A decentralized cryptocurrency, Bitcoin is intended to function as money and a mode of payment independent of any one individual, organization, or identity. As a result, no third party is required to be involved in any financial transactions. In 2008, a group of unknown developers known as Satoshi Nakamoto unveiled Bitcoin to the world.
Is Bitcoin legal in India?
Yes, Bitcoin is absolutely legal in India and can be brought from government-registered exchanges in India. However, it can only be used as an investment and not as a currency.
All cryptocurrency exchanges in India must register with the Financial Intelligence Unit (FIU). The platform would require you to complete the KYC (Know Your Customer) process using your Aadhar and PAN cards.
After registering with the FIU-approved site, you have the option of selecting a systematic investment plan (SIP) based on the services provided by different platforms, or you can choose to purchase Bitcoin directly for a predetermined sum.
You have to move the money to your platform wallet before you can purchase Bitcoin. Once the cryptocurrency has been purchased, it can be kept in the exchange's wallet.
Now that you've bought Bitcoin, it's crucial to store it securely. Most exchanges offer custodial wallets but consider transferring your Bitcoin to a non-custodial wallet for enhanced security.
How to choose a Bitcoin trading platform?
- Seek out platforms that have strong security features like data encryption, fund insurance, cold storage, and two-factor authentication (2FA).
- Select an exchange with an easy-to-use user interface. Your investing experience can be improved by an intuitive interface and easy navigation.
- Fees have the potential to reduce your earnings. Learn about the fees associated with trading, deposits, withdrawals, and any other charges on the exchange or app. Reduced fees could save you a lot of money over time.
- During your Bitcoin investment journey, you may probably encounter problems. Seek out platforms with excellent customer service that are available to assist you when you need it.
Other methods to buy bitcoin
- Coin Sets, which is exclusive to Mudrex is curated crypto baskets that are totally based on new themes from the crypto world.
- Exchange-traded funds help you get exposure to Bitcoin without directly investing in it. It also comes up and down with the value of the Bitcoin.
After the additional methods of buying Bitcoin, you must know how to manage Bitcoin. Make sure you sell your bitcoin, do marketing monitoring analysis, and understand the tax implications in the country.
The future of bitcoins in India is a growing space for all those looking to go for diversified investments and this market will eventually grow in the upcoming years. Bitcoin will offer a seamless experience to all investment enthusiasts.