Most of us have thought of investing in Bitcoin, but failed to get started. Not because it’s difficult, because its a complete new dimension. I encourage everyone to invest in Bitcoin and only the amount you can afford of loosing it completely. Bitcoin may or may not stay, but there is no denying that Blockchain technology is here to stay.
Keep reading and I will guide you to getting started in Crypto currencies..
To get into crypto first you need to convert your money into the digital realm. In India, there are few exchanges like ZebPay and Coinsecure, these exchanges work on RBI guidelines. You are required to do KYC and then start buying or selling Bitcoin through them. Some, common questions are answered below:
- One doesn’t need to buy one full Bitcoin. Bitcoins are traded up to 8 decimals. So you can buy Bitcoin worth as low as Rs.500/-
- Indian exchange, currently trade only in Bitcoin, so getting into crypto realm is only possible through Bitcoin.
- One should check rates on all the available exchange and then make purchases where Bitcoin is cheapest.
- The Income tax department collects information from Indian Exchanges, to avoid getting notice from them, pay your taxes on profit.
- RBI or Govt of India has never used the term illegal, they have warned that it’s currently unregulated and they are planing to regulate it.
- All exchanges have good support and will help you with buying and selling.
- Recommended exchange Zebpay.com and Coinsecure.in
Once you buy Bitcoin, You can do 3 things:
- Keep it on exchange app, Like Zebpay app and trade Bitcoin.
- Withdraw it on your preferred wallet app for safe keeping. More on safekeeping and recommended wallet on latter post.
- Trade on other Crypto Currencies other than Bitcoin, which are called Altcoins.
Please follow this blog, I will put more information on Buying and Selling Altcoins soon. This article will be also updated with the feedback or questions I get on social media.