Cryptocurrency is a type of digital currency that generally exists electronically, designed to work as a medium of exchange. Crypto is an emerging topic worldwide now people talk about it and investing also, in recent time meme coins also popularity.
The year 2020 is the year of crypto and as well as 2021, when the world is hit by the covid-19 pandemic and the market is going down, cryptocurrency rises. 2021 is the year of Altcoins (other than bitcoins) like Ethereum, Binance Coin, Ripple, BAT, Polkadot, Litecoin, and who can forget Dogecoin, all these coins rise like a boom.
The global crypto market cap is over $2 Trillion in 2021. This is the all-time highest, the surge in the crypto market led by bitcoin, and followed by other major cryptocurrencies ETH, XRP, Doge, etc.
In recent times Crypto has become the most hotly discussed topic in the circuit, especially in India after the Supreme Court removes the ban on cryptocurrency trading in India in March 2020, which was imposed by the Reserve Bank of India in April 2018.
Choosing the right platform to invest in crypto in the Indian rupee (INR) is difficult, because of platform trust issues, charges, trading fees, deposit, withdrawal, and other things.
How to Invest in Cryptocurrency in India
Buying crypto in India is not an illegal process but is unregulated, government is also planning to bring the cryptocurrency and regulation of digital currency bill 2021. After the ban uplift in 2020 investors can easily take part in by opening an account with a crypto exchange like they do before banning by RBI in 2018. Citizens can trade different currencies, hold virtual currency in wallets, and more once they have registered for an account.
How to Buy Crypto In India
Once you have all these things and have set up your account on an exchange, you are ready to invest in Bitcoin and other cryptocurrencies. Here are the steps you can take to make your first purchases:
- Sign in to your crypto exchange account of choice via your private WiFi connection
- Select the brokerage’s option to buy crypto, then make sure you have selected the correct digital asset you are trying to buy. For example, you can choose coins like Bitcoin (BTC), Ethereum (ETH). Different exchanges will have other currency options available, so you make sure they support the crypto you would like to invest in before setting up an account.
- Choose how much you would like to purchase and make sure you have enough rupees or fiat currency deposited in your brokerage to cover the transaction.
- Preview your purchase and make sure you are comfortable with the current price of the cryptocurrency and know the market’s overall trend at the time. You may also want to check if the government has made any further changes to the legality of crypto within the past few days.
- If the details look correct, click “buy” to complete your purchase. You can then store your new assets on the exchange’s built-in wallet or transfer them to other hot or cold storage.