Bitcoin is a world popular cryptocurrency. It is a virtual currency. Millions of traders, trade with Bitcoins daily. Among them, there are a considerable amount of bitcoin traders in India as well. Because there was a high population in the country and there are rapidly developing information and communication technology.
However, more Indians may seek to enter this cryptocurrency market. Following descriptions will be a great support to seekers, beginners and all. Let’s get know about, converting, exchange, rates, transfers bitcoin to Indian rupees (BTC to INR) and other topics related to it.
Is bitcoin ( BTC to INR ) banned in India?
By responding to a petition filed by the Internet and Mobile Association of India (IAMAI), the Reserve Bank of India (RBI), Mumbai said, Cryptocurrencies such as bitcoin are not banned in India. But it not accepts as a currency in India yet. So, Indians bank also can’t handle or exchange bitcoin or accounts with bitcoin earnings. RBI is under the supervision of these policies under the policies of RBI.
However, anyone can trade and earn with cryptocurrencies like bitcoin without any other limitation. And, bitcoin trading platforms provide options to Withrow Bitcoins as Indian Rupees. This response to the petition filed by the IAMAI was in 2018. It’s clear to everyone. Cryptocurrency mining such as bitcoin is not prohibited, banned or illegal in India.
How can I buy bitcoin in India?
While bitcoin not banned in India and it does not accept as a currency yet, can you buy bitcoins? Yes! You can do it with local or international cryptocurrency exchanging platforms operates in India.
Cryptocurrency trading is not an easy task to do individually. Because it may run over thousands of mathematical calculations and processes. So, your mobile or personal computer will not enough for that task. This is why you want to combine with a cryptocurrency exchanging and trading platform.
In 2018, only 78 million of Indians was on the cryptocurrency market. But it had increased to, over 100 million in the year 2019. Exactly, it will increase in 2020. And you are not late yet to enter the market.
What is the best platform to buy bitcoins ( BTC to INR ) in India?
Most popular exchange platforms once being regulated in it may require ID verification. Next, you have to get the bitcoin wallet and complete other verifications required and go foreword to the cryptocurrency market.
Wazirx.com platform will be the best option to start your bitcoin mining journey. And Wazirx is one of the first cryptocurrency platforms in India. Not only for buying bitcoins, but you also have to follow many techniques and alerts related to the bitcoin market to trade on it. Wazirx is 100% safe and guaranteed to all tasks related to bitcoin trading. Let’s discuss converting bitcoins to the Indian rupee, rates, transferring, exchanging, rate charts, etc later.
How can you get free bitcoin in India?
Many cryptocurrency exchanging platforms offer free coins on first sign up to their website and as rewards to subscribers. Finding a platform which offers free coins at your first sign up is the easiest way to get free coins. Wazirx is also one of them. They offer 100 of WRX coins on your first sign up to their platform.
Each platform which provides cryptocurrency services consists of the maximum amount of coins. As an example, Wazirx consists of a maximum of 1 Billion WRX coins. And they expect the value, liquidity and utility of each coin increase constantly.
When you become one of the early holders of coins, It will beneficiary in future with the increase of coins value. This is the way that, start earning from bitcoin for free. But keep in mind, it is not all about earning with bitcoin. Because you can buy, sell bitcoins at the best time and earn more.
How much was a Bitcoin worth in 2020?
Bitcoin’s value rapidly increases day by day. It is not like a general type of currency owned by countries such as US dollars, Euro, Yen, Indian Rupees. Exchange values of currencies owned by countries decrease and increase with many substances. Bitcoin’s value also changes. But, the value difference between bitcoin and general currencies are very hight.
In January 2020, the value of one bitcoin is equal to 8,600+ USD. It is 614,800+ in Indian rupees. It is the BTC to INR current exchange rate. Now you can imagine the real value of bitcoins. By consider in another side, 1 Indian rupee equal to 0.0000016 Bitcoin.
You can check the INR value of your BTC balance by make a simple search on google. There is a BTC to INR converter. And BTC to INR converter may available in trading platforms as well. Websites like xe.com provide BTC to INR converting facilities, BTC to INR rate charts, other top currency exchange rates with BTC and more. You can take an idea about sell or buy bitcoins by going through rate charts. By the way, bitcoin mining platforms had set a minimum amount of bitcoin balance to withdraw it.
How to transfer Bitcoin to Indian Rupees? ( BTC to INR )
Transferring Bitcoin into Indian Rupees can be done with your bitcoin mining platform or special websites made for it. As mentioned above, you must have the minimum coin balance had set on your trading platform to Withdraw. And it may charge extra rate on your Coin balance on withdrawal.
According to rules and regulation of the Reserve Bank of India (RBI), you can’t transfer bitcoin to Indian Rupees directly. It means you can’t withdraw your bitcoin balance as Indian rupees from your bank account in India. And there is no bitcoin withdrawal ATM in India. So, you can’t purchase your daily shopping and online orders with bitcoins in India.
There is a general way that follows to complete that process. It is, Transfers bitcoin balance to US dollars and convert US Dollars balance to INR. Anyone can do it by transferring Bitcoin balance to any currency that supports directly to Bitcoin and transfer it into Indian Rupees.
Now it may clear to you, Cryptocurrency trading is not banned in India and it is legal in the country. Don’t be late to start a bitcoin wallet and go forward.