We hope that you understand the risk in investing in Bitcoins. If you think it might be a safe investment for future,We would request you to run away now.
If you are ready to risk it and lose your money, read forward:
- There are 3 major cryptocurrency exchanges in India at the moment:
- First step would be to get your KYC done in any of the above exchanges. Your address proof, Adhaar number and Bank account will be taken as your proofs to get registered on their platform.
- Secondly you will have to transfer money to their bank account. Make sure your bank allow transfer to the exchange’s bank. Banks like HDFC does not allow transfer of money to these companies after the RBI circular dated in April 2018 went off and banned the trading of Bitcoin in India. Read how will they accept the money. Most of the time Paytm or UPI will work(at least for now).
- The money credit system is manual. You might have to wait at least an hour / half day to see your deposit in the account.
- The exchanges work 24 hours.You have to bid for price of Bitcoin you are comfortable or think is right enough for you to venture in. Only fools bought Bitcoin when it touched $14000 last year.
- You gotta Be patient and have the nerve to not lose your mind even if you see heavy chnages in current pricing. Your bid will go through in some time and you will credited with the Bitcoins.
- You can either keep your Bitcoins on the exchanges (easy but less securer method) or you can download a mobile/desktop wallet (not secure if you open random links on your devices or connect to public wifis etc)
Tip :- Always keep your Bitcoins in secure devices like Apple who don’t share your data through third party apps.