Bitcoin is an innovative digital network based on revolutionary cryptocurrency technology. This technology enables a user to send and receive payment in the form of digital currency over the internet. Cryptocurrency is traded all across the world. In the year 2020, cryptocurrency investment in India is expanding at an exponential rate. Cryptocurrency emerges as the popular investment vehicles in the years.
In March 2020, regulations of the digital currency are flowing easily in the market. During the COVID-19 pandemic, users take a high interest. Cryptocurrency threw open a world of opportunities for all types of investors. In India, 2020 marked the eventful year as Bitcoin considered the best performing asset class globally. All the cryptocurrency All the investor eyes are on Bitcoin. Bitcoin is basically not regulated by any governmental authorities or higher institutions. A cryptocurrency is a decentralized form free from any further regulations. Cryptocurrency is famous for all the security features and blockchain technology. After the removal of the ban, the crypto industry leases the industry.
Bitcoin in India are traded with different processes. In India, you are able to buy Bitcoin with PayPal. The next question that pops up in mind that how to buy bitcoins with PayPal. There are different ways to trade Bitcoin in India. There is an availability of different exchange platform for digital currency trade. On some of the digital currency exchanges platform, you are able to buy, sell and trade across the world.
There are some things you need to know before trading Bitcoins in India-
- The legality of Bitcoins
- How to initiate trading of Bitcoins?
- What are the requirements and taxation procedures?
Legality
The prohibition on dealing in cryptocurrencies by RBI was lifted in the year 2020 March. Indians are able to buy and sell bitcoin cryptocurrencies legally in India. In India, there is no regulatory body or superior institutions that govern the digital cryptocurrency platform all over the world.
How to initiate the trading of Bitcoins?
There are various ways to buy Bitcoins in India. Multiple websites and apps provide an easy-going way to buy or sell Bitcoins via digital payments. Some of the several apps are UnoCoin, CoinSecure, ZebPay, and many more. You can also buy bitcoin on coinbase and Reddit with the help of PayPal. All the funds bought transferred from the NEFT, debit, and credit card of the Indian Bank Account. Most of the companies are providing a convenient and easy selling process. All the exchange methods are full of security and safety. Bitcoins are traded in two different ways: either you can buy the bitcoin and sell it when the prices are higher or you can also speculate the value of bitcoin without owning them. Before buying in India, you need to search for safe and secure apps.
Important:
Check for the reviews for different transactions via different people to locate out the safety and security before making transactions on the platform.
The exchanges platform are selected on the basis of charged fees on the buying and selling of the cryptocurrency and also on the ease of use. The main thing is that you have also given the facility. There are also facilities for the storage of Bitcoins in software wallets, online wallets and hardware wallets, and many more. In the crypto world, the buying and selling of a single bitcoin are somehow expensive and not easy to buy. But, the result is you can able to buy the part of Bitcoin. Investment in the part of Bitcoins is easy to make.
The best feature of the apps which helps in the trading of Bitcoins provides you with a wallet that mainly helps in the storing of the bitcoins. These wallets are set up when you sign in and create your account. Other than Bitcoins you are able to trade with different cryptocurrencies like Ethereum, Ripple, Zetacoin, and many more. Investment in bitcoin has two faces sometimes, you are able to lose and sometimes you win. Therefore, this is termed to be an advanced innovation in the market.
Requirements
Verification is a must needed for the cryptocurrency trade in India. You need to complete your KYC and also the financial verification to trade in the virtual crypto world. Some of the things you need to provide them are- Address proof, PAN card, and also the bank account details. Trading of bitcoins is also done with PayPal instantly and you can also buy bitcoins with PayPal with no identification. The verification process usually takes 2-3 days.
In India, Bitcoin works on the taxation procedure. There is a 30% taxation for short term investment. For long term investment, it is about 20% counts for more than 3 years on the capital gains.
There are few things that help you in trading bitcoins in India:
- There are various apps available where you can easily buy and sell cryptocurrency.
- You are able to do a Bitcoin exchange with PayPal.
- Bitcoin currency is easily transferred from BTC to USD or INR. (By selling Bitcoin for USD to INR).
- You can buy bitcoin with a credit card, debit card, or PayPal.Various payment methods are available.
- One of the most helpful options is that you can buy Bitcoin with Paypal instantly.
Conclusion
Bitcoin emerges as the best technological advancement in the 21st century. The thing is investors need to grasp good knowledge of the crypto world. The insights of the crypto world are necessary for being a continuous investor. The virtual platform is considered as the next bigger achievement and still goes on. Grasp more knowledge about the crypto world and be a consistent investor.
