From an outright ban on cryptocurrencies in 2016 to an upcoming Bill for regulation—the government’s stance on digital assets has changed considerably over the past few years.
Although India is yet to have a legal framework to govern cryptocurrency, it is among the fastest growing crypto markets in the world. Estimates say that up to 15-20 million Indians have invested in cryptocurrencies. Experts also predict that the asset class may gain further owing to the heightened inflation environment worldwide.
Crypto’s growth in India, fuelled by India’s youth population, is driving a boom in the country’s investment landscape as millions have been investing in crypto.
In 2021 alone, leading crypto platform WazirX registered a growth of more than 1,735 percent in trading volume, while its user base increased by about 10 percent to cross the 11 million mark.
According to the data, 66 percent of its user base are millennials. The data also showed that while men dominated the user base, new sign-ups by women grew by 1,009 percent.
"We have seen a significant growth in investors interested in crypto this year and the trend isn't slowing down. With the global adoption of crypto, blockchain products and services like NFTs are going mainstream," said Nischal Shetty, Founder and CEO, WazirX.
The uptick points to young people’s acceptance of cryptocurrencies and the narrowing of the gender disparity in investing.
How to buy Bitcoin in India?
There are several ways to invest in Bitcoin in India. To begin with, you can buy and sell Bitcoin in India through a cryptocurrency exchange. A crypto exchange is not very different from a stock exchange, except they are digital, self-regulated, and operate 24/7, throughout the year.
There are many Indian cryptocurrency exchanges that facilitate Bitcoin transactions. For an easy way to buy Bitcoin in India, all you’d have to do is create a trader account with an exchange of your choice and go through their KYC process. Once you are registered, you may deposit money in your personal or platform-specific wallet and invest in Bitcoin as per the Bitcoin price in India.
Choosing the right crypto exchange
Cryptocurrency exchanges are the easiest way for you to invest in Bitcoin in India. Your investing journey could be a lot smoother if you research the platform you would use for cryptocurrency trading.
Among the factors that you must consider are the ease of usage, a smooth interface, and support for trading pairs. It also helps if your chosen platform charges only a minimal trading fee. Else, the gains you might make with a bitcoin trade will diminish.
One should also consider if the exchange has released its order book as this ensures transparency. Another important point to run through before choosing a platform is the security aspect. You might want to avoid platforms that do not have a KYC protocol in place. A KYC system helps ensure that financial crimes can be prevented or dealt with.
How you can trade crypto on WazirX
If you too have started to see value in investing in cryptos, you just have to find a reputable platform to help you invest in the crypto of your choice. WazirX is one such platform which provides its users a seamless and secure way to trade in cryptos in India. Billing themselves as India's most trusted bitcoin and cryptocurrency exchange, WazirX facilitates both first-time investors and professional traders to buy, sell, and trade digital currencies with ease, confidence, and trust.
Step 1: Create a WazirX account
To create an account, visit the WazirX website, or download the app, click on the ‘Sign up’ button and follow the simple process, which ends with the KYC verification – with your PAN card and a valid address proof.
Step 2: Deposit funds
You can now deposit Indian rupees on WazirX via UPI, IMPS, NEFT or RTGS. Once an account is set up, a digital wallet is automatically created on the platform which allows a user to store bitcoins or carry out transactions.
Step 3: Buy Crypto
Click on the ‘Exchange’ tab to find out the latest bitcoin price in India. You can find the Buy and Sell options on your dashboard by scrolling down. After selecting’ Buy’, put in your desired price in INR and the amount of Bitcoin you want to buy. When the transaction is executed, you will find bitcoins added to your WazirX wallet!