Bitcoin is a virtual money in which privacy methods are used to manage the creation of currency and authenticate the fund’s transfer, working independently of a central bank. Two individuals can use it for an online transaction to each other.
So the first question arises in every mind, Is It Legal in India??
Legally, Bitcoin is valid in our country. A leading law firm, Nishith Desai Associates, have stated many times that Bitcoins is completely legal under all current Indian laws. My individual view is that bitcoins are getting legal standing in many countries, it will have the same destiny in India.
In the last couple of weeks, you have apparently listened about Bitcoin uprising, a digital money that has been evolving at a good rate over the last several years. Bitcoin was lately in the news because of the virus attack in European countries along with others; i.e. Ransomware WannaCry. These cyber-attacks were one of the largest attacks of this kind, affecting the systems around the world; and the anonymous hackers asked Ransom in Bitcoins. This is because transactions of Bitcoins are practically untraceable.
Bitcoin may be the currency of preference in the digital times, but there are lots of valid reasons for considering Bitcoin. It is a sound investment, as the price of Bitcoin has moved up significantly over the years. People mostly use Bitcoins for online dealing, payments, and may be only buying stuff.
So, if you are curious about buying Bitcoin, how would you proceed???
Well, the simplest idea to do this is to use an online transaction and buy some Bits (smaller unit of Bitcoin, there are 10 lakh bits in a Bitcoin) Just like you buy something else online. There might be some safety measures, so it is advisable to hold to putative websites, to buy or store your Bitcoins. There is a lot of sites that ask for some percentage and help you to trade in bitcoins. With the experience of dealing with some of them and looking at different credentials online, here are few of the alternatives we have put together.
****we have limited ourselves to Indian exchanges only so that you can reach out to them in the case of any matters.*****
One of the best Bitcoin trading site that would be recommended by me is Zebpay. Zebpay has Android/iPhone apps, and it lets you connect your bank account for online transfers. One needs to comply with KYC procedure, which suggests that Zebpay is not a complete private account. Nevertheless, it is a regulated organization in India and professes to offer various security hallmarks to keep your virtual currency safe.
It is simple to manage, fast and with the small cut. You can buy/sell Bitcoins, send the money to your bank, and can track data on Bitcoin latest and old pricing.
It is also a highly recommended site for Indians. Unocoin – an Indian owned service; the organization earlier suggest that investment in Bitcoin in India has been increasing since November/December 2016, as a fence against measures like demonetization.
The company makes it simple to trade in Bitcoin online and also works as an E-wallet. One can use Bitcoin at many places using the site. Unocoin also has iOS and Android apps.
Use is easy, and one can trade in Bitcoin with the money going to your bank account using NEFT or other bank transfers. Unocoin also helps to use Bitcoin in places, for example, topping up your Book My Show E-wallet, mobile/dish recharge, etc.
Unocoin has a small 1 % transaction fee, but one thing that you may not like is that it requires person’s ID, so it is not as private as claimed.
Many users suggest this exchange platform on Facebook and other social sites, and it has an Indian contact number given for any assistance. BuyUCoin enables you to trade in Bitcoin using your credit card/debit card, and net banking.
To purchase Bitcoin, you need first to get a purchase ID. This process demands your name, email, contact number, and even photo copy of your PAN (Permanent account number). It asks you to give a photo of some other ID i.e. driving license/ Aadhaar card. Once verified, you can start dealing in Bitcoin, which will be stored in online wallets. It provides the price of Bitcoin at the top of the web page, and you may buy the coins just anything online.
If you are looking for a more secret business, LocalBitcoins is a popular choice. The transactions can be fast and straightforward, and in-person trades you carry out that can happen in complete privacy. These acquisitions can be carried out with money, to avoid a paper trail (in case).
Similarly, there are restrictions on the amount you can buy at a time, and the rates for Bitcoin are just a little bit costlier than some of the other options. Other than this, on social media, people also shared scams on the site. If you think you are vigilante and careful enough to handle this, I highly recommend you LocalBitcoins for private transactions and online Bitcoin trading.
Coinsecure is also a standardized and regulated platform out of India, which again requires KYC (Know Your Customer). This implies that for people who want transactions to be completely private, Coinsecure is not the best option, but otherwise, it is a good choice that is simple to use with small fees.
The coinsecure website has detailed guides to describe the use of Bitcoin and to help you use their site as well. I like the design of this site and ease to use it. Coinsecure displays graphs of data on the transactions taking place worldwide. You can notice how other individuals are doing this stuff, and at what is the price. It gives a little assurance to see other people buying Bitcoin.
Last but not the least thing, this website also has a lot of recommendations online. You can add and withdraw money spontaneously. The withdrawal means takes just 10 minutes. We noticed many people online stating that BTCXIndia gives a good user experience.
BTCXIndia provides a customer care number that is available all working days, along with email support. Unluckily, this site is presently not allowing new users, due to the “doubt in Bitcoin future in India,” as per this site’s note on the homepage.