Looking to buy Bitcoin in India? In this guide I will review the status of Bitcoin in India, its popularity and the different exchanges you can use to get Bitcoins in India.
While Bitcoin is not accepted as a currency in India, it is possible to own and trade it on exchanges. To buy Bitcoin in India, follow these steps:
If Coinmama doesn’t work out for you, here are a few additional exchanges that accept customers from India.
That’s how to buy Bitcoins in India in a nutshell. If you want a more detailed review about keep on reading, here’s what I will go over in this post:
On the whole, Bitcoin’s legal status in India is not too positive. While not officially banned, India’s finance minister has stated that the government does not recognize Bitcoin as a legal currency.
With a 300 per cent increase in its value in just one year, Bitcoins could well be the kind of investment you may be looking for. However, in spite of all the curiosity, many of us have wondered if it is safe to buy, store and sell bitcoins in India. In the news recently for being the only payment method to pay ransoms to WannaCry attackers, Bitcoins can be used for a host of other things.
And countries such as Japan and South Korea are leading the way.
One of Japan’s biggest electronics retailers, Bic Camera, began accepting bitcoin at two stores in Tokyo last month. Another Japanese firm, Recruit Lifestyle announced it will add bitcoin acceptance to its mobile point of sale tool AirRegi, which is used in 260,000 merchant and restaurant locations across Japan. How are Bitcoins created? Unlike paper currencies, Bitcoins cannot be minted, they can only be mined.
Should I invest in Bitcoin? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Whether one should invest in bitcoin or not depends on whether you think Bitcoin will become a long-term trusted store of value.
If it does become a long-term trusted store of value, BTC should trade around $2,000,000 a coin (depending on how many coins are lost and are actually in circulation). That is over 100x the price of where BTC is today.
If BTC does not become a long-term trusted store of value, its likely price will be close to zero (unless it becomes a “cool” collectible… which is a possibility).
So if you think BTC has a 10% chance of becoming a long-term trusted store of value, it is a good investment with a nice expected return.
Over the last 12 months, the price of Bitcoin has been a roller coaster and in India, we’ve gone from blank stares when talking about cryptocurrencies to interest and demand that’s hard to keep up with. There are a number of different Bitcoin exchanges through which you can buy the coins, but international transactions involve a certain amount of uncertainty and delays with regular money transfers themselves. So if you’re in India and are looking to buy Bitcoin, you may want to use a local exchange.
Buying Bitcoin isn’t for the faint of heart though. Economists and others have been expressing doubts for long now about the feasibility of Bitcoin as an investment. There have also been questions raised about the suitability of Bitcoin for the needs of the financial industry.