Investing in Bitcoins is a hot topic now. It is gaining a lot of traction in the Indian market. And why not, the price in BTC has almost doubled in less than a month. With the increase in the price of 1 BTC, people also started investing in other cryptocurrencies, which I will talk about in my later posts.
- 1 Is investing in Bitcoin legal?
- 2 Is investing in Bitcoin today recommended?
- 3 How much should you invest in Bitcoins?
- 4 How can you invest in Bitcoins from the US?
- 5 How to buy Bitcoins in India?
- 6 Why should you use Pocketbits.in to buy your bitcoins from?
- 7 Can you use COINBASE to buy Bitcoins in India?
- 8 How to buy Bitcoin using Pocketbits?
Is investing in Bitcoin legal?
Although RBI has clearly stated that they do not regulate the prices of BTC, and will not be responsible for any loss you make by investing your money in BTC, it does not mean that investing in BTC is illegal. You can very much invest in BTC but chances are there that you might also lose your money. The market is very volatile.
Is investing in Bitcoin today recommended?
Who would have known that the price of Bitcoins would cross 2000USD one day? Had you known about BTC a year back, you would have still asked yourself the same question.
To be very frank, there is no good time or bad time in investing. No one knows how much the price of BTC is going to increase. Had I known the answer, I would have become a crorepati by now. Just keep your fundamentals correct. Invest in parts. Invest more in dips. Do not wait very long thinking that the price today is on the higher side. Investing is Bitcoin is risky, but seeing their growth in the past few months, I think the risk is worth taking.
Update: When I wrote this post, BTC was priced at 2,00,000 INR. Current price, as per Zebpay is 3,00,000 INR.
How much should you invest in Bitcoins?
It depends on your risk taking capacity. The market is highly volatile. So invest wisely. Diversify your investment.
How can you invest in Bitcoins from the US?
If you are from the US, use Coinbase to buy and sell Bitcoins. Signup here
You also get 10USD worth of Bitcoins for free.
How to buy Bitcoins in India?
There are many sites where you can buy bitcoins from. Every site has their pros and cons. You might also find that the prices in every single exchange are different. Do not worry. If you are investing less than 50k, the price difference would hardly matter.
Here are some of the sites where you can buy bitcoins from:
a. Pocketbits (Used and Recommended)
b. Zebpay (Used and Recommended) - I personally USE ZEBPAY 80 percent of the time.
d. Localbitcoins.com (Cheap may be)
e. Btcxindia.com (Not used) and many more..
Why should you use Pocketbits.in to buy your bitcoins from?
I recommend Pocketbits.in because their support is top class. Right from account approval, to deposit approval, everything happens in less than 59 minutes. Whereas, other sites takes 3 days to approve your account. You will also get up to 200 INR BTC for free when you buy bitcoins worth more than 5000 INR.
Zebpay is good too and is app based. So if you would like to purchase BTC through an app, sign up here
If you use the above link while signing up for Zebpay, you will get BTC worth 100 INR for free in your account.
You will love their UI. Unocoin comes with a wallet. One of my friends said the localbitcoins.com is the cheapest place to buy bitcoins from. I have not used BTCXindia.
Can you use COINBASE to buy Bitcoins in India?
Coinbase is a US firm. Coinbase is yet to allow users buy and sell bitcoins from countries like India, NewZealand etc. However, you can use Coinbase to store your coins.
How to buy Bitcoin using Pocketbits?
To open an account with Pocketbits,
- Sign up - LINK
- Verify your account by uploading a copy of your PAN card.
- Once they approve your account, you will see their bank details.
- Add them as a beneficiary from your bank account.
- Transfer them the amount. You can do it through IMPS, NEFT or RTGS.
- Copy the reference number.
- Go to deposits, and mention the amount you deposited, the reference number and the mode of payment. Note- I recommend you to do IMPS. Once they get the amount in their account, within 59 minutes, it will show in your account.
- You can now buy Bitcoin from Pocketbits.
Once you have purchased, it is advised that you shift your Bitcoins to Coinbase. This guide will tell you how you can shift your bitcoins from Pocketbits to your Coinbase wallet.
Last updated: 13th August, 2PM.