Hey Guys,
I am writing this from India. I have been reading about cryptocurrency / blockchain since June 2017 (internet of money, mastering bitcoins, blockchain for dummies and coursera course by Prof. Arvind Narayanan of Princeton University) and was totally mesmerised by the technology and its power that I forgot the whole trading world.
Now, am slowly getting my feet into this investment game and am going use steemit to log my investment journey.
Read on if you are a beginner. This post will broadly talk about two things.
- Buy Bitcoins with Indian Rupee.
- Use the Bitcoins to trade (buy other cryptos) on international exchanges.
- Buying Bitcoins with Indian Rupee:
[Again there are multiple options available but am starting with Zebpay]
1.1 Download the Zebpay App from here: http://link.zebpay.com/ref/REF42891838 [reference link of mine of course :)]
Get your account verified with ALL the following
Email
PAN card
Bank Account
Aadhaar
1.2. It might take a day or two to get your account verified. Calm down.
1.3. Once verified use IMPS/NEFT/ RTGS to deposit money from your verified bank account to the Zebpay bank account [make sure to read which of their bank accounts is active]
1.4. Use the Indian Rupee to buy bitcoins [you can do your analysis of when to buy based on price drop, get the timing right]. Voila! you have bought your first bitcoin. You have taken your first step towards decentralising this world. Congrats!
2.Use bitcoins to buy other cryptocurrencies from exchanges
Now that you have bitcoins use it to trade and get other cryptos from exchanges such as binance, bitfinex or the other 100s available out there. But this post is going to be about Kucoin cos that was the only one that worked for me as most others have stopped accepting new users.
Kucoin is a Hongkong based cryptocurrency exchange.
I personally like them for 2 reasons.
a. Solid Team - Ex ANT financial tech expert is the CEO
b. KCS - Tokens of Kucoin exchange and ERC20 token built on Ethereum which lets the users get a share of the transaction fee on kucoin exchange. Their whitepaper says "Kucoin is going to award incentive bonus, which equals to 50% of the total trading fees charged by the platform, to users who hold KCS in their accounts"
2.1 Create an account with Kucoin - be nice and use my reference link : ) - https://www.kucoin.com/#/?r=7J46s6
2.1.1 Email verification
2.1.2 Download Google authenticator and use the pin that it generates each time you log into the exchange
2.2 Now that you have your kucoin account setup, login to your account and Goto -> Assets -> Deposit -> Select BTC, you should be able to see your bitcoin address here.
2.3 Open your Zebpay app - Click on B Transactions - Add your kucoin bitcoin address as a contact.
[The UX is a little fucked up make sure to write a name on top of the scanned bitcoin address and click OK.]
2.4 Transfer the bitcoins from your zebpay app to your kucoin bitcoin address that you just added as a contact with your finger print or PIN. Voila! you have bitcoins now in the kucoin exchange.
2.4 Use BTC to buy your favourite tokens / cryptos.
NOTE: Never Trust anyone when it comes to cryptocurrency trading. Do You Own Research & Bring Your Own Brain (BYOB) to the cryptocurrency party! Ideally, this post should be one of the 100 posts and whitepapers you read before investing.
Sources:
Kucoin white paper: https://assets.kucoin.com/kucoin_whitepaper_en.pdf
If you are in India and worried about the legal ramifications of cryptocurrencies: https://www.zebpay.com/legal
Cheers,
MosesSamPaul