How to Buy Bitcoin in India

Published in

Game of Life

6 min readOct 24, 2019

Indian Govt. is neither taking a stand for Crypto nor denying completely for its usage. Our honorable PM Mr. Narender Modi is very concerned about the growth of India in all fields especially for technological advancement, hence we all are believing in him that one day he will definitely take a stand for the legalization of Blockchain and Crypto in India because this is one of the revolutionary technology and can solve many problems. This will also help the nation to grow stronger.

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So many people ask “Is bitcoin illegal in India?” I am not sure if they are well aware of the words “Legal” and “Illegal”. The Govt. said this is not a legal tender and yes it is not. We must understand what is a Legal Tender before entering into any debate about it.

How to buy it?

The signup

Click Here… to land on the best Indian crypto exchange that allows people to trade crypto using the escrow system that takes care that neither the seller or the buyer can cheat each other.

On clicking the above link, you land on their home page where you can create a free account. Once your account is created make sure to fill up your profile and upload the Aadhar card & PAN card for the KYC to verify that you are a real human and a resident of India. It usually takes 3 to 4 hours to verify your identity.

Once your id is verified, you are now ready to buy Bitcoin but you can not buy directly using INR. You can only buy bitcoin using USDT. So the first step would be to buy USDT.
Keep in mind, for the first transaction you can not buy more than 16 USDT and forever the minimum buy is 14.5 USDT.

So click on p2p on the top bar and enter the amount between 14.5 USDT to 16 USDT. You will see the current INR price for USDT, you want you can enter a somewhat lower amount.

Peer to peer USDT/INR pairing

It will show you the amount in INR that you need to pay and will also ask you to create your XID(a unique id to recognize a member in the exchange).

There is also an option to enter your preferred buyer* (…learn more).
Once you hit the “Place Buy Order” a new page will open and the system will connect you with the USDT seller available to sell at your preferred INR-USDT price. The system will keep trying to find you a seller who is ready to sell you USDT at your preferred price. It might take 1 minute or 1 hour. If you feel it is taking too long, there are chances that there is no seller who has listed to sell his USDT at your mentioned price. So, cancel the order and you can choose the current rate(more chances to get a seller instantly).

PS:- Do not cancel your trades multiple times, this might result in banning you to trade on the exchange as this shows the system algorithm that the user is trying to spoof.

As soon as the system gets a match for your order, you will receive an SMS from the exchange on your registered mobile number about this trade.
On your trade screen, you will see that you have 60 minutes to make the payment for this order and under that, it shows you the amount you have to pay the seller along with the mode of payment he prefers. When you click on that, you will see the whole details for this payment method, pay him the exact amount, do not round off and then hit “I have paid”. Once he receives the payment, he will confirm it on the exchange and you will get your USDT in your exchange wallet.

Now comes the story to buy BTC using USDT.

Now on the top menu bar click on Exchange and choose USDT because we are going to buy BTC using USDT.

Exchange

USDT(Tether)

Now click on BTC/USDT pair to activate the pairing. You will see a graph of the price up/down in the center, under it will be the orders people have places to buy and sell BTC. To get the BTC fast click on any sell order and it will autofill in your trade book, choose to spend all. It will show you the amount of BTC you will get for the 14.5 USDT. Then click “Place buy order”. It should complete instantly (Will reflect in your completed orders) because the other person has already listed the BTC for sale and the bought BTC will reflect in your wallet. To check that click on “Funds” in the top bar and there you can see your purchased Bitcoin. Congratulations 👍.

Now you can withdraw your Bitcoin to any BTC wallet for HODL, or to any program if you are going to invest. Please be very careful with your crypto assets and if someone asks for your Blockchain password to help you mine BTC within your wallet ask yourself “Should I give my Blockchain Private key and Password to someone for mining?” because there are so many scams happening one day and “Another BTC huge scam” the other day.

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It’s your hard-earned money, it’s your responsibility to keep it safe and secure.

I have tried my best to describe everything, still, you have any question you may ask in the comments or if you want to connect with me directly Find me over Facebook- Vijay Gir.