Bitcoin is one of the most recognized forms of cryptocurrency. Introduced in the late
2000s, bitcoin has stirred up a lot of opinions regarding how it’s used. Both of
controversy and acclaim. Either way, it has quickly established itself as one of the
modern forms of payment through digital transactions, especially those made
internationally.
Bitcoin is available to use on an international basis. Countries like the Philippines,
Canada, Australia, and India can be considered great examples of such. India is one of
the fastest growing adaptors of bitcoin around the world. There are things you need to
Bitcoin in India
Bitcoin was introduced in India in 2012, which has helped ensure progress for the
country’s economy. Since then, the value of bitcoin in the country has continued to
increase, valuing up to 479,044.99 INR as of writing. The network of bitcoin users in the
country has also increased, with over 1.5 million bitcoin users in India as of 2017.
One of the best things that come with bitcoin in India is that it can also be just as easy to
manage, especially when it comes to buying, selling, and trading. In this case, bank
transfers can be a great payment method to use for the transaction. But, how exactly
can this be accomplished?
How to buy bitcoins through bank transfers?
First of all, you need to look for a bitcoin seller that is willing to be paid through bank
transfers. If you don’t know where to look for sellers, you may have to go online. Online
you can look for peer-to-peer bitcoin marketplaces where sure there are people offering
bitcoin.
The usual process is you look for an offer, preferably within India, and buy their bitcoin
and pay with transferring the amount approved through bank transfers. Then, your trade
partner will have to transfer the number of bitcoins on your wallet that comes free with
your account with the trading platform you chose.
Of course, you can still go to your bank and enable a transfer for you to purchase
bitcoins, should you choose to. Doing so can also come with its fair share of advantages
and disadvantages, all of which should always be taken into consideration.
Advantages and Disadvantages of Bank Transfers
While bank transfers can provide a good number of advantages for you, using bank
transfers as a mode of payment for buying bitcoin can also come with its fair share of
factors of the opposite side. Learning of these can give you the insight you need in
buying bitcoin in India, as well as give you a layout of what to expect when you do so.
Here are some good examples of each advantage and disadvantage bank transfers can
give you:
Advantages
● There is always an available platform for you to choose and use to help you with
this, with Paxful being one of the best ones you can consider!
● Another advantage to consider is that you can be part of a network of people in
India that recognize bitcoin as a whole. As mentioned before, there are over 1.5
million bitcoin users in India, which can enable you to make more connections
through bitcoin.
● This can also introduce a more convenient way of purchasing bitcoin in India, as
well as the more reassuring task to manage since most banks and online
platforms come with specific sets of guidelines to follow.
● You can also determine the amount of bitcoins you wish to purchase. With the
current value of bitcoin in INR to consider, you can set the number of bitcoins you
wish to purchase when you enable your bank transfer.
Disadvantages
● There is a lack of awareness of bitcoin in India as the cryptocurrency isn’t exactly
recognized by the government. While purchasing bitcoin in India can be possible,
the lack of awareness can pose some difficulties in terms of transactions being
made.
● Another disadvantage to take note of is that there is a great risk of loss. Bitcoin in
India is not that recognized, despite the network it can enable. This, in turn, can
bring just as many risks for those wishing to purchase bitcoin, especially by bank
transfer.
● Since bitcoin is not fully recognized by the government, there is basically no limit
to what you can use bitcoins for, which can be a disadvantage when government
regulations are in consideration.
Now, you’re probably thinking, “What if I don’t have a bank to use for transfer
purposes?” When it comes to that, there’s no need to worry as Paxful
will always be there to lend a hand. That and numerous other online apps and platforms
in the country can also be another great way to ensure progress for bitcoin!
Conclusion
Buying bitcoin in India can be an easy task to handle, thanks to the convenience and
advantages of using bank transfers as a payment option. With all of these to consider,
buying bitcoin in India will surely ensure a positive change for your finances.
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