In the past few days, we have seen a huge surge in the value of Bitcoin and other cryptocurrencies. Bitcoin has recently crossed the mark of $50,000 in terms of valuation. Now, you might also be thinking to invest in Bitcoin. But, do not know how to buy Bitcoin in India in 2021. We have prepared a step-by-step guide on how to buy bitcoin in India in 2021. Follow the given steps carefully to buy Bitcoin in India in 2021.
What is Cryptocurrency?
A cryptocurrency is a digital asset that can be used to buy goods and services but uses online entries with a strong cryptography system to secure online purchases. Cryptocurrency works on a system called Blockchain.
In simple words, A Blockchain is a digital and distributed record of transactions that keeps updating digital records in real-time across a network of computers. Moreover, cryptocurrency does not have any physical address such as nobody know where it comes from and where it goes.
What is Bitcoin?
Bitcoin is also a cryptocurrency. It is basically a computer file that stores some important information in a digital wallet application. Bitcoin ranks in the first place in the cryptocurrencies list. This is a small introduction to Bitcoin. Let’s get started with how to buy Bitcoin in India.
How to Buy Bitcoin in India
We will advise users to follow the given steps carefully. Each step is significant to buy cryptocurrency in India.
Download the Best Cryptocurrency Exchange Application
We recommend Coin Switch Kuber application for beginners. It has a pretty basic user interface and easy to features. A beginner can easily use it without any hassle. Coin Switch Kuber application allows users to buy cryptocurrencies starting from Rs 100 only. Coin Switch Kuber offers more than 100 cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dogecoin, and a lot more.
Complete KYC To Buy Bitcoin
After installing the application, users have to register themselves with the Coin Switch Kuber application. Registration is a must for all users to buy Bitcoin in India. Users can register themselves by providing a contact number. Now, users have to complete KYC. Coin Switch Kuber will ask users to submit basic verification details such as Name, Date of Birth, and Email. Now, users have to submit details to prove their identity. Users can use identity documents such as PAN Card, Aadhaar Card, Driving License, and others as per the eligibility.
Link Your Bank Account
Now, users have to link their active bank account with the Coin Switch Kuber application. Moreover, Users can add multiple bank accounts as per their convenience. In addition to that, users have to use the submitted bank account to deposit and withdraw money from the Coin Switch Kuber application.
Deposit Money In Your Coin Switch Kuber
Now, deposit an adequate amount of money in your Coin Switch Kuber wallet to buy Bitcoin. Users can deposit a minimum of Rs 100 and a maximum of Rs. 50,00,000. First, users have to deposit money in their Coin Switch Kuber wallet to buy Bitcoin. Users will get the Deposit INR option on the home page of the application.
Step 1. Now, head over to the Market section and Click on Bitcoin.
Step 2. After clicking on Bitcoin, click on the Buy option.
Step 3. Now, enter the amount in Rs or Bitcoin. Now, click on Confirm.
Step 4. Voila, now you are a Bitcoin Owner.
You can sell your owned Bitcoins or any other cryptocurrency by heading over to the Portfolio section. Let’s check how to sell your owned cryptocurrency.
Step 1. Open the Coin Switch Kuber app and head over to the Portfolio section.
Step 2: Now, click on the cryptocurrency you want to sell.
Step 3: At the bottom, you will see Buy or Sell option. Now, click on Sell.
Step 4: After clicking on Sell. Enter the amount of cryptocurrency you want to sell.
Step 5: Voila, your cryptocurrency has now been sold at the current market price.
Note: Cryptocurrency value changes every second. We will recommend you to keep the following cryptocurrency valuation chart.
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