Just few years back when I had purchased my brand new Nvidia GTX 660 GPU I came to know about the concept of Crypto Currencies like BitCoin.
I explored more into this niche concept and came to know about the concept of mining BitCoins virtually by solving mathematical problems. It was little bit tricky at that time to mine bitcoins. You need to keep your computer ON 24×7 in order to have some bitcoins in your wallet. After calculating my electricity expenses I decided to drop the plan of mining BitCoins and decided to continue with my life. And here I am now purchasing bitcoins for 10 lakh a piece. So if you are reading this article, you must be curious to know how to purchase BitCoins in India.
Purchasing BitCoins in India is not a smooth process. Two exchanges where the buying and selling of BitCoins happens in India that is Zebpay and UnoCoin are over crowded and under staffed. I am listing some facts on a point basis as follows:
1 Both Zebpay and UnoCoin are private exchanges and don’t have any government backing of any sort. I am mentioning this point first because it is important to know. I would also like to point out here that I am now impressed with the customer support of both these exchanges.
2 The best way to buy bitcoin is from someone who owns it. I know that is difficult because there aren’t many people owning BitCoins here in India.
3 Before doing buying and selling of BitCoins, create a Bitcoin wallet here https://bitcoin.org/en/choose-your-wallet . There are plenty of options to chose from depending on the platform you want to go with. I decided to go with BitCoin Core on Windows.
4 Create the wallet and remember the password for the same as many people have lost tons of BitCoins because they are not able to recall the passwords of their wallets . So keep your password safe and secure for your BitCoin wallet.
5 Next step is to download the apps of either of these 2 exchanges that is UnoCoin or ZebPay. You can download both of them also.
6 Create you account on them and get them KYC verified by uploading some documents such as Aadhar, PAN information, DOB etc.
7 It will take approximately 2 weeks to create account on these exchanges as both of them are under staffed. But unfortunately these are the only option for Indians.
8 Once account is created you can start purchasing bitcoins by funding you purchase from your bank account with real cash ?
9 The least BitCoin which you can buy is 1 Satoshi which is equal to 0.00000001
10 The bitcoin which you will purchase will still be held in the wallet of your exchange.
11 Now this is very important. As soon as you have the bitcoin in your exchange wallet move the same to your wallet you have created at step 3. This is done because these exchanges don’t have good security levels. They can easily be hacked and then your bitcoins will be gone forever.