Cryptocurrencies like Bitcoin (BTC) emerged as a solution to limited access to traditional banking services. Over the past decade, they've revolutionized finance, offering secure, borderless value storage. This guide covers how to buy Bitcoin in India, where to purchase it, and its minimum price.
What Is Bitcoin?
Bitcoin is a decentralized digital currency operating without government regulation. Unlike physical money, it exists solely in virtual form. Launched in 2009, it remains the most prominent cryptocurrency, alongside alternatives like Ethereum and Litecoin.
Legal Status of Bitcoin in India
The legality of Bitcoin in India has been ambiguous:
- 2018: RBI banned banks from facilitating Bitcoin transactions.
- 2020: Supreme Court overturned the ban, allowing crypto exchanges to resume operations.
While trading Bitcoin isn’t illegal, the Indian government neither endorses nor regulates it.
How to Buy Bitcoin Legally in India
Follow these steps:
- Complete KYC: Submit PAN/Aadhaar details on a crypto exchange.
- Place an Order: Select Bitcoin and specify the amount.
- Transfer Funds: Use UPI, bank transfer, or debit/credit cards.
- Store Securely: Keep Bitcoin in a wallet provided by the exchange.
👉 Start trading Bitcoin securely
Where to Buy Bitcoin in India
Popular platforms include:
- Coinbase
- Zebpay
- WazirX
These exchanges offer mobile apps for seamless trading. Ensure your bank account is linked for instant transfers.
Minimum Investment in Bitcoin
You can invest as little as ₹100. Bitcoin is divisible, meaning you can purchase fractions (e.g., 0.001 BTC). Limits vary by exchange.
Storing Bitcoin in India
Choose between:
| Wallet Type | Pros | Cons |
|----------------|----------|----------|
| Cold Wallets | Offline, highly secure | Less convenient |
| Hot Wallets | Easy transactions | Vulnerable to hacks |
Steps to Buy Bitcoin
- Register & Verify: Sign up on a regulated exchange (e.g., WazirX).
- Deposit INR: Fund your account via UPI/bank transfer.
- Purchase BTC: Enter the amount and confirm.
👉 Explore top crypto exchanges
Pre-Purchase Considerations
- Research global market trends.
- Track Bitcoin’s price volatility.
- Use reputable exchanges with low fees.
FAQs
Q: Can I buy Bitcoin for ₹100?
A: Yes! Exchanges like CoinDCX allow investments as low as ₹100.
Q: Is Bitcoin taxable in India?
A: Profits from Bitcoin sales are taxed at 30%. Report gains under Schedule VDA in your ITR.
Q: How to avoid crypto taxes?
A: Taxes apply only upon selling. Holding long-term may defer liabilities.
Q: Is Bitcoin illegal?
A: No, but it’s unregulated. Trading is permitted via exchanges.
Maximize profits while staying compliant! Consult a tax expert to file your ITR for 2024-25 correctly. File ITR now.
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