Bitcoin is one of the most preferred investments in the present market. Not only it offers great returns, but also it is highly reliable. If we talk about Bitcoin purchase in India, then it has been increasing constantly. However, this trend was stopped by the Central Bank a few years ago with a ban on buying Bitcoin. This ban was further uplifted by the Supreme Court of India. Irrespective of the removal of the ban, the process to buy Bitcoin in India is complex.
At present, there are hundreds of platforms through which you can buy Bitcoin in India. However, the majority of these platforms are fake, or fraud. There are hundreds of cases in India related to cybercrime during Bitcoin purchasing. Moreover, most of the platforms do not offer the correct INR to Bitcoin conversion rate. Therefore, you need to be cautious while choosing a platform to buy Bitcoin. Do not worry. In this blog, we will discuss the simplest ways to buy Bitcoin.
Things to look for
Here are the things that you must look into a platform before choosing to buy Bitcoin.
Reviews are a great way to introspect the services of a platform. They help you to understand the pros and cons of choosing a certain platform. This will also help you to identify a genuine platform and protect from the fraud ones.
The next thing that you must look at is transparency in the services. Is the platform offering you Bitcoin on a genuine INR exchange rate? Well, if it is not, then you should avoid purchasing from the platform.
In the present world, everyone is busy with their work. Thus, you would surely want the purchasing process to be short. This is another factor that you must look into a platform. Try to avoid the platforms, which require unnecessary formalities.
Simplest purchasing in India
There are very few companies in India that offer simple Bitcoin purchasing. Moreover, these companies offer you the highest transparency and security. CoinSwitch is one of those companies in India. Here are the factors that make the process of CoinSwitch simple.
Overall, you can purchase Bitcoin through CoinSwitch by following three simple steps. The first steps require your Bitcoin address and the amount of Bitcoin you want to buy. Moreover, the website offers you an automatic conversion system.
Let us understand that by an example. Suppose you mention INR 1000 in the first tab, then the next tab will show you the amount of Bitcoin you will get at that amount. You can also create a new Bitcoin address through the link on the page. After that, you will be directed to the payment tab. You just have to mention the details of your card, your phone number, and your email address.
After completing these details, you will be directed to the verification process. You will get an OTP by the bank regarding confirmation of the payment. That is, it. Within a few minutes, Bitcoin will be generated at the given address.
CoinSwitch also offers you transparency in the complete process. As mentioned earlier, you have to mention your phone number and email during payment. CoinSwitch keeps you updated with your order. Are you worried that you may be paying more than the actual price of the Bitcoin? Do not worry. CoinSwitch offers Bitcoin at a genuine cost.
Now you know that most of the Bitcoin exchange to INR is highly complex. However, some platforms like CoinSwitch offer you the simplest Bitcoin purchasing process in India. We have also discussed the factors that you must look at in a platform.