NOTICE: India plans to introduce a law to ban private cryptocurrencies such as bitcoin and provide a framework for the creation of an official digital currency to be issued by the RBI (Reserve Bank of India) during the 2021 budget session of parliament.
In this article, we will tell you how to start investing in Bitcoins with an amount as low as ₹1000. Make sure you read this blog till the end to get all the information on Bitcoins and know what to avoid.
The first step of buying cryptocurrencies is to get a digital wallet to store your Bitcoin in and it is mandatory for buying one, there is no restriction on the type of online wallet you use but here are the various types that can be used:
It is often suggested you use a personal wallet either a desktop/mobile one or even a physical device, for maximum security and safety.
To get started with buying Bitcoin on WazirX, we first begin by registering on the platform, followed by completing our KYC and then finally depositing funds for our purchase.
WazirX is India's most trusted Cryptocurrency exchange & trading platform through which you can Buy, Sell & Trade Bitcoins, and up to 100+ types of cryptocurrencies.
This is the last stage of the registration process. Select country INDIA from the list of options and then you will be asked for KYC verification.
Remember, KYC verification should be completed before depositing funds.
Once you have setup an account and have done the KYC, add 1000 Rs to your account.
You can deposit funds via UPI/ IMPS/ NEFT/ RTGS. You must submit your transaction details to WazirX for verification.
You can buy shares in Bitcoins using this money, one of the many ways you can invest in Bitcoin is by purchasing a coin or a fraction of the Bitcoin.
It is suggest to try multiple transactions to understand the process, you can even withdraw money as Bitcoin value rises, which when transacted usually deflects in your account in 2-3 working days.
Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange, is an effortless process.
You begin by obtaining your deposit address from your WazirX wallet. Then, you share this address on your holding wallet for transferring your cryptocurrencies.
Now you are ready to buy and trade Bitcoin.
Buying Bitcoins is often considered as a risky invest and not trusted by many because you can't actually see a Bitcoin it only exists digitally but if you see the profit margins, it actually turns out to be great.
One could have bought a Bitcoin for 20-25Rupees in the year 2011, just the next year, in 2012, Bitcoin was valued at 225 Rupees, that is 8x the value! And a decade later, in 2021, it values over 23 lakh Rupees.
Seeing the consistent rise in the value of a Bitcoin, I can surely say it is an excellent investment to make bringing a fair share of returns and versatility in an investor's portfolio.