This Is Your Guide to Buying Bitcoin

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Bitcoin has become one of the most popular cryptocurrencies around the world and has a growing number of applications every day. In case you are also looking to find out how to buy and sell bitcoin currency in India, here is a systematic guide for you:.

Bitcoin can be purchased online and are stores in an online wallet in digital form. Select wallet based on features, platforms they can be used on, and security etc. Next, you can create your account by registering on the selected bitcoin service provider.

This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin. Here is guide to Join Zebpay and Coinbase referral program. Once you initiate buy bitcoin, it will take you to the exchange and the rate at which you can buy the bitcoin. At present, the value of bitcoin has been pushed to very high levels until USD on Dec 14so you will probably be able to buy only a fraction of a bitcoin.

You can sell your bitcoin in the same manner. Governments in most of the countries do not regulate the Bitcoin and other crypto currencies. Recently, Reserve Bank of India also issued a statement stating that it is uncomfortable with "non-fiat" crypto currencies like Bitcoin.

The RBI has been repeatedly flagging concerns on virtual currencies like Bitcoins, stating that they pose potential financial, legal, customer protection and security-related risks. When you create an account with a crypto currency service provider, your money is kept in a digital wallet with one public and one private key.

The public key is like your mobile number and the private key is your username and password. You should keep both the keys confidential. You should note that the password of Bitcoin wallet is irrecoverable.

Your money inside the wallet will be worthless if you do not remember password. Similarly, balance transfers of Bitcoins are also irreversible. Therefore, if your Bitcoin gets stolen by hackers, here is no way to recover it. As crypto currencies are not regulated, is gets difficult to distinguish between fake and real. So, before trading in any crypto currency, you should look into the underlying project, market cap and past performance.

Research and analyse more about the currency before investing. Now you can buy Bitcoins in India easily there are various options available which are tested and reliable. Here I am sharing all such Bitcoin Buy sell company and apps details with their specifications.

It's the most popular platform to buy bitcoins India right now. It has more than 5 lakh installs in Playstore. Though it's not as much popular as above two I think it's one of the best service available right now. Around more than 10 thousand installs in Playstore.

Multicoin support, you can buy Litecoin, Dash, Ethereum, Bitcoin cash along with Bitcoin and they are adding support for others as well. Most number of altcoins supported, you can buy Monero, Ripple, Neo and lot of others altcoins along-with Bitcoin. Exchange service available and you can place buy sell orders for future. It is also somewhat popular service, it's basically a Bitcoin exchange, you will find buy sell difference very low and low buying price compared to others.

Though its name is Btcxindia you can only buy Ripple here. It's real-time trading platform for Ripple. One downside is that they take a lot of time to complete KYC. One of the best site to buy sell Bitcoins locally. You can buy through cash also. Be cautious though and meet the seller directly if you live in same city else check the reputation of the seller in the website. Use escrow service to be safer.

It's one of the most innovative on the list as you can buy any product from Flipkart, Amazon using bitcoins, you have to just enter product link and details and pay in an equivalent amount of Bitcoins. You can also buy a lot of altcoins also.

I am looking forward to using this service soon. You can use bitlio to pay bill payments through Bitcoins. Currently only selected locations are available. They are also giving cashback up to Rs on deposit for a limited time. From my point of view Bitcoin India is best among all of the above and also Localbitcoins is a very good option if you want to buy through cash or deal with local traders.

If you want to buy something through Flipkart, Amazon Pocketbits is a good option. For bill payments through Bitcoins Bitlio is a good option. Zebpay is another very good and popular option. The competition will increase and hope we get better services with lower fees and charges. Let me know if you find any more options for buying bitcoins in India, I will check and add it to the list.

Also, tell me what experiences you had with above services. In case you are also looking to find out how to buy and sell bitcoin currency in India, here is a systematic guide for you:

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The professional listings on TaxFull. Your access to and use of this site is subject to our Terms of Use. Is it legal to buy cryptocurrency in USA and sell in India? She buys bitcoin in US crypto exchange and transfer those bitcoins to my wallet.

If above scenario is possible then what are the documents I will need to support it? Asked 5 months ago in Income Tax from Pune, Maharashtra. The thing is my friend is buying bitcoin in her name as only US bank account holder can buy cryptocurrency in US Crypto exchange. I am using same bank account for transferring money to her and selling bitcoin. So is it legal and I am confused about the amount on which I have to pay the tax.

Asked 5 months ago. Hi, Firstly, let me make it clear that trading in Bitcoin is not totally legal in India. RBI has issued a circular saying that who all are trading in crypto currency is doing at their own risk. From income tax perspective, you need to pay tax on the profit you make out of trading of bitcoin i. USD 5 in above example. Hi, Indian Government has not yet issued any circular about bitcoins, so as of now it is neither legal nor illegal.

Either ways you will have to pay in India. Trust this clarifies your query. There are no laws in India regulating the sale and purchase of bitcoins. So there is nothing illegal in trading in bitcoins as of now. Regards, Keerthiga Padmanabhan M. RBI has warned investors to deal at their own risk. Best to be done is to pay capital gains on such transactions.

Ask a Question Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous! Ask a question Talk to a CA. Chartered Accountants Vivek Kumar Arora.