When Bitcoins were launched, nobody imagined that its growth factor would reach 300 times of its value and that too in a year. But this massive growth did happen! With such a huge increase, many people have ventured into the world of Bitcoin trading and many are yet planning to take a dive in trading through Bitcoin cryptocurrency. Here is a narrative which will tell how one can obtain or buy Bitcoin in India and will also highlight its legality in India.
If you are a newbie to peddle in the arena of Bitcoins, there would be number of questions that can trouble you. But buying Bitcoins in India is very easy nowadays. There is number of platforms which are offering the purchasing of Bitcoins with quick KYC and INR exchanges. Some safe and successful platforms where Bitcoins can be easily traded are Zebpay, Coinome and many more. Zebpay is highly recommended as it has app for iPhone as well as Android users which facilitates linking of bank accounts for fast money transfers. One can buy Bitcoin at Zebpay by paying to a bank account of Zebpay in INR.
Another platform for users to buy Bitcoins easily is Uncoin. It provides all the options of Bitcoin trading, be it selling, buying or storing. The trust factor is very high as it claims to have nearly 15000 costumers. Prime Minister of India Narendra Modi has emphasized on his vision to make India go for digital paying and since then cryptocurrencies have gained momentum in their usage.
Some of the countries like Japan and Russia have made Bitcoins legal but India has not yet made any official announcement regarding Bitcoin’s legality. Despite substantial traders of Bitcoins in India, still, the decision of its legality in the country is lying in the grey zone.
Reserve Bank of India has given warnings to the Indian traders for trading in Bitcoins but even after that, there is not an official notice from the government’s side claiming Bitcoins to be illegal. Having said that, Bitcoins are not legal either! There are pros and cons associated with it. The gains are high but the volatile nature and risk of wallet theft and fraudulent have kept many people away from progressing into Bitcoin trading. Often people have claimed to have triple time gains but there are also people who have suffered unbearable losses in Bitcoin’s peddling. No one can actually say about the exact status of the legality of Bitcoin and its regulations in India.
