What is bitcoin?
Bitcoin is an innovative payment network and a new kind of money. With bitcoin in an ideal world, you would be able to transact with anybody in the world with the ease of an internet message.
Bitcoin is also a popular investment these days, due to the high rise in value (Rs. 4 in 2010 to Rs. 8.4 Lakhs now)
But is it too late to invest in Bitcoin/cryptocurrency now?
Definitely not. Blockchain, the underlying technology behind bitcoin, has the potential to create new foundations for our economic and social systems. But while the impact will be enormous, it will take decades for blockchain to seep into our economic and social infrastructure. So cryptocurrency is for sure, a great long term investment.
Indian rates for bitcoin always prevail at a slight premium to USD markets, due to demand and supply.
Here we look at different ways to buy bitcoin in India.
1. Zebpay
Zebpay is an app-enabled bitcoin wallet provider headquartered in Singapore, with an active presence in India.
The company was founded by Mahin Gupta in late 2012 under the name Buysellbitco.in and is India’s first bitcoin exchange.
Rates: Zebpay Rates fluctuate at 5% over the US rates and generally follow the US market trends.
Fees: Zebpay charges no fees on trading, and a flat 10 Rs. rate on withdrawals, which is one of the best in the market.
Signup Bonus: Get 100 Rs. worth bitcoin http://bit.ly/2ntfsd8
2. Localbitcoins.com
LocalBitcoins is a bitcoin startup company based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins.
You can buy bitcoins with a variety of methods like bank transfers, cash, wallets etc. It is available throughout the world. Localbitcoins is a person to person marketplace for bitcoin.
Do take care of occasional scammers while selling, who send fake text messages instead of actual payment. Check your bank statement always.
Rates: Localbitcoins Rates are determined by the ask in the local markets. Generally the best rates.
Fees: Localbitcoins charges no fees on buying, but a 1% fee is charged on sellers of bitcoin.
Signup Bonus: No signup bonus
3. Koinex.in
Koinex.in is a new entry to the Indian space, and is a full fledged exchange. You can buy bitcoin, ether, ripple, litecoin and quite a few currencies, with an option to trade between them.
Rates: Rates again depend on asks and bids, and is sometimes the lowest rate in Indian markets
Fees: Koinex charges a maximum of 0.4% fee on trades
Signup Bonus: http://bit.ly/2A52GHJ
4. Unocoin
Unocoin is India’s leading bitcoin company and has a very well designed app and interface. They are also marketing bitcoin and making options for movie ticket booking, recharges etc. using bitcoin.
But I’ve always noticed their rates are slightly on the higher side, compared to other players.
Rates: Unocoin rates are one of the highest in the market
Fees: A fee of 1% on buys and sells which is slightly on the higher side
Signup Bonus: Signup Here http://bit.ly/2nrHfdP
Honorable Mention: Coinsecure, Belfrics
Bonus: Bitcoinrates.in
Anytime before buying bitcoin, BitcoinRates.in is a wondeful tool to use. BitcoinRates aggregates buy rates across different exchanges in India, helping to choose the right one.
It also has charts and other trading features.
Exchanges supported include Zebpay, LocalBTC, Unocoin, etc.
Check it out:
So that was a brief look at the avenues to buy bitcoins in India. Missed out on any? Let me know in the comments! Follow the blog for more blockchain/crypto insights.
-BE