A step-by-step guide to invest, buy, and sell Bitcoins in India in 2021.
According to the IMF, India is the fastest-growing economy in the world. Over 40 percent of the country's population have access to the internet, and at least half of these use or have used cryptocurrencies. Bitcoin transactions began taking root and spreading across the country as early as 2012. However, only a limited group of cryptographers were interested in Bitcoin.
Why Buy Bitcoin?
If you are looking for reasons why to buy Bitcoin, here are three good reasons. First of all, buy bitcoin unlocks the value of decentralized finance. Bitcoin is a liberal coin free from manipulation by governments of central banks. You can only explore this liberal freedom of finance by owning a share of the digital currency. Second, buy BTC when looking for an easy and affordable way to conduct local and cross-border transactions. There are no wait times, the conversion from one currency to the other is easy, and the withdrawal process is painless. Finally, buy some BTC when looking for an emerging investment vehicle that has future potential. However, at the same time note that Bitcoin's price volatility makes it a highly profitable but risky asset. Buy BTC, HODL, or trade - these are the three popular ways to indulge in Bitcoin.
Bitcoin In India
The first business to accept Bitcoin payment was a Mumbai-based pizza shop named Kolonial. It didn't take a long time for the first exchanges to appear in the Indian scene. This was further expanded by over-the-counter marketplaces as more Indians began to get interested in cryptocurrencies.
In this article, you will find out how to buy Bitcoin and other digital assets in India using UPI
UPI or Unified Payment Interface is an instant payment processor for mobile payments and bank transfers. The National Corporation of India created the interface as a means of helping citizens to purchase goods, as well as a way of opening up India's financial system. Over time, the platform has facilitated over 1 billion transactions, offered citizens a better way to transact across peer-to-peer platforms, and eased how people buy and sell Bitcoin (BTC).
You can buy or sell Bitcoin directly on UPI without necessarily installing the application. This can be executed online quickly and easily. You will find lots of websites offering users the flexibility to buy Bitcoins in India using UPI. This article will focus on the most straightforward, most affordable, and convenient payment modes for buying BTC with UPI to prevent readers from getting mixed up from the assortment of choices.
Peer to Peer Platforms
India’s P2P platform market has tripled in size over the past few years. This is regardless of tightening and unclear regulations around the cryptocurrency space. According to Market Business News, the P2P cryptocurrency sector anticipates a 33 percent growth over the next two years. In addition, user registrations and daily volumes have grown by 10-20 percent since March 2020. All these figures suggest the viability of India's P2P crypto platforms and the high liquidity in the country. This means peer-to-peer platforms are perhaps the best places to transact Bitcoins using the Universal Payment Interface.
Besides native standalone P2P platforms, cryptocurrency exchanges also offer native Peer to Peer features where users can buy or sell cryptocurrencies using their preferred mode of payment, and in this case, UPI. The majority of exchanges, even the major ones, support the Universal Payment Interface. The first step is choosing your digital currency exchange of choice, navigating to the P2P feature, and buying BTC using Indian Rupees (INR). Users in India have three options on the P2P feature, bank transfers, IMPS, and UPI payments. It is essential to choose a well-established exchange with high liquidity to prevent wastage of time waiting for a seller to pick up your order.
Over the Counter Bitcoin Services
Just do a simple Google query for available over-the-counter (OTC) crypto services in India. You will get various options to use when buying Bitcoin in India. Most, if not all of these services will support payments through UPI. These payments could be made in Indian Rupees (INR).
How to Buy Bitcoin In India with UPI on XanPool
XanPool offers a cryptocurrency payment gateway to buy or sell Bitcoins or any other cryptocurrency in India.
Step 1: To buy Bitcoin from XanPool, select your country from its dropdown menu. After you select India, it will automatically display the price of Bitcoin in INR (Indian Rupee).
Step 2: Enter the amount of Bitcoins that you want to buy and click on Xchange.
Step 3: In the next step, enter your wallet address where you wish to send your purchased BTC. Alternatively, you can also choose to send your BTC to Okex wallet.
Step 4: XanPool offers India's local payment method 'UPI' to seamlessly buy Bitcoins. Send the money by manually entering the receiving UPI number with the text given into any mobile banking applications that support the UPI money transfer function.
One key advantage of buying through XanPool is that there is a wide range of cryptocurrencies for enthusiasts who want to try new digital currencies. Besides, you can buy and sell Bitcoin in India with your local currency through your preferred payment methods.
Verdict: Checklist of Thing you Need when Buying BTC with UPI
The most important thing you need before buying Bitcoin with UPI is a digital Bitcoin wallet. First, open one with credible service. The best way to vouch for a credible wallet service is to check out online reviews, ensuring the service has a responsive support team. It is highly secure and has no history of cyberattacks. Once you open the digital wallet, remember to safely and securely store your private key. The private key is personal and should be shared. Lose of it might mean loss of your Bitcoins (BTC).