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A Complete Guide: How to Buy Bitcoin in India and Abroad12-min read

Sayan Chakraborty

Sayan Chakraborty |  Updated on 02/6/2023

An Overview on How to Buy Bitcoin in India in June 2023

how to buy bitcoin in India and abroad The Reserve Bank of India has recently launched a pilot programme for the digital rupee to cater to the rising demand within a legal framework. However, Indian cryptocurrency exchanges witnessed a slowdown in the bull run since the implementation of the new crypto tax regime in April. Despite this, investing in Bitcoin could be a wise decision for individuals looking to diversify their portfolios and benefit from its potential growth in the long run.

All you need to do is follow some basic steps to buy Bitcoin in India digitally. Firstly, you need to have a crypto trading platform account connected to a personal crypto wallet. This wallet will serve as your digital storage for your Bitcoin. Secondly, you need to verify your Know Your Client (KYC) obligations by submitting your personal identity papers to the trading platform. Finally, a secure internet connection is essential to ensure the safety of your transactions.

It is also important to keep in mind some tips regarding strategic investment and security practices. For example, diversifying your portfolio and using a secure password to access your trading account are just a few ways to protect your investments.

With these preliminary steps in mind, you can dive into buying Bitcoin, Ethereum and even new cryptocurrencies in India. The crypto market is constantly evolving, and new coins are being introduced regularly. By following these simple steps, you can start your journey into the world of digital currency and reap the benefits of this innovative technology.

Introduction to Bitcoin

Bitcoin, the world’s first decentralized digital currency, was created in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto. Since its inception, Bitcoin has gone through a rollercoaster ride in terms of value and acceptance. Initially, it was used mainly for online transactions and to buy illegal goods on the dark web. However, over time, it has gained wider acceptance as a legitimate form of currency and investment.

One of the biggest hikes in the history of Bitcoin was in 2017 when its value skyrocketed from around $1,000 in January to nearly $20,000 in December. This meteoric rise was attributed to several factors, including increased mainstream adoption, media attention, and speculation. However, the bubble eventually burst, and the value of Bitcoin plummeted to around $3,000 in 2018. Since then, the cryptocurrency has seen significant fluctuations in value, but it has managed to maintain its position as the most well-known and widely used cryptocurrency in the world. Today, Bitcoin remains a popular investment option, and many people around the world continue to buy and trade it on various cryptocurrency exchanges.

Where to Buy Bitcoin in India – Best Bitcoin Brokers for June 2023

Cryptocurrency brokerages are platforms where you can buy and trade cryptocurrencies. They offer the ability to exchange a specific cryptocurrency for another currency or for fiat currencies such as INR or USD. There are numerous crypto exchanges operating in India, each offering various investment options and features for security, trading, and customization. Here are the top 3 most reliable, trustworthy, and overall best crypto trading platforms in India as of June 2023.

 

Admiral Markets Review

Admiral Markets Review

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Pros

  • list bullet Over 40,000 active clients from 110+ countries, carrying out an average of 1.5 million trades per year.
  • list bullet Competitive spreads as low as 0.5 pips and up to 500:1 leverage for forex trading.
  • list bullet Provides access to over 8,000 trading instruments, including 40+ forex pairs, 200+ stocks, and 5+ cryptocurrencies.

Cons

  • list bullet Admiral Markets has relatively high minimum deposit requirements for some account types, such as those in GBP.
  • list bullet Some users have reported slow response times from customer support, during excessively busy periods.
Libertex Review

Libertex Review

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Pros

  • list bullet 0% fees on stock trades, minimum deposit of only $10 or equivalent
  • list bullet Over 322 tradable assets available
  • list bullet Unmatched user-friendly interface, easy for beginners to catch on

Cons

  • list bullet Unavailable in some countries, including the United States
  • list bullet Only features two types of accounts (Demo and Standard)
CEX.IO Review

CEX.IO Review

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Pros

  • list bullet Very low fees, highest spot trading commissions capped at 0.25%
  • list bullet Very easy-to-use and user-friendly dashboard, one of the best UX scores on the market
  • list bullet Over 200 crypto markets to choose from, all accessible from their comprehensive mobile app too

Cons

  • list bullet Different fees for different payment methds
  • list bullet Some features are exclusive to US customers
Binance Review

Binance Review

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Pros

  • list bullet Advanced charting with a variety of choices for overlays and indicators.
  • list bullet Has the option to use Binance Lite which is very useful for beginners.
  • list bullet Low fees and one of the most reputable crypto brokers.

Cons

  • list bullet Digital wallet is third-party software.
  • list bullet UI can be most suited for professionals and may be complex at first glance.
  • list bullet Strict account verification.

Admiral Markets

Admiral Markets is a globally renowned crypto, Forex, and CFD trading platform with a strong presence in over 40 countries worldwide. The platform offers its users access to over 8,000 trading instruments, including cryptocurrencies, commodities, stocks, and indices, with competitive spreads starting from 0.1 pips. Additionally, Admiral Markets provides its users with access to a range of analytical tools and educational resources to help them make informed trading decisions.

One of the primary USPs of Admiral Markets is its robust trading infrastructure, which ensures lightning-fast trade execution with minimal slippage. The platform boasts an impressive average trade execution time of just 0.2 seconds, ensuring that users can take advantage of market opportunities as soon as they arise. Furthermore, Admiral Markets provides its users with a range of order types, including market, limit, and stop-loss orders, giving them greater control over their trades.

Another key USP of Admiral Markets is its user-friendly interface, which makes it easy for users to navigate the platform and access the information they need. The platform is available in multiple languages, making it accessible to traders from diverse backgrounds. Moreover, Admiral Markets provides its users with access to a range of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as the proprietary Admiral Markets WebTrader platform, which can be accessed from any web browser.

In conclusion, Admiral Markets is a reliable and user-friendly trading platform that offers its users access to a range of trading instruments and educational resources. The platform’s robust trading infrastructure ensures lightning-fast trade execution, and its user-friendly interface makes it easy for traders to access the information they need. Furthermore, Admiral Markets’ multiple trading platforms and order types give users greater control over their trades, making it an attractive choice for both novice and experienced traders alike.

CEX.IO

CEX.IO is a reliable digital asset exchange platform that offers a wide range of features and cryptocurrencies to experienced traders and investors. With over 100 distinct cryptocurrencies, including popular options such as Bitcoin and Ethereum, CEX.IO has built a solid reputation for its dependability and security.

 

CEX.IO

 

CEX.IO places a strong emphasis on security, and to ensure that users’ funds are kept secure, the majority of funds are stored in cold wallets that are not connected to the internet. A smaller portion of funds is held in hot wallets that are connected to the internet to facilitate daily trading activities. The ratio of crypto held in cold and hot wallets is adjusted according to the amount required for daily trading activities.

The trading fees on CEX.IO are calculated based on a user’s 30-day trading volume, which is re-evaluated every day at midnight (GMT). For new users or those with low trading volume, the fee for taker trades is 0.25%, and the fee for maker trades is 0.15%. These fees are subject to change and may vary for users with higher trading volume. The platform also offers a variety of payment methods, such as ACH, domestic wire transfer, Faster Payments, Skrill, Epay, Advcash, and others, but minimum deposit requirements and trading fees may apply. The withdrawal fees vary depending on the asset.

Libertex

Libertex is a versatile trading platform that has recently expanded into the cryptocurrency market. Known previously for its stock and forex trading services, Libertex offers traders access to a platform that is user-friendly and unmatched in its design. The platform incentivizes users to sign up with tempting prizes and competitions, such as a regular draw that gives users the chance to win up to 500 BTC, a brand new Tesla Model Y, or iPhones, among other rewards.

You may access Libertex on the web or on Android and iOS mobile devices. It will be a fairly similar experience to any other online brokerage service. Markets are open around-the-clock, so you can log in and place a transaction whenever you want.

Finally, the platform only requires a minimum deposit of $10 or its equivalent, and features some of the lowest commissions in the market, with zero fees for most trades.

Binance

Binance is a well-established crypto trading platform that offers a wide range of features and functionalities for traders of all levels. With a vast selection of over 100 cryptocurrencies to choose from, including Bitcoin, Ethereum, and Litecoin, Binance is a reliable and secure option for those looking to buy and trade cryptocurrencies.

Binance takes security very seriously and employs a range of measures to ensure that user funds are kept safe. For example, the platform uses multi-factor authentication (MFA) and two-step verification to protect user accounts, and it stores the majority of funds in cold wallets that are not connected to the internet.

Binance charges a trading fee of 0.1% for both maker and taker trades, but users can reduce this fee by holding and using the platform’s own cryptocurrency, Binance Coin (BNB). The platform also offers a variety of payment methods, including bank transfers, credit/debit cards, and cryptocurrencies.

Binance-logo

Fee reductions are also available to users for the following:

1. Trading with Binance (BNB) coins
2. Referral incentives
3. Acquiring VIP status by exchanging a predetermined number of assets

Security features on Binance include two-factor authentication (2FA) SMS or Google Authenticator, device management customizability, address whitelisting, and the option to regulate device access.

How to Buy Bitcoin in India

You can follow these five simple steps to buy Bitcoin in India:

  1. Choose your broker (Exchange Platform)
  2. Create an account
  3. Deposit funds in your account
  4. Explore the options for Bitcoin trading
  5. Buy Bitcoin using your deposits

Choose Your Broker (Exchange Platform)

As a crucial pillar of the cryptocurrency market, crypto brokerages serve as the bridge between traditional fiat currencies and the world of digital assets. They offer a means for individuals to exchange their fiat currency, such as rupees, for cryptocurrencies like Bitcoin, and vice versa. It is important to carefully consider your options when selecting a crypto brokerage, taking into account factors such as compatibility with payment gateways, government identification requirements, Know Your Customer (KYC) processes (such as PAN/Aadhaar card verification), and tax audit standards. By making an informed decision, you can ensure a smooth and secure experience when buying and selling cryptocurrencies.

Create an Account

Almost every broker has similar procedures for creating an account. You simply need to follow the steps, enter your necessary details and create your crypto trading account on their platform.

Watch out! Don’t ever provide your personal details like bank CVV or net banking password while creating your account. If asked for these outright, chances are the broker is illegitimate and fake.

Deposit Funds Into Your Account

The next step is to transfer the balance from your bank account to your newly created trading account. Your bank account needs to be linked to your trading ID. We recommend not to transfer huge amounts and to deposit them periodically based on your investment expectations.

Explore all Options for Bitcoin Trading

Now you need to search for Bitcoin buying options. Being the top-most valued cryptocurrency, you will easily find the option just through a simple search within the platform’s navigation panel. Binance, Libertex, Admiral Markets and CEX.IO and have readily available options for simply clicking and starting your investment journey.

Buy Bitcoin Using Your Deposits

Now you are almost done. Simply follow the step-by-step instructions on the broker site or app to purchase Bitcoins worth the amount of money you want to swap them for.

Benefits of Investing in Bitcoin

One of the main benefits of investing in Bitcoin is the potential for high returns. Bitcoin has historically outperformed many traditional investments such as stocks and bonds. Additionally, investing in Bitcoin can provide diversification to your investment portfolio, as it is not correlated with traditional investments. The growth potential of the cryptocurrency market is also a significant benefit of investing in Bitcoin.

Methods of Purchasing Bitcoin

Buy Bitcoin with Debit Card

Yes, you can now buy Bitcoin in India with a debit card. Just select “Debit Card” while choosing your mode of payment to transfer funds instantly from your bank to your trading account.

Suggestion: Always check for any gateway fees that may be charged for the transaction process.

Buy Bitcoin with Credit Card

While you can buy Bitcoin with a credit card, it is usually not recommended as then the balance gets deducted from your credit account. This could lead to you spending your monthly credit limit and paying credit fees. This being said, it is still a quick and efficient way to acquire crypto, just make sure to do the necessary research and follow the advice of expert investors such as our own. Due diligence is mandatory but you can bypass hours and hours of research by reading our comprehensive and user-friendly guides. Simply select “Credit Card” while choosing your mode of payment to transfer money to your trading account.

Buy Bitcoin with Paytm

Only a handful of broker platforms, Libertex being one of these, lets you buy Bitcoin using your Paytm wallet. Create your account and log in with your id, check for the best offers to buy Bitcoin through your “Paytm Online Wallet” and you can finish your Bitcoin purchase. Follow the link to read our ultimate guide on how to buy Bitcoin with Paytm.

Suggestion: Always check for best offers before using Paytm online wallet for transactions.

Buy Bitcoin with PayPal

Paypal is simply an additional intermediary between your bank and the broker platform. Simply select “PayPal” while choosing your mode of payment, navigate the deposit method in the PayPal pop-up window that appears, and deposit funds according to your choice to your trading account. This is how to buy Bitcoin with PayPal.

As the forerunner of the modern Blockchain industry, Bitcoin has led the charge in this multi-billion dollar industry.

Step by Step Tutorial on Buying Bitcoin (Binance)

Still confused about how to buy bitcoin in India? Don’t worry. Follow these simple steps provided below to buy bitcoin from Binance in a matter of seconds:

Step 1: Create Your Account

Register with Binance by providing the necessary information, such as your email address or mobile number. For maximum protection and safety, always use a unique password for your cryptocurrency wallet. You may also create your Binance account by downloading their mobile phone application. You can add an extra layer of protection to your account by using 2FA (two-factor authentication). Under the profile tab, select the “Security” option to enable this.

Step 2: Finish the KYC Verification Process

KYC (Know your customer) is the process through which a financial institution verifies a client’s identity. Verified photo IDs, utility bills, and other papers can be used to validate your identity as part of the KYC procedure. Select the identity option from the dropdown menu after clicking on the profile tab.

Step 3: Confirm Your Identity

To begin the verification process after entering your KYC information, click on the VERIFY button. Please keep in mind that the documents you provide must only be authorized by the national government of India.

Step 4: Finalize the Verification

Confirm that the given information is correct for your KYC verification to be approved. The verification procedure may take some time, but once completed, your account will be available for trading. You may also choose between basic and advanced verification options.

Step 5: Buy Bitcoin in INR Using Binance P2P (Peer-to-peer)

Binance P2P (Peer-to-peer exchange) is a marketplace where people in nearly any jurisdiction can trade cryptocurrency directly with each other on their terms. The marketplace accepts over 70 fiat currencies, making it simple for Indian investors to trade directly in INR.

Click the wallet tab, followed by the P2P choice from the dropdown menu, to access the marketplace.

Step 6: Fill in the Necessary Details to Buy Bitcoin

Choose BTC as the coin to trade, followed by the ‘BUY’ option. Enter the amount you want to buy in INR. Choose your preferred payment method from the list of available options. To view a list of Binance-verified merchants, their minimum and maximum selling limits, the price of bitcoin to Indian rupees, and other information, click on the “only display merchant advertisements” option.

Step 7: Buy Bitcoin From Merchants

After choosing the right merchant, click the “BUY BTC” button and enter the amount to be purchased in INR.

After choosing “BUY BTC”, you will have 15 minutes to transfer the funds to the merchant using the payment method you chose previously. After you have made your payment, click “Transferred, NEXT.”

The merchant will be notified to remit the bitcoin you purchased to your account. Within a few minutes, you will receive the bitcoin in your wallet.

If there is a delay, you may always “raise an appeal.” The option becomes accessible immediately after you click the “Transferred, NEXT” button. You will then need to state your “Reason for Appeal” and provide evidence to back up your claim.

This is all there is to buying Bitcoin in India in INR. It is simple and quick. You may also follow this specific approach as a guide to buying Bitcoin on similar P2P brokerages.

Automated Bitcoin Trading

Automated trading platforms are a modern way of trading cryptocurrencies using AI and technical analysis, and they operate as APIs powered by bots built by quant experts in the crypto market, utilizing blockchain technology. To start trading, a person needs to sign up on an automated trading platform and select a strategy depending on the desired trade volume and personal preference. However, it is recommended to leave the customisation of the strategies to experts as it could result in significant losses if not done properly. There are various factors to consider when choosing a Bitcoin bot trading service, such as the credibility of the platform, which is essential as the platform will make trades on behalf of the trader. As there are no regulations around digital assets in India, it would not be possible to pursue a legal framework if things go wrong. Users’ reviews can be read from different sources to check the credibility and reputation of a platform.

Bitcoin fluctuations

Automated trading, while still it its youth, has incredible potential for retail traders and institutional investors alike.

There are several entities that provide Bitcoin bot trading services but there are some factors that must be kept in consideration when choosing one of these. The credibility of the platform should be rock-solid because it will make the trades on your behalf. It is vital to remember that, since there are no regulations around digital assets in India, you would not be able to pursue a legal framework if things go wrong. The best way to check the credibility and reputation of a platform is to read users’ reviews from a broad variety of sources.

As a very novel technology that has not reached mass adoption, now is the best time to dip your hands into the burgeoning field as the more widely proliferated automated trading it, the more competitive the trading environment is with harsh effects on the potential gain that could be acquired from them. This being said, the use of AI-based automated trading has exited in traditional finance for quite some time with BlackRock’s Aladdin system supporting the global asset manager’s assent to managing assets valued at $10 billion today.

Automated trading has great potential for both retail traders and institutional investors, and as it is still in its youth, now is the best time to explore the burgeoning field. There are several Bitcoin bot automated robot traders in the market, and some of the best ones are Bitcoin Revolution, Quantum AI, Bitcoin Code, Bitcoin Prime, BitQT, and Cryptosoft. These bots have machine learning algorithms that enable them to improve with each new trade, yielding even far greater returns than even those of the most profitable hedge funds.

The Best Bots for Bitcoin Trading in India and Abroad for June 2023

The following Bitcoin bot automated robot traders have been consistently praised by new and experienced investors alike as the best on the market. Even the most prolific day-trader cannot muster the skill to predict as accurately the most opportune moments and invest accordingly as these Bitcoin robots. Their machine learning algorithm enables them to consistently improve with each new trade, yielding even far greater returns than even those of the most profitable hedge funds. This is why companies the like of BlackRock, managing assets amounting to well over $15 trillion, have consistently relied on their own automated trading algorithms, to consistently generate profit even at the highest stakes, when considering that they are even partially managing government budgets. Now, the technology is finally becoming available and presents the greatest promises to those who take advantage of it first, before becoming too mainstream.

Bitcoin Revolution Review

Bitcoin Revolution Review

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Pros

  • list bullet Claims to yield up to 60% in ROI within days
  • list bullet Advertises leverage of up to 5,000:1 for trading CFD pairs involving cryptocurrencies
  • list bullet Handles multiple trades simultaneously

Cons

  • list bullet Takes a 2% commission on withdrawal but ONLY on earnings generated from its automated trading (no other fees)
  • list bullet Due to its popularity, fake sites impersonating the robot have reportedly emerged
Quantum AI Review

Quantum AI Review

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Pros

  • list bullet Users can automate their stock, forex and commodities trading
  • list bullet Features integrated Data Analysis and Risk Assessment tools in order to avert high-risk trades.
  • list bullet Easy to navigate with a wide array of trading preferences its users can automate.

Cons

  • list bullet As it is mostly known for forex and stock trading, Quantum AI is limited to only three cryptocurrencies - Bitcoin, Bitcoin Cash and Ethereum.
Bitcoin Prime Review

Bitcoin Prime Review

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Pros

  • list bullet Higher success rate which translates into more potential profit across 14 different crypto markets.
  • list bullet User-friendly UI whilst also providing a demo version.
  • list bullet No hidden cost and a 24/5 support system combined with easy withdrawals.

Cons

  • list bullet Requires a minimum of $250 investment to start trading.
  • list bullet May present a difficult learning curve for newbies.
BitQT Review

BitQT Review

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Pros

  • list bullet Offers stock, commodity, CFD and crypto trading (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple and many more)
  • list bullet Renowned for its easy-to-use demo platform, allowing users to fully familiarise themselves with trading
  • list bullet BitQT offers up to 1000x leverage, allowing even beginners with small deposits to bet big on the market

Cons

  • list bullet Requires a minimum deposit of $250 or equivalent to activate your automated trading account
  • list bullet Analytics section could be improved to match the UI improvements of newer robot traders
Cryptosoft Review

Cryptosoft Review

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Pros

  • list bullet 24/7 Support team and complete transperancy with all trades carried out by the bot in
  • list bullet One of the few bots to carry out trades in LItecoin, Monero, Bitcoin Cash, Libra and EOS, maximising profits from altcoins
  • list bullet Trading across a wide array of crypto markets to generate incrementally greater returns over the long-term

Cons

  • list bullet Requires a minimum deposit of $250 or equivalent
  • list bullet Does not have a separate mobile app
Immediate Edge Review

Immediate Edge Review

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Pros

  • list bullet The platform offers a free demo account for its users.
  • list bullet Users can automated their trading preferences with just a few simple clicks.
  • list bullet Immediate Edge has a support team that is available 24/7 to serve its customers.

Cons

  • list bullet The only traded cryptocurrency on the platform is Bitcoin.
  • list bullet Only provides specific traders on the platform.
  • list bullet Does not have an app.
Oil Profit Review

Oil Profit Review

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Pros

  • list bullet The most profitable oil trading bot on the market and one of the easiest to use for those new to stock trading.
  • list bullet Features a great demo account that quickly teaches those new to trading everything they need to know about oil and stock investments.
  • list bullet Make profits in times of economic volatility and gain real-time updates on all market developments.

Cons

  • list bullet Oil is a commodity that many are turning away from, given the ongoing climate emergency.
  • list bullet A minimum deposit of $250 or equivalent is required to automate your oil trades.
TeslaCoin Review

TeslaCoin Review

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Pros

  • list bullet Easy to navigate even for the complete beginners
  • list bullet No platform fees and fast, near-instant withdrawal times
  • list bullet One of the most comprehensive demo accounts

Cons

  • list bullet A minimal initial investment of $250
  • list bullet Users need to install the software after registration
Bitcoin Code Review

Bitcoin Code Review

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Pros

  • list bullet Registration and verification on Bitcoin Code is relatively quicker.
  • list bullet It offers a fast execution speed of 0.01 seconds and a 99.4% claimed success rate.
  • list bullet Supports instant withdrawals with zero fees, no trading fees or commissions. Pay only on profit.

Cons

  • list bullet Trading bot does not offer a mobile application.
  • list bullet It requires a minimum deposit of $250 to start using its services.
  • list bullet Some users claim to have incurred losses as a result of volatile trades, issuing warnings accordingly.

Vetting Our Recommended Brokers

woman verifying Bitcoin brokers by using a machine terminal - futuristic artwork Our P2P brokers are vetted based on regulations periodically so that we may provide you with the best crypto buying possibilities. We thoroughly vet the brokers that we suggest by creating accounts with them, testing them for withdrawal speeds and requirements, looking over their investment holdings, the range of payment methods that they take, and meticulously scrutinising their terms and conditions. This is done to make sure that they adhere to legal standards and that users may open accounts without risk. We also consider community feedback and analyze every allegation or complaint before initiating link brokerage. As a new investor, you should always check trustable review sites before placing a deposit with any broker. This is especially critical for a market that is yet to be fully regulated. Your safety is our topmost priority!

To learn more about popular trading platform authenticity, read our report on the best cryptocurrency trading platforms.

How to Store Your Bitcoin Safely

Bitcoins are kept in a crypto wallet. However, most of the time, it is a digital one rather than a physical one as we do with cash or credit cards. The wallet might be hardware or software-based. The wallet can be stored on a desktop computer or a mobile device, or it can be kept secure by writing the private keys and access addresses on paper. There are usually two types of wallets, “hot” and “cold”, the latter being the most secured option for storing bitcoins.

Hot Wallets

Digital wallets are often referred to as “hot” wallets. Hot wallets are wallets that operate on internet-connected devices like computers, smartphones, and tablets. Since these wallets produce the private keys to your money on these internet-connected devices, this might lead to vulnerability. While having immediate access to and the ability to interact with your funds makes a hot wallet incredibly practical, they usually lack security.

invest in Bitcoin in India and abroad

Cold Wallets

Cold wallets are the most secure method of storing Bitcoin or other cryptocurrencies. However, they often need a bit more understanding to set up. These are not linked to the internet and hence have a far lower chance of being hacked. They are also known as hardware wallets or offline wallets. Examples would be USBs, Hard Drives and other offline storage solutions/facilities.

cold wallet

Bitcoin Wallets

A Bitcoin wallet is a digital wallet that is used to store Bitcoin. There are several different types of wallets available, including hardware wallets, software wallets, and web wallets. When choosing a wallet, it is important to consider factors such as security, ease of use, and compatibility with your devices. It is also important to ensure that you keep your wallet secure, as losing your Bitcoin wallet can result in the loss of your Bitcoin.

Bitcoin Price Fluctuations

The price of Bitcoin varies due to market forces, buyer and user attitudes, government laws, and media excitement. All of these variables contribute to price volatility.

Bitcoin price fluctuations

2010 was when Bitcoin witnessed its “first” meteoric climb. By October 2010, it was valued at $0.10. April 2011 was when the currency entered its first “bull run”. Prices rose 3000%, peaked at nearly $29-$32 and bottomed back again at $2. By November 2013, Bitcoin again hiked up at $1000 and quickly came down again in December to $530. After a few more years of fluctuation due to market volatility, the currency peaked in its bull run phase in 2017, steeping over the $17k mark which again substantiated at $7200 at the end of 2019. The pre and post-pandemic phases resulted surprisingly well for the currency again, and it was priced at $29,374 by the end of 2020. 2021 was till-date the biggest phase jump for the valuations of the currency. During the first half of the year, Bitcoin’s prices stipulated to $64,000 which further went down and again rose to $68000 in November. This was the highest the coin has ever been. In September 2022, Bitcoin was priced at $19,743.

Conservative estimates suggest that the currency could hit $100,000 by 2023, but more optimistic crypto aficionados believe that $250,000 is not far off. Major financial organisations are also weighing in, with JPMorgan projecting a long-term high of $146,000 and Bloomberg estimating it might reach $400,000 by 2022.

People in a variety of businesses feel blockchain (the technology upon which all cryptocurrencies are based) has the potential to be a disruptive force and provide a number of novel services to a variety of industries. Investing in Bitcoin might be risky, but it is not far off to say that buying Bitcoin is perhaps the most effective and exponentially lucrative opportunity as of 2022. In simplicity, the profits are made by holding it and selling it at the right time (if you aren’t a die-hard HODLer at least).

Now, to answer the question asked most often regarding Bitcoin…

Is Bitcoin a Good Investment?

In all honesty, the harshest thing about choosing an investment is that you just simply cannot predict how profitable it is gonna be. Predictability in this case is inversely proportional to risk, and that again is inversely proportional to profitability. Financial domains and market-makers around the world are well aware of the disruptive potential of Bitcoin. Like all other innovations in Blockchain, Bitcoin is also based on the concept of decentralization, and that’s a concept which comes part and parcel with large-scale tech-enthusiast communities. The coin is also a symbolic representation of people’s power and voice against centralized authority. In terms of the causes for increased value, the reasons are generally perceived to be:

Limited supply: Max supply of Bitcoin is at a cap of 21 million. This scarcity greatly aggregates Bitcoin’s increase in value.

Nonfungibility: Yes, same as NFTs, you cannot copy or counterfeit a Bitcoin. The blockchain keeps track of its transactions in ledgers and operates as per the original rules set by Satoshi Nakamoto.

Easy Transferability: As long as you have your receiver’s wallet address, you can send him/her any amount of Bitcoin in less than a second.

Yes, the price dips are high, but price gains are significantly higher. Hence, we can surely say, as of 2022, there is no other investment option that is as rewarding as buying Bitcoin; and there won’t be any anytime soon.

Potential Risks

As with any investment, there are risks associated with investing in Bitcoin. The cryptocurrency market is known for its volatility, which means that the value of Bitcoin can fluctuate greatly in a short amount of time. Additionally, there is always a risk of fraud or scams, so it is important to do your research and only invest in reputable sources.

Alternatives to Buying Bitcoin

While Bitcoin is the most well-known cryptocurrency, there are many other cryptocurrencies that can be invested in. Additionally, there are investment vehicles such as ETFs and mutual funds that invest in cryptocurrencies.

What to Know Before Buying Bitcoin

Here are the top 3 things you must consider before you start buying Bitcoins:

Market Volatility: You need to check the present market cap and that of recent and previous times before you start investing.

Checking recent reviews on professional sites: If you are someone who is just starting on your crypto investment journey, checking professional reviews for anything related to Bitcoin is a must-do. Read more of our blog posts to learn in-depth about crypto nuances.

Checking new trends regarding investment procedures: The technology behind this is developing every day. Brilliant minds are working day and night to procure, design and develop better solutions. Always keep yourself up-to-date regarding recent investment trends.

Consulting someone you trust who knows the market well: Anyone whom you feel trustable and knowledgeable enough. Got no one? Write to us on our socials and we will try our best to solve your queries.

Latest Updates

Block, a financial services and technology company owned by Jack Dorsey, the former CEO of Twitter, recently announced the completion of the prototype design of its new Bitcoin (BTC) mining chip. The new five-nanometre (5nm) chip is expected to decentralize the supply of BTC mining rigs. The company noted that developing BTC mining application-specific integrated circuits (ASICs) is both technically and financially challenging, resulting in a concentration of custom BTC mining silicon in the hands of a select few companies. According to Block, this centralization is detrimental to the BTC network and miners alike.

In response, Block aims to make BTC mining technology open source by selling standalone ASICs and other hardware components to optimize innovation and maximize the size of the BTC mining hardware ecosystem. By purchasing a large batch of ASIC chips from Intel, Block will fast-track the development of its proprietary 3nm chip, which is expected to be the most advanced chip to date.

Conclusion

Investment is not a race, it’s a marathon, a journey that requires time, persistence, and utmost dedication. The Indian investment market compared to the West is still in its stage of infancy. Now is the best time for Indians to get into the space, and among all cryptocurrencies, Bitcoin can generate the greatest returns, if invested intelligently.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions

FAQs

How to buy Bitcoin in India?

Bitcoin can be bought through various crypto exchanges operating in India.

Where to buy Bitcoin in India?

Admiral Markets, Libertex, CEX.IO and Binance are all popular options for buying Bitcoin in India. The first two even offer a 100% match bonus when first depositing.

Can I use Paypal to buy Bitcoin in India?

Buy Bitcoin on Paypal in India using Admiral Markets, Libertex, CEX.IO and Binance and many more such platforms.

Do crypto exchanges accept Paypal?

Yes, it is widely accepted by many exchanges.

What are the best exchanges to buy Bitcoin?

Admiral Markets, Libertex, CEX.IO and Binance are some of the best crypto exchanges to buy Bitcoin, having being unanimously praised by both new and seasoned investors alike for their usability, legal compliance, alluring welcome offers, encryption and security features in place, as well as for the wide array of payment processing methods which they accept.

Is Bitcoin safe; should I buy Bitcoin now?

Crypto is a volatile market so invest in it at your own risk.

Why invest in Bitcoin; what are the pros of buying Bitcoin?

Bitcoin is the most accessible and the one that has the potential for high returns.

Is Bitcoin a good investment?

Bitcoin is the first and the most trusted cryptocurrency among traders. It is a safe currency that can be great for the portfolio in the long run.

How to buy Bitcoin online?

Bitcoin can be bought through different exchanges. The trader needs to have a crypto wallet that should be connected to their bank to carry on the transactions.

When is the right time to buy Bitcoin?

It is usually suggested to buy it when the prices are low, and hold it till its price rises.