What is Cryptocurrency?
Cryptocurrency is a type of digital or virtual money that doesn’t have physical counterparts like banknotes or coins. It is based on blockchain technology developed as a medium of exchange that uses strong encryption techniques to secure financial transactions and verify the transfer of assets. Hence, there is no central authority to manage trading cryptocurrency.
What is Blockchain Technology?
Blockchain is the technology that enables the existence of trading cryptocurrency. It is a decentralized ledger of all the transactions with the peer-to-peer networks. One of the Best-known cryptocurrency is bitcoin, for which blockchain technology was developed.
What is Bitcoin?
Bitcoin is gaining momentum, moreover, it is legal to buy and sell Bitcoin in India! It’s good news for every Indian investor. However, there are multifarious Indian crypto exchanges where you can buy Bitcoin and trade-in other cryptocurrencies.
In this, participants can confirm transactions without a need for any central authority. Some applications of blockchain technology include fund transfers, settling trades, voting, and many other issues.
Advantages of Cryptocurrency Trading
Use Crypto Internationally
The best thing is you can do infinite transactions using cryptocurrencies. Let’s suppose you are in a different part of the world and the receiver in some other part; you can easily transfer the amount without any difficulty.
For this, you need a device that can access the internet. With that, you can create your wallet and utilize wherever and whenever you need it.
Decentralized Crypto Technology
Cryptocurrencies have no central authority to manage; it is distributed to all participants. Apart from this, if some parts of the network go offline, the payment process will continue to operate effectively.
Transaction Cost in Trading Cryptocurrency
Crypto is charging a very small amount of Transaction fees.
You Can Do Unlimited Transactions
The transaction cannot be controlled, so you can make transfers anywhere in the world wherever another user is located with its crypto wallet.
Transactions Speed in Trading
Cryptocurrencies are based on blockchain technology; it removes delays, and it’s the fastest method.
Easy Interfaces To Use
The procedure is very simple for opening a bank account as they ask you several documents to determine. If there is any mistake in documents then they refuse to open an account.
Transparency in Crypto Trading
If you have used the crypto address publically, then anyone can see how much crypto is owned. If the wallet address is not confirmed globally, then no one will ever know that it belongs to someone.
Anonymity
You can create an infinite wallets without reference to any other information.
Highly Secured Trading Mechanism
All transactions are secured as it uses cryptography techniques. So, It’s impossible for any person except the owner of the wallet to make a payment from the wallet unless they were hacked.
Peer-to-Peer Cryptocurrency Trading
Cryptocurrencies don’t have any master server to handle all transactions. Information is exchanged between 2 or more members.
Five Factors One Has To Keep In Mind While Trading Cryptocurrency
➤ Payment Method: Only credit card, and bank transfer are allowed.
➤ Cryptocurrency Website Selection: Buyers need to check out which website sells cryptocurrency
➤ Transaction Fees: The purchase cost of cryptocurrency varies from website to website.
➤ Location Norms: You have to check country norms before buying cryptocurrency.
Where to Store Cryptocurrency
One can store their virtual money in the crypto wallet and also can link it with the bank account.
What is a Crypto Wallet?
A crypto wallet is a software program designed to manage your crypto assets:
➤ Store public and private keys
➤ Monitor balance
➤ Send and receive digital currencies
➤ Interact with various blockchains
Types of Crypto Trading Wallet
➟ Online Wallets
➟ Hardware Wallets
➨ Online Wallets (Hot Wallets)
It is connected to the internet and can be easily accessed at any time includes all cloud wallets, mobile, and software wallets.
1. Cloud Wallets – In a cloud wallet, your funds can be obtained from any device or location. They are most convenient that store your private keys online and controlled by third-parties.
Popular Cloud Wallets Include:
• Guarda
• Coinbase
• Metamask
2.Software Wallets – Software wallets are downloaded and installed on a personal computer or Smartphone. These wallets offer a high level of security. Some of them allow you to access funds through multiple devices simultaneously, like smartphones, laptops, and hardware wallets.
Popular Software Wallets Include:
• Jaxx
• Freewallet
• Exodus
• Electrum Wallet
• Infino Wallet
➨ Hardware Wallets (Cold Wallets)
A cold wallet is not connected to the internet and funds are stored offline. You can receive funds at any time but cannot transfer it. These include paper wallets, USB and physical bearer items such as physical Bitcoins.
Most of the cryptocurrency holders use both cold and hot wallets. Hot wallets are used for frequent trading while Cold wallets are better for long-term holding of crypto assets.
1.Paper Wallets – The term “paper wallet” generally refers to a physical copy of your public and private keys. These wallets offer you a high level of security.
Popular Hardware Wallets Include:
• Ledger
• Trezor
• KeepKey
Trading Cryptocurrency In Four Steps:
➤ Online platforms called cryptocurrency exchanges allow you to exchange local currency for virtual money.
➤ You can buy bitcoin with a credit card or via bank transfer among other cryptocurrencies.
➤ You have to first register with your full information, verify your identity, and undertake two-step verification for security purposes.
➤ Now, the account is set up, you can start buying cryptocurrency on the exchange.
Where To Buy Cryptocurrency In India?
Several trading cryptocurrency exchanges from where you can buy and sell cryptocurrencies like:
Zebpay
Zebpay was started in 2012 and it is one of the renowned exchanges in cryptocurrency trading in India. It’s very simple to use as a mobile app can allow you to trade in cryptocurrency in a few clicks!
How Can We Buy Bitcoin
➤ Install the Zebpay app and register yourself
➤ Provide necessary personal information as mentioned and get your account verified.
➤ Deposit money to your Zebpay account.
➤ Now, you can buy Bitcoins using that balance. In order to do cryptocurrency trading, open the Zebpay home screen and tap on the ‘Buy’ button.
Bitbns
In this exchange, you are in the right place to buy bitcoins in India at the best price. In order to make a deposit in the Bitbns account, you may choose from NEFT/RTGS/IMPS options. Bitbns offers you the fast processing and a direct deposit into investor accounts after purchasing bitcoins.
How can we buy Bitcoin
➤ Sign Up with Bitbns. Verify your Email ID and mobile number.
➤ Submit your PAN card, bank account, and Aadhaar card details.
➤ Your account will be verified in half an hour. After that, you will receive a confirmation via email
➤ Transfer your funds in Bitbns wallet account using IMPS/NEFT/RTGS
➤ Kudos! you are ready to place your Bitcoin orders.
Wazirx
WazirX is a new trading cryptocurrency exchange in India which is operated by Binance, one of the largest cryptocurrency exchanges in the world.
How Can We Buy Bitcoin
➤ This cryptocurrency exchange connects the investor looking to purchase crypto for INR with an investor who is looking to sell crypto for INR
➤ The seller deposits the crypto with WazirX
➤ WazirX keep it during the transaction
➤ The buyer pays INR to the seller
➤ Finally, WazirX releases the crypto to the buyeras soon we get a confirmation from the seller
CoinDCX
CoinDCX is the safest Bitcoin Exchange in India. Transactions made by this platform cannot be reversed. You can buy Bitcoins in India by directly linking your Bank Account with CoinDCX and transact without any issue.
How Can We Buy Bitcoin
➤ Visit CoinDCX’s official website and click the Register button.
➤ Please follow the instructions and enter the email address and password.
➤ If someone referred you to register on CoinDCX, make sure to enter the Referral ID (optional).
➤ After filling the required details, click on the “Create account” button.
➤ You will confirmation email and check your inbox to confirm your registration.
Binance
Binance is the best cryptocurrency exchange where one can see the number of actions when it comes to making the most out of cryptocurrencies such as Bitcoin. First of all, you must learn how to buy Bitcoin. Here, we offer various way outs on how you can do cryptocurrency trading to buy Bitcoin and other cryptocurrencies.
How Can We Buy Bitcoin
➤ Log in to your Binance account
➤ Go to this page: https://www.binance.com/en/creditcard/
➤ Enter the number of Bitcoin that you want to purchase
➤ Check the order details that display on the screen. If you agree with norms, then click Go To Payment
➤ You’ll be redirected to the other website, where you will verify your details and enter the details of your credit card
➤ Once you provide the required details, your transaction will be finished, and you’ll be getting back to your Binance account
Unocoin
You can buy cryptocurrencies with any Indian bank account via Net banking or NEFT and RTGS. It is a leading crypto-asset exchange in India.
How Can We Buy Bitcoin
➤ Load your Unicoin account with money. You can add money via a net banking service offered by your Indian bank.
➤ You can also deposit money to your Unocoin wallet while buying bitcoin.
➤ After entering the Bitcoin amount, your order will be created.
➤ Visit your bank’s net banking facility and transfer the required amount to Unocoin’s wallet account via IMPS/NEFT/RTGS transfer.
➤ Finally, Bitcoins are added to your Bitcoin wallet maintained by Unocoin.
➤ You can also transfer Bitcoins to another Bitcoin wallet except for Unocoin.
Coinmama
It allows you to buy Bitcoin with a credit or debit card from almost every country. Coinmama charges a 6 percent fee on each purchase.
How Can We Buy Bitcoin
➤ Register and log into your account with Coinmama
➤ Find the cryptocurrency you want to buy
➤ Choose one of Coinmama’s cryptocurrency packages, then click “buy now”
➤ Enter your wallet address
➤ Buy cryptocurrency with a credit card, debit card, or directly from your bank account
➤ Follow the payment instruction to initiate a bank transfer from your account
➤ After the payment approval and wallet address confirmation, you will immediately get coins into your wallet!
Last Words: Best Trading Cryptocurrency Exchanges
These are the most preferred Bitcoin websites and exchanges in India that you can use to buy and sell Bitcoin.
You can select any of the exchange-listed above according to your requirements. For investors outside India, here is the best guide to buy your first Bitcoin.
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A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
So, you have made up your mind about investing in cryptocurrency. But you don’t know how to buy a cryptocurrency and are thoroughly confused about how and where to start from. With hundreds of options available, it can be quite daunting for anybody to choose their pick. Moreover, like any asset, there are a lot of things that need to be kept in mind before you buy cryptocurrency. But you need not worry, we have got you covered. In this blog, we will be discussing some of the easiest ways to buy cryptocurrency.