If you’re a crypto enthusiast who wants to buy Bitcoins for the first time, then you have visited the right place. There are various ways to buy, sell, or spend Bitcoins. They include:
- You can use a local or international exchange.
- You can find a local dealer like Localbitcoins.com and buy Bitcoins from them using cash, credit card, PayPal, etc.
- You can buy or sell goods or services for Bitcoins.
- If you want to buy Bitcoins with cash, then you can visit the nearest Bitcoin ATM.
Now, let’s understand each one of them in detail.
Buy or sell Bitcoins using an Exchange
Buying or selling Bitcoins with an exchange is one of the most popular and convenient ways. But, due to the restrictions imposed in the country, the Indian banks may not support you in funding your crypto exchange.
There are a few Bitcoin Exchanges in India like Koinex, Bitbns, and Unocoin that allow you to trade Bitcoins. Unocoin does not allow INR deposits and withdrawals at present but you can use the other three exchanges.
If you want to use Bitbns, you should verify your account with Aadhar and PAN card to connect your bank account. Now, you can deposit or withdraw cash to/from your Bitbns wallet. In Koinex, you have to register, verify your account and fund it via Loop. Once you have purchased Bitcoins, you can use other international exchanges to trade or sell it. The popular international exchanges are Xcoins, Binance, Coinbase, HitBTC, Changelly, CEX.io, Coinmama, etc.
Buy or Sell Bitcoins using P2P Exchanges
Bitcoin trading is more popular on the peer-to-peer platforms, as these platforms offer their users more freedom and privacy. LocalBitcoins is one such popular P2P exchange platform. It is a local advertisement board for those who want to buy and sell Bitcoin.
Once you register on the platform, you can post an ad or search for local people who want to buy or sell bitcoins. Once you find a suitable buyer/seller, you agree on the terms and conditions of the transactions. While you choose s buyer/seller do check their history and reviews well in advance.
Another alternative to LocalBitcoins is Paxful, Bisq, and Cryptonex. Bisq is a decentralized crypto exchange where you can buy and sell cryptocurrencies without the need for registration. Cryptonex is a P2P exchange where you can instantly exchange cryptocurrencies, INR, and other currencies using your credit/debit card. WazirX is another P2P trading platform that allows both crypto-to-crypto exchange and peer-to-peer trading services.
Buy or sell goods and services with Bitcoins
If you do not want to buy or sell Bitcoins using the above-mentioned methods, then you can use bitcoins for goods and services. Although Bitcoins are not accepted everywhere, you can check Coinmap.org to explore more Bitcoin-friendly services. Other options can be to offer goods and services for Bitcoins yourself. But always crosscheck the legal authorities to do so.
To buy or sell Bitcoins in India you can use the above-mentioned methods. At present, there are no Bitcoin ATMs in the country. But, there are plenty of alternatives that will help you buy or sell BTC. Despite the crypto regulations in the country, more and more Indian Bitcoin trading platforms are emerging in the country.