Planning to buy bitcoins in India? Here is a guide for you

Although bitcoin has gained immense popularity in today’s market, some people still get confused while buying bitcoins. Because of the good returns of bitcoins, retail investors are investing more in bitcoins than ever. If we look just two years back, we will notice that buying and selling bitcoins was not everyone’s cup of tea. Only tech-savvy people were able to do this task. But, in today’s time, the whole situation has changed. Even small start-ups at the initial age are willing to buy bitcoin in India. Before you start investing in bitcoins, it is essential to have a holistic understanding of different aspects of this new asset.

What is bitcoin?

Bitcoin is the first digital currency or cryptocurrency in the world that became highly popular with every passing year. This digital currency can be used as a store of value (investment vehicle) as well as a mode of exchange (money). It is a decentralized cryptocurrency that cannot be altered or controlled by any organization or person because no entity is the owner of the network.

Ways to Invest in Bitcoin

You need to follow some steps for doing all types of transactions on every platform. The same is the case with Bitcoin, you can do investment in this sector by adhering to the below-noted pointers.

P2P transactions

In case you are willing to invest but are not interested in spending on paying transactions fees. In that situation, you can complete your transaction by using the P2P (Person to Person) mode of purchase.

Here, the cryptocurrency exchange does not act as facilitators. They look for a seller who is interested in your investment and assist you in closing the transaction. However, it is not very frequent that one can find a seller who is perfect for the deal and the transaction will get closed easily. Moreover, no time is needed to finish the P2P translation.

Bitcoin mining

The source of earning bitcoin is called mining. It is the process in which the miner adds a block of transactions to the blockchain network and for that new bitcoins is reimbursed every ten minutes. One miner successfully adds a transaction to the blockchain and earns through this process. Mining is a complex process that requires a miner to have special-purpose equipment for making it an activity that is not easy for everyone.

Through a crypto exchange

Crypto exchange is a platform for buying and selling digital coins like ethereum, Bitcoins, etc. These exchanges are different from stock exchanges, it is a self-regulated platform that operates 24X7 and 365 days.

One can sell or buy fractional shares of Bitcoins through an exchange. Most exchanges in India offer a capital requirement of a minimum of ₹100 - ₹500.

The aforementioned information is sufficient enough to give you a brief about how to buy bitcoin in India. For more detailed information, you can get in touch with experts of well-known industrial players like WazirX. They will explain every nitty-gritty of Bitcoins so that you can make an ultimate decision after an in-depth understanding.