Gone are those days when 1 Bitcoin was available for few hundred rupees. This cryptocurrency has grown tremendously in past 6 months and you know, now 1 BTC is worth 5000 USD! Now you must be thinking that the game is over, bitcoin is so costly now so it is not worth to invest into it. But wait! the game is not yet over and will never be because it’s never too late…
You can still buy bitcoins and earn good profits from it. But many people in India are not aware about bitcoin buying procedure so we thought of creating this post, hope you will like it.
Before heading towards the guide, let me explain bitcoin in simple language… Bitcoin is a cryptocurrency which can’t be sensed physically. That means you can’t touch it like a 100 Rs note. Just imagine it like a paytm wallet balance.
Here comes the important thing : You know, value of 100 Rs note is just 100, I mean it doesn’t and it will not change with the time. However, bitcoin case is totally different. Just like a stock market, Bitcoin value fluctuates every day. So why does this happen?
This concept is based on supply & demand logic. Let me clear this by giving an example of Jio sim. When Jio launched, some local dealers were selling sim for up to 500 Rs. This happened because the demand was high and supply was less. Now after 1 year, almost all shopkeepers are selling the same sim card for free because demand has decreased.
Government can print unlimited number of rupee notes (of course, there are some rules to be followed!) but you can’t have unlimited bitcoins. In every 4 years, bitcoin quantity is reduced by 50%. Total 21 million BTC will come into existence and after that you won’t have any new bitcoins. You will only be able to exchange between those 21 million coins. Since the supply is reducing and the demand is increasing, the bitcoin value is fluctuating each and every day.
Got the basic idea of bitcoins? Now let us see how you can buy a bitcoin in India either by using credit/debit card, netbanking or using other payment methods.
5 Best Sites / Apps to Buy Bitcoin in India
Make Use Of ZebPay Android App
Zebay is one of the oldest & trusted online portal to trade bitcoins in India. I have personally bought bitcoins using zebpay’s android app and I must mention that the process was super easy and anyone who is not so tech-savvy can easily buy & sell BTC’s from zebpay.
Right now you can only make use of NEFT/IMPS or net banking to deposit money in wallet. UPI and credit/debit card feature is currently not available on ZebPay. Whatever money you deposit, is first stored into zebpay’s wallet. Then you can choose how much amount to trade for bitcoins. Similarly when you sell the coin, the equivalent amount in Rs is again deposited to wallet and you can easily withdraw it to the bank whenever required.
UnoCoin App For Buying BitCoins
Honestly, I’m not a fan of UnoCoin but since there is no other good website to rank at #2 in India, I’m listing it here. Reason I hate Unocoin is the huge pricing difference when compared with Zebpay. If at any moment, zebpay is selling BTC @ 300000 then Unocoin sells it @ 315000. So why would anyone buy the coin at higher price when he is already getting it at cheaper price on Zebpay?
The only positive side of Unocoin is the variety in payment gateway. Besides that I don’t find any good reason to buy BTC from this app.
If for some reason, Zebpay is not working for you then UnoCoin should be your choice.
Buy Bitcoins Through CoinSecure
This one is the new trading platform which can be operated from both web & android versions. After doing KYC procedure, you can quickly buy bitcoins.It is impossible to trade BTC in India without doing ID verification. They have uploaded all necessary tutorials on YouTube and you can refer them if required.
You Can Consider LocalBitcoins Option Too…
Localbitcoins.com is a Finland based startup that helps you to buy bitcoins instantly using multiple payment options. You can even use PayPal or Paytm balance for buying the BTC. Apart from IMPS, they support National bank transfer, cash deposit, amazon gift cards etc as a payment options.
Use Reminato Website for Buying Bitcoins
I have not tested this website personally but from various sources I collected the information regarding this website and listed it here on #4. On the home page itself, you will see thes list of buyers & sellers along with bid price. Like Unocoin, Reminato also has huge difference between buying / selling price so again I will not recommend this option if Zebpay is working good for me. You can make use of NEFT, IMPS, RTGS for purchasing BTC from Reminato.
So, this was our list and we will continue to update it in future. If you are facing any issues or having any doubts regarding bitcoins, do not forget to use our comment section!