I think you have already heard about bitcoins in recent days. Bitcoin is one type of digital currency which has appeared in the news recently with the ransomware WannaCry. This was probably a huge cyber attack which has locked a great number of databases worldwide and asked for Bitcoin to unlock the data. So, you may think that what the hell is this Bitcoin. Why they are demanding this thing to the victims of this cyber attack. Don’t worry. Your curiosity about Bitcoin will end after reading this article.
Though the main focus of this article is how to buy or sell bitcoins in India, before going to that part, we will describe the Bitcoin. How it was invented and how it works and why cyber attackers want this Bitcoin from the victims.
What Is Bitcoin?
Bitcoin is a digital currency which can be used as real money to buy or sell anything online. Though it has no existence in the physical world, you can spend it as real money digitally. Bitcoin is also called as a cryptocurrency or a digital payment system. This is still unclear that who or which group of programmers made this digital payment system. However, it was first released with the name “Satoshi Nakamoto”. Bitcoin was first released in 2009 as an open source software.
The Bitcoin system works on peer to peer network. All the transactions are done between the users directly. There is no intermediary medium needed to complete the transaction using Bitcoin. However, all of these transactions are being verified by the network nodes and recorded in public distributed ledger named blockchain. Bitcoin is the first decentralised digital currency because the whole Bitcoin system works without any central repository or no single administrator can control the whole Bitcoin system. Bitcoin can be used on both legal and black market because nobody will ask you for the tax or anything like that.
Bitcoins can be bought with money or can be exchanged for any products. However, the big factor is that, from the February of 2015, more than 1 lakh merchants started accepting bitcoins as their payment method just like Paytm cash is accepted in most of the merchants nowadays. So, you can buy anything with these digital currency called bitcoin. Another fact I would say that is Bitcoin is not the only cryptocurrency which exists in the digital market. There are also some another cryptocurrency just like Bitcoin which can be used for same purpose same way. However, most of the cryptocurrency is in the digital market in the form of Bitcoin.
6 Best Online Bitcoin Wallet In India
Now, I will introduce you with the best Bitcoin wallet that can be accessed easily from India. These are the platforms where you can buy, store, secure and sell your bitcoins. You can buy bitcoins using Indian rupees and later sell them for money, or you can use them to buy products from online merchants who accept Bitcoin as their payment method.
When it comes to buy or sell bitcoins in India, we must say the name of Unocoin, a Bitcoin platform which is made and operated by India itself. In an interview with Gadget360, the company stated that just like Paytm cash, they had seen a spike in the usage and purchase of Bitcoins after the announcement of currency ban or demonetization in India on November last year.
Unocoin also provides their IOS and Android mobile app to buy or sell bitcoins using your Android or iPhone on the go. You can also keep track on your Bitcoins you bought from Unocoin.
BuyUCoin is also a leading name in Bitcoin world millions of people use this platform to buy or sell bitcoins for them. Reddit also recommended this platform to buy or sell bitcoins securely and safely. You can also call them any time to their Indian customer care number if you face any difficulty during making transaction or buying or selling bitcoins on their platform.
To make a transaction of Bitcoin on BuyUCoin, you need to create your unique purchase ID. Without your purchase ID, you cannot buy or sell any bitcoins. To make your purchase ID, you need to submit your name, email address, mobile number, PAN card number and a scanned copy of your PAN card. They also ask for another identity proof. You can upload scanned copy of your driving license or Aadhar card complete the verification. You can use your credit card, debit card or net banking account to buy or sell bitcoins on BuyUCoin.
Zebpay is the another platform where you can buy or sell Bitcoin in India. Though Zebpay is a foreign company which is not associated in India, they made the process of buying or selling bitcoins easy for Indian users. They also provide mobile apps on popular platforms like Android and IOS which lets you manage your account anytime with your smartphone only. You can also link your bank account with Zebpay to transfer funds easily in almost no time.
However, to use Zebpay, you need to complete the KYC verification also. So, you can not make your account completely anonymous. It also provides various options to make your Bitcoins secure. The another advantage of Zebpay is they charge very little fees. It also lets you keep track of the historical data of the pricing of Bitcoin.
This is also a leading name when it comes to buy and sell Bitcoins in India. It is also a foreign company which is not operated by India. Here also you need to complete the KYC verification process to start buying or selling bitcoins. With a low processing fee, you can buy, store and sell bitcoins on CoinSecure. It also gives you the brief description on how to buy or sell bitcoins and how to use them and make them secure from hackers. Their user interface is also very easy to use, and you can better understand every option in their Bitcoin exchange platform. CoinSecure also shows you a graph where you can see how other people are trading.
LocalBitcoins is known for its unique exchange platform which makes your transactions more private. You can transact with your bitcoins anytime anywhere with fewer efforts. Their interface is also easy to use for new users. Even their in-person trades makes your transactions completely private, and you can do the transaction fully anonymously. Nobody can track you. However, they also added some limitations on the total amount you can spend at one time. The other fact is LocalBitcoins’s processing fee is slightly higher than other Bitcoin exchange platforms accessed from India which we have listed in the six best online Bitcoin wallet in India list.
This platform is also recommended by lots of Indian bitcoin users. As you can see the name of India in their name, it is made especially for Indian users who want to buy or sell Bitcoin in India. You can withdraw or deposit funds in almost no time with BTCXIndia. It also comes with a good user interface which offers a great user experience to its users.
How To Buy Bitcoins In India From Unocoin?
Buying or selling bitcoins from Unocoin is very easy and takes very less time. To buy or sell bitcoins from Unocoin, firstly, you need to register to their site and then you have to complete the KYC verification. Then you can easily make buy/sell bitcoins online.
Step 1: Registering on UnoCoin
- At first, go to the UnoCoin website here.
- Now, enter your email address and mobile number.
- Then, a verification email will be sent to your inbox.
- Open your inbox and click on the verification link given in the email.
- That’s it. You have successfully registered on Unocoin website.
Then you have to proceed to the next step where you need to complete the KYC verification process.
Step 2. How To Verify Your UnoCoin Account?
- Firstly, go to the “Upload Document” option from your UnoCoin dashboard.
- Then you need to upload three documents: Pan card, Aadhar Card and Your photo.
- Scan these documents of yours and submit it to the UnoCoin using the form.
Once you submit all the documents, they will start verifying your documents. This process can take up to five days to be completed.
Follow Below Steps to Buy Bitcoins
Unocoin provides you two wallets. The first one is INR wallet where you can add money as Indian rupee from your bank account and the second one is Bitcoin wallet where you can store your Bitcoins which you have bought and wanted to sell later. They accept total three payment methods when you buy bitcoins. These are INR Wallet which is given by Unocoin itself, PayUMoney Balance and Net banking.
However, If you use your PayUMoney Wallet, you have to pay 1.9% additional processing fee, and if you use your Net banking account, then you have to pay 1.9% processing fee. They do not accept cash deposits. So, you can pay them using bank transfer (NEFT/RTGS/IMPS). Once you send money to your INR wallet, it can take up to four hours to show the balance on your INR wallet. Once your INR wallet is loaded with money, you can start buying bitcoins using the following method:
- Firstly, login to your Unocoin account dashboard.
- Then click on “Buy Bitcoin” button given there.
- There, enter how many bitcoins you want to buy.
- Next, enter an amount of INR which will be converted into bitcoins.
- Now, they will deduct 1% transaction fee from your INR wallet balance.
- Finally, you can see the number of Bitcoins you bought on your Unocoin wallet.
You can also use other payment methods such as PayUMoney Wallet or Net banking. However, in that case, you need to pay 1.9% extra processing fee.
How To Sell Bitcoins In India From UnoCoin?
Selling your bitcoins is also an easy task with UnoCoin. Just follow the steps given below to sell you bitcoins which you have bought earlier:
- At first, login to your Unocoin account dashboard.
- Click on “Sell Bitcoin” button given there.
- Enter how many bitcoins you want to sale.
- 1% transaction fee will be charged from your wallet.
- That is it. You have successfully sold your bitcoins.
Now the INR will be added to your INR wallet and can be transferred to your bank account from INR wallet.
Hope this article will help you to buy and sell bitcoins in India from Unocoin or any other bitcoin exchange platform. If you still have any question regarding bitcoins buying and selling, you can leave it in the comment section below. Now please share this articles with your friends and let them know about bitcoins in details. Always stay tuned with HelperBus to get more exciting articles.