallet in India. It is capable of storing multiple cryptocurrencies. This wallet can be operated by web and mobile. It has an easy and user-friendly interface. This interface will help you in getting good accessibility over the app.
It is among the most secure wallet. This wallet is equipped with several security features. These features make this app challenging to hack for hackers. It offers the fantastic quality of double authorization. You can store multiple Bitcoin at a time in this Bitcoin wallet.
Top features offered:
- It can be operated on web and mobile
- Easy trade on WazirX exchange
- Capable of storing 70+ crypto coins at a time.
2. Ledger Nano X
Ledger Nano X is a hardware-based Bitcoin wallet. This wallet is equipped with many security features. You can stores Bitcoin on an offline mode via this wallet. It helps in reducing the threat of cybercrime. It is a USB-type structure that is capable of storing multiple Bitcoins at a time.
It offers highly advanced custom OS and security chips. These chips help enhance overall security. It is comparable with all major operating systems. Ledger Nano X can self update itself and become comparable with any updates on the operating system.
Top features offered:
- Lightweight and easy to carry
- Capable of storing 24 Bitcoin at a time
- Custom OS and security chip
Binance is counted among the most popular Bitcoin wallet. It offers accessibility on multiple platforms. You can operate it by smartphone, web-based system, or hardware. This wallet comes with a user-friendly interface. You can experience better accessibility over this wallet via its interface.
Binance is capable of storing multiple Bitcoin at s time. This wallet is equipped with various security features. It offers high security to your Bitcoin vie this security tools. Binance record a huge transection volume both in number and value. It has a huge user base; this user base makes it rank top among the crypto wallets in India.
Top features offered:
- Comparable with every computing device.
- Easy to use interface
- High-security features
Ways To Invest In Bitcoin
There are three primary ways to invest in Bitcoin. The ways are briefly mentioned below.
A cryptocurrency exchange is the easiest way for investing in Bitcoin. This exchange is very much similar to the stock exchange. You can buy or sell various Cryptocurrencies, including Bitcoin, in this exchange. It offers a smooth and easy buying and selling experience to the users.
You must have a crypto exchange account for investment in Bitcoin via this method. You have to follow few simple steps for buying or selling Bitcoin. You can buy Bitcoin with any currency like INR, YEN, USD, and many more. These are mentioned above in detail. You have to pay transaction fees in this exchange. This fee depends on the value of the transaction.
Person to Person Transaction:
It is one of the significant ways of investing in Bitcoin. It helps in saving you the transection fees. Purchasing Bitcoin vie p2p method does not require paying any transaction fees. Several platforms offer these transactions. These platforms act as a mediator between person to person.
You can search for a Bitcoin seller in this method. The platform offers a lot of sellers and buyers of Bitcoin. You can choose among them and execute the transaction. Different platforms have different kinds of policies. Several platforms restrict holding the Bitcoin until the transaction finishes. Top platforms for the people-to-people transaction are mentioned below.
Bitcoin mining is a process where you can get Bitcoin without spending actual money. However, you have to spend much on the equipment required in this process. It is among the most complex procedure to get Bitcoin. In this process, you will be rewarded with Bitcoin for every successful Addition of block. These blocks are added to the blockchain.
You must have passed Bitcoin transactions for mining Bitcoin. This transaction file must consist of 1MB. Afterward, you have to solve a complex mathematical problem. These steps will help you in getting a Bitcoin as a reward. This operation can only be done on an ASIC computer. These computers are dedicated to Bitcoin. It requires a tremendous amount of electricity for mining.
Best Online Bitcoin Trading Platform In India
There are several popular Bitcoin trading platforms in India. These platforms offer a variety of features. Some of the top Bitcoin trading platforms are mentioned below.
CoinDCX is an Indian Bitcoin trading platform. It is among the top crypto exchanges in India. This platform offers trading facilities in over 200 Cryptocurrency, including Bitcoin. This platform provides high liquidity to its users. It is equipped with various security features. These security features make it rank top among the most secure Bitcoin wallet.
This platform is enriched with an easy-to-use interface. This user-friendly interface is very advanced and contains several features. CoinDCX charges a meager transaction fee. You can trade from INR to BTC via this platform.
Top features offered:
- User-friendly interface
- Low trading fees
- Highly secure
Coin switch is a multinational platform use for Bitcoin trading. This platform is among the fastest-growing crypto exchanges. It records a massive volume trade from India. This platform comes with several security features like double authorization. Coin Switch operates in more than 300 cryptocurrencies, including Bitcoin.
It offers a user-friendly interface. This interface will help you in getting easy access to your Bitcoins. The coin switch provides a low transection rate. This feature makes it superior to other crypto trading platforms. This platform offers a 24/7 helpline service to its users.
Top features offered:
- 24/7 customer support
- Easy to operate interface
- Comparative market rate
Unocoin is among the safest place for Bitcoin trading. This platform is equipped with various safety tools. You can see an easy-to-use interface. This interface is simple yet contains a lot of features. This platform offers fast service. You can trade in huge quantities via this platform.
It offers an option to trade in bulk. It accepts INR as a payment method for Bitcoin. You can experience smooth buying and selling Vie this platform. It offers features like OTC and SIP to its customers. It records a high volume trade in India. It is among the top-rated platforms for Bitcoin trading in India.
Top features offered:
- Over the counter feature
- Systematic Investment plan
- Highly secure
Things To Know Before Investing In Bitcoin
1. This Sector Requires Patience
Bitcoin is a very risky Cryptocurrency. It receives a considerable price fluctuation every day. You should have a good understanding of its price fluctuations. Bitcoin is known for its long-term return. You must have the patience to hold. The more you keep this cryptocurrency, the chances to profit get higher. It must behold for a medium to long period.
Although you must have eyes on price fluctuations, it requires a deep analysis of the price graph for better profit. You must have a greater understanding either you will end up with nothing.
2. Start With Small Amount
Bitcoin records high price fluctuations. It is among the highest-priced cryptocurrency. Many can’t hold a single Bitcoin. Several crypto exchanges offer the least amount to purchase a certain percentage of Bitcoin.
Investing in a small amount at the initial stages will help you to save from buglosses. By low investment, you get a chance to invest in Bitcoin and built a better understanding of the market. You should support higher after having a proper market understanding.
3. Own a Wallet
Owning a wallet is a very crucial thing. Bitcoin is very much safe and secure in the wallet. Never make the mistake of leaving the Bitcoin on an exchange account. An exchange account is the least secure place to store Bitcoin. It has a higher possibility of a cyber hack. If you leave your crypto coins on an exchange account, you are highly likely to lose them.
4. You Must Have Risk-taking Abilities
Investing in Bitcoin is a hazardous investment. This investment contains numerous risks like a price drop, cyber hack, etc. You must measure your capacity to take the risk. If you are fond of risk, this sector is for you. Although if you don’t want to bear much trouble, you can invest in the least amount.
This market pays back to aggressive investors with risk-taking capabilities. If you are a quick investor, you can take the risk of a 50% downfall in price. Whereas for nonaggressive investors, a collapse of 20% can be brought as a limit.
Frequently Asked Questions
Several questions arise in mind related to this topic. Some of the most asked questions relating to an investment in Bitcoin are mentioned below.
1. How do Bitcoin works?
A simple answer to this question is blockchain. Every Cryptocurrency, including Bitcoin, works on a technology known as the blockchain. These virtual currencies are similar to paper currency. It can be used for doing transactions. However, it records higher price fluctuations than any paper currency. Bitcoin is formed by mining. This mining process is very complex and costlier. It requires a lot of special equipment.
2. What is meant by blockchain technology?
Blockchain is a technology used for mining Bitcoins. It is a type of immutable ledger. This technology helps in recording and tracking transactions. It adds a block in the blockchain whenever a Bitcoin is mined. It has a vast network, and no person or group has accessibility over it. The blocks in this blockchain are filled with data. It is a highly secure technology.
3. Can you use Indian currency for Bitcoin purchases?
A simple answer to this question is yes. India occupies a large share of Bitcoin holders. Several crypto exchanges are offering Bitcoin in exchange for INR. Along with Indian currency, Bitcoin can be purchased via several more paper currencies and credit card too. However, you cannot pay physically. You must link your bank account with a crypto trading account. These steps enable you the option of online payment. He should check out best Bitcoin debit cards in India.
4. Why should anyone invest in Bitcoin?
Bitcoin is known as a future assertion. It is backed by digital currency technology. This cryptocurrency has given a tremendous return in past years. The price of Bitcoin receives high fluctuations. However, it has given more than 1000 times profit in last ten year. Some investors have made money in millions via Bitcoin. Along with that, several other features are promoting the purchase of Bitcoin.
5. What is the minimum investment for the purchase of Bitcoin?
Buying a single Bitcoin may cost you a lot. You can purchase a certain percentage of a Bitcoin. Several crypto exchanges are offering an investment of as low as ₹100. You can quickly start your Bitcoin investment journey via rs100. There is no upper limit for investment. However, these are limitations of the investment amount in a day by many crypto exchanges.
6. Can you use Bitcoin for online payment?
A simple answer to this question is yes. You can use Bitcoin for making payments. However, not every site accepts Bitcoin as a payment option. You can find many online sites that offer Bitcoin as a payment option. Several multinational companies are accepting Bitcoin as a payment method. You can easily use Bitcoin on such platforms for payment of your online purchase.
Bitcoins are the top cryptocurrency. Trading in Bitcoin can enrich you with a decent profit. You can start your Bitcoin trading vie following the few steps mentioned above. Investing in Bitcoin contains a high-risk factor. You must have the capability to bear a loss if you are planning to enter this sector.
There are several platforms to store and trade Bitcoins. These platforms are highly secure and offer a smooth trading experience. You must have a brief idea about Bitcoins before investing in them. Start your investing vie small amount.