Cryptocurrency has turned out to be the asset class with the highest return in the year so far and given the kind of returns, it is highly unlikely that any other asset class will come close to dethroning Bitcoin in the remaining month of the year.
To talk about the astronomical growth of the bitcoin, the days it took Bitcoin to double in value will put things into perspective
- On January 2nd, Bitcoin reached $1000 for the first time since 2013.
- 138 days later, it doubled its price to $2000
- 85 days later it doubles its price to $4000
- 98 days later it doubled its price to $8000
The price currently sits at $8200 at the time this post is being written. While Bitcoin has attracted its share of detractors, some calling it a Ponzi scheme, others calling it a scheme for illegal activities but it has certainly found a number of backers as well.
With Japan legalizing Bitcoin, almost 40% of the volume in Bitcoin started coming from the nation. While Japan has embraced the digital currency, India hasn’t been as receptive to the concept. With RBI sounding out warnings about staying away from the cryptocurrency, there are many who have embraced it. Still, for a country as huge as India, the number of people investing in percentage terms is minimal. While there are a lot of question marks about the regulation of cryptocurrencies, to us it certainly seems a good time to get your skin in the game. Even with the price of Bitcoin at $8000 it still is early days for the entire cryptocurrency ecosystem.
How to buy Bitcoin in India?
There are more than a few options available when it comes to buying Bitcoin in India. Here is a comprehensive list of where you can buy the cryptocurrency in India.
Pre-requisite – No matter which of the following websites you go for, all of them require you to do a proper KYC before you will be able to purchase and trade bitcoins. The process is seamless for almost all of them with you requiring to provide details including your Aadhaar card number/PAN Card No./Bank Account details.
Zebpay is probably one of the most widely used platforms to buy Bitcoin in India. Available for iOS, Android, you can complete the KYC process on the app and move on to purchasing bitcoins on the platform. To be able to make a purchase, you need to transfer money through NEFT to Zebpay’s account and once the transaction is authenticated, purchase bitcoins thereafter. One thing that is particularly peculiar about Zebpay is the disparity in it’s buy and sell price. While Zebpay does have a logic for it, the disparity is a little higher when compared to other platforms.
CoinSecure is one of the easiest websites out there when it comes to buying bitcoin in India. With a clean UI and ability to invest using, web, Android and less disparity in the buy sell price, it is probably one of the go-to websites for a beginner looking to invest in Bitcoin. Coinsecure also provides historical trading data and an order book of the current orders being placed on it’s exchange which certainly is reassuring.
Also a popular exchange in India, UnoCoin also offers what Zebpay and Coinsecure do. Unocoin also allows you to make purchases online with your bitcoin. While not a lot of places accept bitcoin yet, expect the service to catch on soon enough.
BuyUCoin is India’s first cryptocurrency exchange platform that allows you to buy cryptocurrencies other than Bitcoin. It allows you to invest in Bitcoin and 30+ other cryptocurrencies including Ethereum, Bitcoin Cash, OMG, Ripple to name a few. We found the KYC process to be a little tedious but this is the place to be if you are looking to trade in cryptocurrencies other than Bitcoin. We will follow this post up with some of the other cryptocurrencies (Altcoins) that one could look to invest in.
Check out BuyUCoin on the Web.
While you might find several other exchanges as well, these four are the ones that we will recommend to anyone looking to purchase Bitcoin in India and of course, BuyUCoin in case you looking to go in for ethereum and other Alt coins as well.
Keep a check on this space for more news related to cryptocurrencies and startups in India.