How to buy Bitcoin and other Cryptocurrency in India Legally and Safely

Unless you are completely cut off from this world, I am sure you have heard about Cryptocurrency and more Important Bitcoin. It has come to a surface where you cannot just ignore it anymore. Why it is in news recently? – Tesla just bought $1.5 worth of Bitcoins. Tesla is owned by Elon Musk, Yes, Billionaire Tech genius himself. 

Tesla disclosed in an SEC filing on Feb 8 that it purchased $1.5 billion of bitcoin. If its holding has remained the same size, it will reportedly have made a $930 million profit. YES!! $930 Million Profit. 

It is estimated that Tesla bought at least 40,000 bitcoins. This will also come to you as a shocker that there only 21,000,000 bitcoins, Yes, it’s a good Chunk of Bitcoin but it also tells about its scarcity.

When a reputed public company like Tesla, owned by the world’s richest man – Elon Musk who is directly Bitcoins, we cannot ignore it. but still, some people are going to miss this window of opportunity as they think it is a scam. NO!! It is not anymore Duhh!!! Tesla acquiring a huge chunk of bitcoins will trigger other companies to put their portfolio into Bitcoins and yes, Eventually Price is likely to go up.

If you want to be part of this most significant revolution in the history of humanity, Do not hold yourself back. You can also start your Crypto Portfolio Journey by investing a small amount in Bitcoins. Yes, I am getting to the most important question- How do you invest from India? Does there are any Indian Platform that lets you do buy and store your Bitcoins -The answer is “YES”.

Generally, bitcoin and other cryptos such Etherum, Chainlink, and Litecoin are stored inside a virtual wallet. And those wallets can be online Apps or they can be hardware wallets as well. I will discuss wallet in detail in my next article. To buy Bitcoins, you have to buy them from an exchange, having said that there are a lot of Global exchanges, and also in India, there are few exchanges.

 

I use WazirX.

Sending funds on Wazirx from your bank account is easy. all you have to do is load your INR balance from your bank account using bank transfer or via UPI.
Loading money on WazirX from your bank account is easy. You just have to load your INR balance from your bank account using bank transfer or via UPI. Once the fund is in your balance section, you can go to the market tab and buy whatever coin you intend to buy at the current exchange rate.
To Exchange your money from INR to USD you can use the P2P option under which you can exchange your money online into USD.

 

WazirX

 

You can see that as of writing this article, the price of BTC against INR is 43.10 lakhs. It might seem like a lot to buy a Bitcoin but Wait, you can buy a small percentage of Bitcoin/BTC. 

Like you can 0.01 BTC at 43,157 Rupees if you want or you can also buy 0.0020 for Rupees 8,631 or go even less than this as far as buying a small fraction of BTC is a concern, and if the price of Bitcoin goes to 69 Lakhs, you can sell your 0.01 BTC for 69,000 rupees.

(Please note that cryptocurrencies are subject to high volatility and I am not giving financial advice here. Invest the money that you are ready to lose. We still haven’t reached market stability).

As of now buying Bitcoins in India is 100% legal. There is speculation and talk about BTC that government might ban it, but industry experts are expecting that there might be some regulations but there will not be a complete ban because now the whole world is moving towards Cryptocurrency and Bitcoin as a legal investment option, solid asset and a currency tender and its seems among the safest way of exchange in a free world as it it is a future of currency that world cannot deny. 

you are in it or you are going to miss it completely until it becomes generic.

It’s true, In India Bitcoins cannot be accepted as a legal tender but Tesla has recently announced that they will accept Bitcoins as a payment for their Tesla cars in the future.  

To be noted that the amount that you invest in Bitcoins should be the funds that you have already paid your income taxes on, and just like a Stock Investments returns if you make a profit from the rise of the price and withdraw your funds by selling BTC, they are treated like any other valid income earnings and you will have to pay income taxes on it. 

So, still in doubt whether to buy BTC or Ignore it? Do not miss the bus. 

Also, no point in waiting as the real game is on Sign Up for WazirX, and get your skin in this game before it is too late. 

Cheers, 

Ajay Sarode

 

 

*For Any question comment below*