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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 smoother 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 or 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 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.

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You will then be required to fill your bank account details and complete your KYC following which you can set up your account and add funds via UPI/NEFT/RTGS/IMPS. A pan card and a valid address proof are the primary requirements for KYC. The user’s bank account is then linked to the exchange account and the verification process is completed. Once an account is set up, a digital wallet is automatically created on the platform which allows a user to store bitcoins or carry out transactions.

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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’.

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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.

Sources:
https://www.businessinsider.in/cryptocurrency/news/take-the-baby-steps-how-to-buy-crypto-in-india-the-simplest-guide-around/articleshow/83396663.cms
https://wazirx.com/blog/how-to-buy-bitcoin-in-india/
https://www.businesstoday.in/crypto/story/law-to-regulate-cryptocurrencies-likely-by-budget-310439-2021-10-26
https://www.livemint.com/market/cryptocurrency/india-has-highest-number-of-crypto-owners-in-the-world-at-10-07-crore-report-11634110396397.html
https://wazirx.com/exchange/BTC-INR

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