You can get started with Bitcoin in two simple steps. First, you will need to create a wallet to store your Bitcoins in and then you can buy your first Bitcoins through an exchange platform. This guide will help you with creating the best bitcoin wallet and how to get started with buying your first Bitcoin.
Step by Step Process of Buying Bitcoins
There are many apps available which allow you to buy or sell Bitcoins using your debit or credit card. The most popular bitcoin app is Zebpay, which allows you to buy and sell bitcoins through mobile as well as it provides bank level security. Another best app is Coinsecure which also lets you buy and sell bitcoin at real time rates. It also gives some discounts on buying cryptocurrency. As per my opinion, these are top-rated bitcoin wallet in India. So if you want to invest in bit coins then you should download any of these apps from Google play store.
Bitcoins are basically lines of code that are digitally signed each time they travel from one owner to another. Your wallet is simply a collection of these digital signatures. When you send or receive bitcoins, your wallet signs it over to someone else’s wallet, proving ownership of your coins and allowing them to spend or exchange their money. What can you buy with Bitcoin? You can use bitcoin in many stores, both online and offline. How does it work?
3 alternative way of buying bitcoin in India
By creating a wallet on CoinBase, ZebPay or Unocoin account. Once you create a wallet at one of these exchanges and buy bitcoins, they will be transferred automatically in your wallet on Coinbase (Coinbase is available only for those countries who supports USA), In case of Zebpay or Unocoin you can simply go to their website and click buy bitcoin option. Also another alternative way is to visit LocalBitcoins website, then choose seller from India then enter amount of Indian Rupees which you want to buy. The seller will sell his Bitcoins using cash deposit method, Neft transfer etc.
Common Queries Related to Crypto Currency
Trading or investing in cryptocurrency is not allowed under India’s current legal regime. Besides, it would also constitute a breach of FEMA and RBI regulations for carrying out any transactions involving foreign exchange in Indian rupees. However, India does not regulate cryptocurrencies like bitcoin as of yet. Hence, investors are free to trade and invest in cryptocurrency provided they do not use their Indian rupees.
What is bitcoin? What are altcoins? Are they legal in India? How can I buy them in India? Is it safe to store cryptocurrency on an app or exchange account? Should I invest in bitcoin or other cryptocurrencies like Ripple and Ethereum now that their prices have gone up so much? How much should I invest at first, and how can I track their prices if they fluctuate a lot? Where do I find out about new crypto coins? Which ones will be worth investing in once people start accepting them more widely? The list of questions goes on. But who has time to answer all these questions individually?