- What is Bitcoin?
- How to acquire a Bitcoin?
- Points to remember before investing in Bitcoin.
2020, an unpredictable year for the globe, but a remarkable year for the Bitcoin market that has seen an unimaginable rise and mass involvement in the crypto space. Especially in India, after the Supreme Court outlawed RBI’s Banking Ban, people are becoming more excited to buy Bitcoins and start utilizing their savings to get grand returns. With the newfound usability and reach of Bitcoins and other Altcoins, many experienced investors of course started to pour in and try out all the possibilities the high-ROI generating cryptocurrencies have to offer. For many investors in India like yourself, this piqued your interest and opened doors to quite a lot of possibilities.
Bitcoin being the new hot topic among us, raised a lot of questions about how to invest in one using your bank account and grow them across time. If we had talked about this scenario a couple of months ago, the methods were quite complicated and required a certain level of technology-heavy understanding before walking in on investing. But, with the rising demand for digital assets, we started to work on providing a seamless user experience that will make investing in Bitcoin in India extremely simple. In today’s context, buying a Bitcoin is as easy and simple as ordering books online.
What is Bitcoin?
Bitcoin is a digital form of cash that was invented in 2009 by a person (or group of people) called Satoshi Nakamoto. His stated goal was to create “a new electronic cash system” that was “completely decentralized with no server or central authority.” The fiat currency is prone to inflation, not private, separated into 180 different currencies, hard to divide into smaller fragments, vulnerable to rising transaction fees, and much more. Satoshi had a plan to create a purely peer-to-peer electronic cash that would not have properties of the fiat currency. Bitcoins can be sent from person to person without the need for a financial institution. Decentralization, transparency, and immutability are 3 of the most vital qualities of Bitcoin which it gets from its underlying technology called Blockchain.
Also Read: How to Invest in Bitcoin?
Reasons to Invest in Bitcoin in 2021
- Buying Bitcoin is Legal in India: The Supreme Court judgment of removing the banking ban in March 2020 turned in favor of Indian Investors making investing in cryptocurrency completely legal. With banks now allowed to partner with crypto exchanges, the market is more attractive than ever.
- Growing Alternate Asset Class: Trusted by 70M+ traders, major banks, institutional and renowned investors. Bitcoin has emerged as the fastest-growing asset class in the world. This turned investor’s eyes towards Bitcoin yet again, especially after it has almost doubled the price of its last all-time high of $20,000.
- High Return Potential: Bitcoin became the most lucrative choice of investment delivering a whopping 300%+ returns in 2020 outperforming all other assets.
- Fast and global: Transactions are propagated nearly instantly and since they happen in a global network of computers they are completely indifferent to anyone’s physical location. Bitcoin can be sent and received in any part of the world.
- Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send it to someone. Strong cryptographic technology makes it impossible to break into someone’s wallet and steal cryptocurrencies unless they have access to the private key.
- Scarce: Any commodity’s price which is growing in demand is destined to rise if its availability is scarce. Due to the limited availability and increasing interest of investors in Bitcoin in not only India, but around the world, the price is expected to increase for the coming years.
How to buy Bitcoin in India?
If you are new to the crypto space and want to buy your first Bitcoin, we will provide you an way of investing which is hassle-free, quick, and trustworthy. Buying Bitcoins is not a hard or complicated task as it used to be. There are more than a few handful ways of investing in Bitcoin and this blog aims to provide you with the easiest method of investing, a method where you will be able to buy your first Bitcoin using Indian Currency for as low as ₹ 100 legally and securely. Here we lay down a simple 3 step requirement you will be needing to start investing in Bitcoin.
Also Read: Top 10 Crypto to Invest
First! You Need an App.
To buy Bitcoin, the first step is to download an app where you can buy and sell Bitcoin instantly, and easily. This app will also help you store your cryptos safely in the most secure crypto wallets for free.
Second! You will Need A Free Account on that App.
To start investing in cryptocurrencies, you need to sign up on this app for free. You don’t need to fill any lengthy forms or go to an expert to complete your registration to invest in Bitcoin. Signing up on this app will hardly take a minute and get your account ready for investing.
Third! You will Need A Bank Account, Which You Already Have.
Once you have your account, you will need to link your bank account, just like how you would link to any other app for shopping or booking a cab. There is nothing to worry about. We give extreme importance to ensuring security and privacy of each and every information you share with us. Your data is in safe hands.
Getting started with Investing in Bitcoin!
You are ready! All you need to do is select your favourite crypto, click on the ‘buy’ button, add the amount you wish to buy for, and confirm. That’s it. Your investment will be instantly visible in your portfolio.
Here’s the app you need to download-
CoinDCX – India’s Simplest Bitcoin Investment App.
For those of you who are absolutely new to the crypto space, this app is going to make your first investment experience super delightful and smooth. Created by the team India’s largest Cryptocurrency Exchange which is highly experienced in building crypto-related financial products and is named amongst the top 7 Fintech startups in India, CoinDCX has been specially designed so that anyone in India can buy Bitcoin, Ethereum, and many other top altcoins legally without any hurdles.
The first requirement for you to get your first Bitcoin is to get an exchange wallet. You can register and get your free wallet at CoinDCX. Once that is done, you can easily buy your first Bitcoin in the following simple steps:
- Sign up for free with your email id.
- You will receive OTPs separately in your mail id and an SMS to verify your account.
- Connect your bank account.
- Deposit some INR in our wallet.
- Invest in your Crypto
It is that simple!
Note – If you already are a CoinDCX Pro customer, you don’t need to sign up again. You can directly log in using your CoinDCX Pro account credentials.
For a Step-by-Step guide, please click here.