When we talk about cryptos, the first and foremost name that comes to everyone’s minds is – Bitcoin. Bitcoin being the most popular crypto in the world, is often used synonymously with crypto. Over 300 million people around the world own cryptos, and it all started with Bitcoin. BTC emerged as distrust gathered around the centralized financial institutions after the 2008 Great Recession. Bitcoin appeared as a savior of citizens’ money from the interference of third parties. But none really saw this crypto rise from $0.09 per BTC to a whopping $68,000 per BTC in just 11 years.
The journey was not all smooth. But it was indeed commendable. The coin that took more than a year after its launch for its first economic transaction has over 250,000 transactions daily. But as the adoption and real-life applications increased, Bitcoin got the tag of ‘digital gold.’ As Roger Ver says, “Bitcoin is the most important invention in the history of the world since the Internet.”
After Bitcoin, we saw the rise of thousands of cryptos, each with its unique use case and a distinct kind. Today many cryptos have their market cap and TVL values in billions of dollars and hold great potential as the world turns the tide in favor of digitization.
But are Bitcoin and other cryptos worth all the hype? If it is, then how can you join the bandwagon? Where to buy Bitcoin and other cryptos? How to buy Bitcoin? The questions are many. And, what about the answers? Well, we have got you covered.
What is Bitcoin?
Before we talk about how to buy Bitcoin, let’s briefly look at what Bitcoin is. Bitcoin is the first decentralized digital currency in the world. The crypto was created in 2008 by Satoshi Nakamoto. In January 2009, he released it for public use. Its whitepaper states, “Bitcoin is a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.”
Why Should You Buy Bitcoin or Other Cryptos?
Bitcoin was created to be used as an alternative to fiat currencies. However, its main source of value lies in its restricted supply and increasing demand. The total supply of Bitcoin is capped at 21 million. However, with a market capitalization of $411.08 billion, Bitcoin is the #1 crypto in the world. Over 180 million people around the world use Bitcoin. But what exactly is it used for? The answer is almost everything. Yes, from buying coffee to paying for your gas – Bitcoin is accepted by over 15,000 merchants worldwide.
Similarly, other smart contract-based cryptos like Ethereum, Solana, Cardano, Polygon, etc., serve as dApp platforms, while cryptos like XRP, Bitcoin Cash, Litecoin, Dash, etc., serve as P2P payment systems on the lines of Bitcoin. Many cryptos serve as native tokens of their respective platforms or as security tokens representing the value of a real-world asset on a blockchain. The crypto ecosystem is vast, innovative, and growing each day despite every calamity that comes its way. Experts believe that moving early into crypto can grant you great potential for return in the coming years.
How to Buy Bitcoin and Other Cryptos in India?
If you are wondering how to buy Bitcoin in India, then WazirX can be your best choice. You can buy Bitcoin and other cryptos in India via WazirX, India’s most trusted crypto exchange, by following the few simple steps listed below:
⦁ Create a WazirX Account:
⦁ Go to the
⦁ WazirX website and click on the Sign-up button.
⦁ Give your email address and create a strong password.
⦁ Go through the WazirX Terms of Service, then click on the checkbox if the terms suit you.
⦁ Click on Sign Up to complete the process.
⦁ Now check your email inbox for a verification email, and on that email, tap the Verify Email option to complete the signup process.
⦁ After verification, opt for the security measure of your choice.
⦁ For the KYC verification process, select your country from the list of options given.
⦁ You will now be asked for KYC verification.
⦁ Once you have uploaded the KYC details, you have completed your account creation process! KYC verification generally takes 24-72 hours.
⦁ Deposit Funds:
⦁ You can go about depositing Indian rupees via UPI/IMPS/NEFT/RTGS.
⦁ Buy Bitcoin:
Visit the Exchange to find out the latest Bitcoin price in India. Check Bitcoin price in INR on WazirX here. On WazirX, you can buy BTC using INR or USDT. To buy BTC with INR, follow these steps:
⦁ Find the Buy and Sell options on your dashboard by scrolling down.
⦁ After selecting Buy, put in your desired price in INR and the amount of Bitcoin you want to buy.
⦁ Hit Place Buy Order, and simply wait for the order to be executed.
⦁ And it’s done! You will find the INR equivalent bitcoin added to your WazirX wallet when the transaction is executed.
WazirX P2P: Buy Bitcoin with USDT
WazirX P2P allows users to trade their fiat currency (INR) for USDT (stablecoin). This USDT can then be used to buy other cryptos in the USDT market.
To buy USDT, you can use WazirX P2P. This is fast, secure, and free. Follow these simple steps to buy USDT and then your BTC:
⦁ Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
⦁ Next, click on the ‘Convert INR into USDT’ option.
⦁ Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY.” Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
⦁ You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
⦁ Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, after confirmation, a minimum penalty of 10 USDT or 1.2% of trade value will be levied. False confirmations can also cause your account to get locked.
⦁ Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID.”
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchased will be reflected in your “funds.”
⦁ Now you can use this newly acquired USDT balance to purchase BTC on the WazirX exchange. Go to the “exchange” option on the web/mobile app and select BTC crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy BTC. Wait for some time. It will only be a short while before your order is executed. Once done, you will receive the BTC you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P through this video:
WazirX P2P | TRADE easily, securely and swiftly
Future of Bitcoin
Bitcoin has been criticized for its scalability issues and high transaction costs. However, after upgrades like the Taproot and Lightning Network, it is believed that Bitcoin will be able to solve the classic scalability trilemma to a great extent. As the world is being digitized, even the governments of different countries are showing a crypto-friendly attitude. Between 2012-2022 Bitcoin price has seen a rise of 540,000%.
With the help of regulators, the Bitcoin ecosystem is expected to keep increasing. As major companies like PayPal and Tesla make investments in cryptos, it can be predicted that the crypto world is far away from waning. Despite the crypto crash, experts predict that Bitcoin can hit $100,000 in 2022. So, we can surely expect a future where in India, too, we will be able to pay for our daily essentials in crypto. As Chakib Bouda, the CTO at Rambus, predicted, “We expect in 10 years time, Bitcoin will become mainstream and have a remarkably different reputation.”
Also Read | How to select the best platform to buy Bitcoin and other crypto in India?
