Cryptocurrency In India: How To Buy Bitcoin, Ethereum And Other Cryptocurrencies In India

India Business

Planning to buy cryptocurrency in India? Read this beginner's guide to buying Bitcoin, Ethereum and other cryptocurrencies in India. Know about their prices, predictions and if Bitcoin is legal in India.

Written By Business Desk | Mumbai | Updated On:

Cryptocurrencies are virtual or digital currencies, which is secured using cryptography. It is very hard to counterfeit a cryptocurrency thanks to such a feature, which ensures security.


Many cryptocurrencies are decentralized systems. These systems are established on a blockchain foundation. Blockchain technology is a ledger that is distributed. A diverse network of computers enforces this. A cryptocurrency’s biggest allure and defining feature is that it is organic. No recognized central authority issues cryptocurrency. This renders it immune, in theory, to government manipulation or intervention.


What is Cryptocurrency and How Cryptocurrency Works


A cryptocurrency is a system that facilitates secure payments over the Internet. These payments are denominated via a virtual ’token’. This ’token’ represents system-internal ledger entries. The term ’crypto’ means the employment of various cryptographic techniques and encryption algorithms such as hashing functions and public-private key pairs.


Cryptocurrency ensures easier and safer transfer of funds directly between two parties of the transaction. This can be accomplished without the requirement of a trusted third party, like a credit card company or bank.
In 2009, Bitcoin was the first blockchain-based cryptocurrency to emerge. It is still considered as the most valuable and most popular cryptocurrency. Currently, there are more than a thousand cryptocurrencies with several specifications or functions. Some of them are Bitcoin clones or new cryptocurrencies that have diverged from a cryptocurrency that already exists.


Cryptocurrency In India


Cryptocurrency in India has varied prices, depending on the coin you are choosing. Bitcoin is the most expensive, costing INR 3,08,111.28*. Dash coins cost INR 6,304*, while Ox coins cost INR 30.53*. Augur (REP) costs INR 611*, while Bluzelle (BLZ) costs INR 4.31*. Therefore, cryptocurrency in India is not necessarily a strain on the wallet.
There is a debate going on in the financial and technological sector about whether bitcoin is legal in India. The answer to this question is yes and no. While the Reserve Bank of India (RBI) refuses to recognize Bitcoin as an authentic currency, citizens are still free to trade and deal in Bitcoin. Therefore, Bitcoin is not illegal. The RBI stated that it does not recognize any cryptocurrency in India. It also stated that cryptocurrencies have many associated risks, due to which all banks in India will not provide services to business and entities who deal in or settle with virtual currencies. As of today, Bitcoin in India is legal, unless expressly stated otherwise by the Supreme Court of India.


The government has constituted a committee to establish a regulatory framework for cryptocurrency in India. This will help the country understand its legal implications and structure more clearly for a conclusive decision.

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How to buy Bitcoin in India


Since Bitcoin in India is legal, if you wish to purchase it, you can visit Unocoin. It is the most popular website to sell and buy Bitcoin. It has a user-friendly interface and works on both Android and iOS. Do you want to know how to buy Bitcoin in India? Follow the steps given below:

 

  • Sign up for an account of the Unocoin site
  • Follow the verification email and log in
  • Complete your Know Your Client (KYC) requirements
  • Upload supporting documents such as  a copy of your PAN card, address proof, photo, and the like
  • Add funds to your Unocoin account with the help of RTGS/NEFT/IMPS and deposit the funds
  • After the money has been deposited, you can start purchasing Bitcoin


This is the process of how to buy Bitcoin in India. With this, cryptocurrency in India is easily accessible.
Ethereum price predictions

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A fast-emerging major cryptocurrency that you should know about is Ethereum. Recently, it has risen to new heights very consistently. In 2017, it rose by 3600%. It is a long-term investment bet, which is why many investors are looking at it as an option to park their funds. The Ethereum price predictions suggest that by the end of 2018, it will cost USD 1,900*. At the end of five years, Ethereum will cost approximately USD 5,500*. However, there have been many other Ethereum price predictions to contradict this. Some predictions suggest that by the end of 2018, Ethereum will cost USD 2,500*. By the end of 2019, it may cost USD 14,000*. Similarly, at the end of 2020, it may cost USD 31,000*. The multiple Ethereum price predictions are all certain about one thing, which is that Ethereum is a coveted cryptocurrency that you should buy right now. In India, the price of Ethereum is INR 8,770*.


As you can see, cryptocurrency in India is gaining momentum. Bitcoin and Ethereum are the two most sought-after virtual currencies in the market today. However, legally, the RBI does not recognize any cryptocurrency in India, making it unclear whether they are completely legal or not. The debate on whether Bitcoin is legal in India is ongoing and it is expected to conclude soon.

*Please note: Prices given are subject to change according to market fluctuations.

 

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